Motorcycle Insurance

Motorcycle Insurance Coverage

If you are getting ready to purchase your very first motorcycle, then it is time to start thinking about insurance. This financial product is a legal requirement for all riders and will be your safety net in the event of an accident. Read ahead for a quick look at the basics of motorcycle insurance and the steps you can take to find the best policy.

Acquiring Liability Coverage

Liability coverage is the absolute minimum that a rider needs before getting on their bike for the very first time. This coverage can be further broken down into bodily injury liability and property damage liability. As the name implies, bodily injury liability will pay for expenses such as medical bills and loss of wages if one party is no longer able to work due to their injuries. Property damage liability coverage will help pay for the repair or replacement of items such as cars, motorcycles, and public property.

Additional Coverage

While liability coverage is the absolute minimum that a rider will need, most should think about some additional coverage to further protect themselves and their finances. This includes personal injury protection (PIP) for the rider and their passengers. Unlike many car accidents that only result in minor injuries, almost every motorcycle accident will cause severe trauma. PIP will expand the liability coverage to provide further financial assistance when the base policy has been exhausted.

Unique Insurance for Riders

Motorcycles are unique in the fact that many owners will store them for multiple months at a time or even tow them to wherever they would like to go. Riders should speak with their insurance provider about exactly how much they ride their motorcycle, where it is stored, and what times of year they typically ride. Those who ride only once or twice a year during the summer months will need much different insurance than those who use their motorcycle as a daily form of transportation. These variables will not only affect the amount of coverage that is needed, but also the size of the premiums and deductibles.