If you own a motorcycle, you need to have insurance for it. Motorcycle insurance protects you financially in case of an accident, theft, or damage to your bike. In this article, we’ll go over everything you need to know about motorcycle insurance, including what it covers, how to choose the right policy, and how to save money on your premiums.
What Does Motorcycle Insurance Cover?
Motorcycle insurance typically covers the following:
Coverage Type |
What It Covers |
Liability |
Covers damages you cause to other people and their property |
Collision |
Covers damage to your bike from a collision with another vehicle or object |
Comprehensive |
Covers damage to your bike from non-collision incidents like theft, vandalism, or weather |
Uninsured/Underinsured Motorist |
Covers you if you’re hit by a driver who doesn’t have insurance or doesn’t have enough insurance to cover the damages |
Depending on your policy, you may also be able to add on coverage for accessories, like custom parts or a trailer, as well as coverage for medical expenses if you or your passenger are injured in an accident.
How to Choose the Right Motorcycle Insurance Policy
There are several factors you should consider when choosing a motorcycle insurance policy:
1. Liability Coverage
The amount of liability coverage you need depends on your state’s minimum requirements and your personal assets. If you cause an accident that results in damages, injuries, or death, you could be held financially responsible. You want to make sure you have enough liability coverage to protect your assets in case of a lawsuit.
2. Deductible
The deductible is the amount you’ll have to pay out of pocket before your insurance kicks in. A higher deductible will lower your premiums, but you’ll need to have the cash on hand to cover the deductible if you get in an accident.
3. Coverage Limits
You’ll need to choose coverage limits for each type of coverage you want. Higher coverage limits will increase your premiums, but will provide more protection in case of an accident.
4. Discounts
Many insurance companies offer discounts for things like taking a motorcycle safety course, insuring multiple bikes, and having a good driving record. Be sure to ask about any discounts you might be eligible for.
5. Insurance Company
It’s important to choose a reputable insurance company with good customer service and a strong financial rating. You want to make sure your insurance company will be able to pay out if you need to file a claim.
How to Save Money on Motorcycle Insurance
Here are a few tips for saving money on your motorcycle insurance:
1. Shop Around
Get quotes from multiple insurance companies to find the best price for the coverage you need.
2. Bundle Policies
If you have other insurance policies, like homeowners or car insurance, you may be able to save money by bundling them with your motorcycle insurance.
3. Choose a Safe Bike
Bikes that are considered safer or less expensive to repair may have lower insurance premiums.
4. Take a Safety Course
Many insurance companies offer discounts to riders who have taken a motorcycle safety course.
5. Raise Your Deductible
If you have the cash on hand, raising your deductible can lower your premiums.
FAQ
What if I only ride my motorcycle occasionally?
Depending on how much you ride your motorcycle, you may be able to save money on your insurance by getting a policy with a low annual mileage limit.
Do I need insurance if I have a small scooter?
Yes, even small scooters need insurance. In many states, you’re required to have liability insurance for any motorized vehicle on public roads.
What if I’m in an accident with an uninsured driver?
If you have uninsured/underinsured motorist coverage, your insurance will cover the damages up to your policy limits.
What if I want to cancel my policy?
You can cancel your motorcycle insurance policy at any time, but you may be charged a fee for early cancellation. Be sure to check your policy for details.
What should I do if I have to file a claim?
If you need to file a claim, contact your insurance company as soon as possible. They’ll guide you through the process and help you get your bike repaired or replaced.
Getting motorcycle insurance is an important step in protecting yourself and your bike. Take the time to choose the right policy for your needs and budget, and don’t forget to shop around for the best rates. And always remember to practice safe riding habits to avoid accidents and keep your insurance premiums low.
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