A motorcycle or a bike purchased for recreation or daily commute is more hazardous on the road than a car or other vehicles. Buying the proper protective gear is the first thing most motorists do. Helmet, knee pads, boots, gloves, or reflectors are some of the first things a bike owner purchases. Just as important as the protective gear is the right bike insurance. Depending on why you bought the motorcycle, buying the right insurance policy that covers you and your prized possession is essential.
You choose the right motorcycle; now select the right insurance. You want it to fit your needs lifestyle and be within your budget. Motorcycle insurance provides protection in the event of a motorcycle accident, loss, theft, or damage. Motorcycle insurance includes liability coverage if you are responsible for another person’s injuries or property damage.
Whether you have a sportbike, cruiser, moped, touring bike, or standard ride, we can help with affordable insurance rates and excellent coverage. We also offer ATV and scooter insurance.
In many ways, motorcycle insurance is similar to auto insurance: A motorcycle policy includes different coverages, which offer different types of protection. Unlike car insurance, motorcycle insurance will have coverage that will protect you from both the liabilities of causing an accident and the cost of damage to your own ride.
If an injured party files a lawsuit, your liability coverage will cover some portion of your legal costs. Limits chosen in your policy will determine the amount of your insurance.
Most insurance companies that sell automobile insurance also sell motorcycle insurance. Suppose you have an existing car insurance policy. In that case, you can usually save some money by bundling your motorcycle and auto insurance. Some smaller carriers specialize in motorcycle insurance.
Most states require minimum liability coverage for your bike; other coverages are optional. Each state has different laws about the coverage requirements; CompareAquote.com professionals will be able to guide you for the coverage you need, which fits your budget.
Liability insurance covers property damage and bodily injury that may happen to other people involved in an accident caused by you. However, it doesn’t cover injury to you or damage to your motorcycle. A passenger is injured on your bike, then Guest Passenger Liability, which provides protection, may also be available based on company issuing and state laws.
Collision insurance covers damage to your bike in case of an accident. The insurance company pays for your damages minus your deductible based on the motorcycle’s book value.
Necessary and reasonable medical expenses are covered by medical payments coverage, like ambulance rides and X-rays, resulting from an injury to you or your passengers on your motorcycle.
Any event other than a collision is paid for by Comprehensive coverage, like theft, vandalism, or fire. The insurance company pays for damages minus deductible and will cover the book value of the bike.
Most comprehensive and collision policies will cover only the standard original parts on your bike. If you have customization on your mind, like chrome parts, custom paint job, trailers, sidecar, neon lights, etc., then contact your insurance agent to understand the limits of your coverage, or you can look at adding additional coverage.
Uninsured/underinsured motorist (UM/UIM) coverage pays for damages to you and/or your property caused by a driver who is either underinsured or doesn’t have insurance (uninsured) or doesn’t have adequate insurance (underinsured). UM/UIM policies typically pay for medical treatment, lost wages, and, in some cases, property damage.
There are some coverages that are only applicable to bike insurance, such as:
Liability insurance for guest passengers: This insurance covers people’s medical expenses riding on your bike.
Added equipment coverage or accessories: Works in addition to comp coverage and covers the costs of your bike add-ons and accessories that are damaged in an accident, things like radios, helmets or seats,
Personal item coverage: Covers damage or theft to carried items on your bike like camping equipment, cell phones, etc.
(OEM) parts coverage: Only original parts will be used in covered repairs of your bike
Roadside assistance: Covers emergency roadside assistance and services if you’re stranded somewhere, including gas, oil, a new battery, and even a flat tire.
Depending on your policy, specific uses of your motorcycle may not be covered. In these situations, you may be able to extend your policy’s coverage through a rider or endorsement, or you might have to purchase a separate policy.
Track Days & Competition: Some motorcycle insurance policies cover track days, but this isn’t always the case. Suppose you intend to ride your motorcycle on the track or competitively. In that case, you should first ask your insurer if these situations are covered. Otherwise, we recommend you purchase temporary coverage that will keep you and your bike protected financially while riding on a course.
Commercial Use of Your Motorcycle: If you’re a courier or otherwise use your motorcycle for business purposes, your individual policy may not cover you while on the job. Consider a commercial vehicle insurance policy if you regularly use your bike for work, outside of commuting.
To register their motorcycle. Almost all states in the U.S. require owners to have motorcycle insurance and to show proof of insurance. In order to get a license plate, you have to register your bike; otherwise, you will be driving illegally and face significant penalties. Premiums can be well above or below the average in the U.S. depending on the state and the policy,
Motorcycle insurance is required by law in 49 out of the 50 states, but not the same amount of coverage. Each state has its own minimum requirements for bodily injury and property damage liability — the amount a policyholder’s motorcycle insurance company will cover.
Like car insurance, motorcycle insurance costs vary widely depending on individual factors like where you live, how old you are, and how clean (or not) your driving record is. But the type of motorcycle you ride will have a significant effect on your premiums, which can range from a couple of hundred dollars to well over $1,000 a year.
More expensive bikes — those with larger engines and pricier builds — are typically much more costly to insure. And if you spend all your cash on the bike itself, you might not have enough left over to pay your motorcycle insurance premiums. Before you buy a bike, decide whether you want a standard motorcycle or a sports bike. The difference in premiums could be hundreds of dollars per month.
Overall, motorcycle insurance can seem expensive to those who are used to paying car insurance costs. The reason for higher rates for motorcycle drivers is the higher risk they face on the road. For example:
Motorcycles are more difficult to see on the roadway and in blind spots.
Motorcycle crashes result in a high incidence of severe and fatal injuries because the rider has little protection as compared to a vehicle with steel reinforcement and airbags.
Motorcycles, and sportbikes, in particular, are easy to steal. Two or three people can hoist one onto a truck and be gone in moments.
Recovery rates for stolen motorcycles are low because they tend to be sold for parts. Thieves can simply buy a frame from one of the thousands of crashed bikes, remove the engine, wheels, and everything else from the original structure, then mount it onto a new frame and get a clean salvage title.
There are significant differences in how we handle motorcycles and cars, not just for the riders. Driver licenses, regulations, even motor oil is different. One other significant difference is how insurance is handled for a motorcycle, particularly in a no-fault state like Massachusetts. If you’re interested in getting a bike, you should know about the differences between their insurances coverage and not only the cost.
Insurance is about risk and cost. What does the insured subject cost, and what is the chance of getting damaged (or damage other things)? These two concepts are the significant differences between auto and motorcycle insurance. Motorcycles themselves generally cost less than their equivalent car. However, the risk of an accident causing considerable damage to the bike and the rider is usually higher. Because of this, a standard insurance policy of a motorcycle looks different than that of an auto, mainly depending on the state’s policy.
So what’s the bottom line? For liability coverage, everybody on the road has to get at least the state minimum amount of insurance. Whether you should buy more coverage depends on your situation. It obviously doesn’t make sense to buy $1 million in liability insurance if you’re a “starving student” or making minimum wage.
Similarly, the decision of whether or not to get collision or comprehensive coverage depends on the value of your bike. If you’re riding an $800 bike you got from Craigslist, you probably shouldn’t waste money on collision or comprehensive coverage. Different story if you just bought a brand-new Ducati Panigale.
Concerning uninsured/underinsured, the answer is the same for everybody: get as much of this coverage as you can reasonably afford. Every motorcyclist needs un/under coverage. You might have a great case against the driver of a car who cut you off and caused you injuries, but if that person doesn’t have any insurance or assets, you get NOTHING. Un/Under coverage protects you against this unfortunate scenario.
Some people view paying more than the minimum insurance required by law as a waste of money because they think an accident won’t happen. Don’t be that person!
Paying a little extra for additional insurance coverage is the best money you can spend. If you go your whole life without an accident and all those insurance premiums were *wasted,* consider yourself extremely fortunate!
Motorcycle insurance is often an overlooked product, or people just purchase the minimum as required by the state law. The fact is bike riding is dangerous and hazardous; you are vulnerable and open; any collision can cost massive in terms of medical expenses, bike repair, and maybe the ability to earn a living. It makes sense to speak to a professional at CompareAquote.com and get a complete picture, and just as the protective equipment is necessary for the bike, so is proper insurance coverage.