Looking into buying a motorcycle? You’re surely thinking about taking your new bike on the road, feeling the breeze on your face and hearing the hum of the motor as you cruise down the highway. But first, you’re going to need to think about the logistics. Being a motorcycle owner – like being a car owner – involves investing some money into your own safety and protection.
Motorcycle insurance at its bare minimum is a requirement, but motorcycle dealers and owners often recommend purchasing some extra coverage. The types of vehicles covered by motorcycle insurance include: scooters, mopeds, street-sport bikes, high-performance bikes, limited-production and custom bikes, cruisers, touring and sport-touring bikes, vintage bikes, motocross bikes, off-road bikes, and ATVs.
What kinds of coverage are you eligible for as a motorcycle owner or renter? First, make sure you’re purchasing the required insurance coverages for your geographical location. Then look into over coverage areas that would benefit you in the long run. Here are the types of insurance that motorcyclists should look into:
The only insurance coverage that is required in every state is liability coverage, which includes bodily injury and property damage insurance. These cover motorcyclists in at-fault accidents.
Collision and Comprehensive Insurance
These two types of coverage are not required but are both highly recommended. Collision coverage will repair your bike if it’s involved in an accident, while comprehensive coverage will repair or replace your bike if it’s damaged in an accident excluding collisions, such as theft, storms, vandalism, etc.
Total Loss Coverage
This type of coverage will pay the manufacturer’s suggested retail price of a current motorcycle of the same model if your motorcycle gets totaled.
I’m sure you grew up with your parents lecturing you about the risks of driving a motorcycle. While we’re not going to nag and lecture, we will emphasize that motorcycle injuries can often be more serious than injuries from car accidents. Having this type of coverage is very important, especially if your health insurance plan doesn’t cover these injuries.
Optional Equipment Coverage
If you have any added customizations to your bike, this type of coverage will protect them. Equipment coverage provides up to $30,000 of protection for bikes that are less than 25 years old. (Although, before you buy this, see if you’re eligible for an automatic $3000 accessory coverage for purchasing collision or comprehensive insurance; it might be worth it!)
Trip Interruption Coverage
This coverage pays for meals and hotels that are required in the case of a trip interruption. It’s often bought alongside roadside assistance. What is covered is: $100 for lodging, $50 for alternative transportation (taxi, bus, etc.), and $50 for food.
Uninsured/Underinsured Motorist Coverage
This insurance covers the damage of your vehicle and any medical bills if the at-fault driver has no liability protection.
If you have a breakdown or accident, this will cover the costs of towing your vehicle. It also often covers the labor costs behind the repairs.
Personal Injury Protection (PIP)
Some states (Florida, Kansas, Utah and Oregon) require PIP or no-fault insurance, which would cover the medical expenses of people riding on an uninsured motorcycle and pedestrians involved in a motorcycle accident.
Experienced motorcyclists – even the Harley-driving, leather-clad, slickest bikers – know that protecting yourself and your bike is the smartest investment you can make. Comparing your motorcycle insurance quotes will save you cash, which you can put toward buying extra coverage or even some more accessories. Just remember, your helmet and jacket aren’t the only protection you’ll need on the road.