An Overview of Motorcycle Insurance
Good motorcycle insurance is specifically engineered to financially protect motorcyclists, from those who ride the typical road bike to thrill seekers in motocross and even moped riders (and more). Owners of motorcycles can take advantage of this insurance to safeguard themselves from liability costs in the case of accidents and from the consequences of theft, vandalism and other kinds of losses.
Is Coverage Mandated Legally?
All states pretty much require owners to carry some level of insurance for motorcycles in order that the motorcycle can be registered and made legal for street-riding. Minimum coverage standards vary state to state, but coverage for bodily injury and property damage is generally what’s minimally needed.
Normally, this type of coverage will pay out for the costs of repairing or replacing a damaged motorcycle. It will also financially protect you should there be damage done to another driver or to his or her property and can even extend help with legal costs associated with such perils.
There is a range of motorcycle coverage offered, including liability, collision, comprehensive and medical payment protection.
Liability coverage safeguards the motorcyclist should he or she be at fault for an accident. In such a case, liability compensates for damages to another individual (bodily damage) or property.
Collision coverage compensates for the repair or replacement of your motorcycle, no matter who is at fault. Even if the other driver is determined to be at fault, your insurance company will normally pay to replace or repair your bike.
Comprehensive covers the policyholder for losses to a motorcycle that fall outside of a road accident. Examples include theft, vandalism, severe weather damage and other covered perils.
Though motorcycle insurance is often required by law, it is still smart regardless to carry full coverage so as to protect your bike and yourself financially so as to not find yourself going into debt to pay for damages out of your own pocket.