Motorcycle insurance to support your security

Motorcycle insurance to support your security

            Most states have some sort of "financial responsibility" requirement if you possess a motorcycle and intend to ride it on public roads. This implies that if you cause an accident, damage property, or injure someone, you may be held responsible. Most bikers purchase motorbike insurance to comply with financial responsibility rules.

            Here's how to modify your motorbike insurance coverage so that you can ride with confidence.

How Does Motorcycle Insurance Work?

            Similar to auto insurance, motorcycle insurance covers injuries, other property damage, and damage to your vehicle. If you have auto insurance, you'll note that words for liability, collision, and comprehensive coverage are similar.

            Similar to how claims for auto insurance are handled, so is that for motorbike insurance. You must notify your insurance provider and submit a claim if your car is damaged or stolen. After reviewing the occurrence, the insurance provider selects a payout amount.

 

Types of Motorcycle Insurance at a Glance

Type of Converege	What is Convers
Liability insurance	Pays for injuries and damages you cause to others
Guest passenger liability	Pays for passenger’s medical expenses if you cause an accident
Uninsured/underinsured motorist converage	Pays for medical expence if you’re hit by someone who doesn’t carry any liability insurance or not enough to cover your medical the accident
Medical payment (MedPay)	Pays for you and you’r pessanger’s medical expenses, no matter who caused the incident
Personal injury protection (PIP)	Like MedPay, covers you and you’r pessanger’s injuries no matter who cused the accident, and also covers lost wages and replacement services for tasks yaou can’t do
Collision insurance	Pays for repairs to your motorcycle for collision into objects such as fences and guardrails
Comprehensive insurance	Pays for motorcycle theft and damage from fire, floods, vandalism and more
OEM endorsement	Ensures original equipment manufacturer parts are used to repair your motorcycle
Custom part and equipment converege	Pays to repair or replace custom and aftermarket parts
Total loss coverage	Helps replace your totaled motorcycle with a new or similar motorcycle
Roadside assistance	Pays for cetain expenses related to a mechanical or electrical breakdown, such towing or fuel delivery
Trip interruption coverage	Help pay for meals, lodging and transportation if you are standed duel to a mechanical or electrical breakdown

 

What Does Motorcycle Insurance Cover?

            You can choose from a variety of insurance types when creating a motorcycle insurance coverage to cover a variety of issues. Here are some of the most typical motorbike insurance options.

Liability insurance

            This essential form of insurance covers the harm you cause to other people's property. For instance, if you cause an accident and someone is wounded, liability will pay for their medical expenses, up to the limits of your policy. Additionally, it will cover any property damage you make, including car dents.

            If someone sues you as a result of an accident, liability insurance also covers the cost of your legal defense.

You can see the motorcycle liability insurance written as a string of numbers, like 25/50/25, when you buy it. Here is what the figures indicate:

• $25,000 for bodily injury to one person in one accident
• $50,000 for bodily injury to multiple people in one accident
• $25,000 for property damage in one accident

            Purchasing liability insurance with low limits can help you save money now, but it might end up costing you much more in the long run. Even if you have no more insurance, other people may still sue you if you cause an accident that results in costly injuries and/or property damage.

Guest passenger liability

            This insurance covers the medical costs of your passenger in the event that you have an accident while riding a motorcycle. Typically, if you weren't the cause of the accident, this coverage won't be applicable. In those circumstances, you and/or your passengers may file a claim for your medical expenses with the at-fault driver's insurance company.

            Guest passenger liability is an optional coverage in some states but obligatory in others. Asking your insurance agent how to get guest passenger liability is a good idea because it may be available individually or as part of your liability policy.

Uninsured motorist coverage

            Uninsured motorist coverage (UM) if a driver who doesn't have insurance hits you, it covers your medical costs. Similar coverage is provided by underinsured motorist (UIM), which compensates when the at-fault driver carries some but insufficient insurance. In general, having UM and UIM coverage is a good idea.

Medical payments (MedPay) coverage

            No matter who caused the collision, MedPay coverage helps cover your and your passenger's medical expenses. MedPay may cover the following fees, depending on your state and insurance provider:

• Ambulance and emergency medical expenses
• Hospital bills
• Professional nursing services
• Health insurance deductibles and copays
• Prescriptions

            health insurance deductibles and copays despite the fact that medical expenses are normally covered by health insurance, MedPay can be a useful insurance because it also covers copays and deductibles..

Personal injury protection (PIP)

            PIP insurance is to MedPay but covering more ground. PIP coverage covers your medical costs and those of your passenger, regardless of who caused the accident. PIP can also pay for missed wages if you are unable to work and alternative services for jobs you are unable to perform, such as housecleaning, in order to cover medical costs like hospital and doctor bills.

PIP is not accessible in certain states, is voluntary in others, and is required in some.

If your state offers both PIP and MedPay, PIP is usually the superior choice because it can cover more things, such lost earnings.

Collision insurance

            Collision insurance covers repairs if your motorcycle sustains damage as a result of a collision with a vehicle, tree, or structure. Do not forget that collision insurance does not cover harm you cause to another person's property. Your liability insurance covers any harm you do to third parties.

            You will typically have a deductible if you need to submit a claim for an issue that your collision insurance will cover. What you shell out of pocket for a claim is called a deductible. For instance, if your deductible is $500 and the cost of the repairs is $2,000 ($2,000 - $500 = $1,500), your insurance company would cover the remaining $1,000.

Comprehensive insurance

            It is wise to obtain comprehensive insurance since it protects against a variety of issues, including motorbike theft, vandalism, falling items (such as a tree branch), fire, floods, and hail.

            If you need to submit a comprehensive insurance claim, you will have a deductible just like with collision insurance

What Doesn’t Motorcycle Insurance Cover?

Some common motorbike insurance exclusions are listed below.

• Damage and injuries resulting from racing, stunting, demolition contests, or riding on a temporary or permanent racetrack, or practice or preparation for these types of contests.
• Damage and injuries while using your motorcycle for a fee, such as delivering food or goods, or transporting passengers for pay.
• Damage and injuries while using your motorcycle within the course of employment.
• Damage and injuries resulting from a criminal act (except for traffic violations).
• Damage and injuries resulting from intentional self-injury.
• Damage and injuries while operating your motorcycle under the influence of alcohol and/or controlled substances, including cocaine, LSD, marijuana and all narcotic drugs.

What Does Motorcycle Insurance Cost?

            According to a Forbes Advisor analysis, the average monthly cost of motorcycle insurance is $178. Californians pay the most, on average, $514 per month among the eight significant states we looked at.

Motorcycle insurance costs by state

State	Average monthly motorcycle insurance cost
Wisconsis	$60
Ohio	$97
Illinois	$117
Pennsylvania	$151
Florida	$159
Texas	$161
New York	$168
California	$514
average	$178

            The averages are based on the minimal requirements for uninsured motorist protection, collision and comprehensive coverage with a $500 deductible, and motorcycle liability insurance in each state. For a Harley-Davidson Street Glide, average quotes were provided by Allstate, Geico, Progressive, and Travelers

 

Motorcycle insurance costs by company

company	Average mounthly motorcycle insurance cost
Geico	$117
Allstate	$166
Progressive	$206
traveller	$224

            The averages are based on the required minimum levels of uninsured motorist protection, collision and comprehensive insurance with a $500 deductible for motorcycles in each state. For a Harley-Davidson Street Glide, averages are based on quotes from eight sizable states.

Recommended Coverage for Motorcycle Insurance

            conditions for vehicles. In general, you should make sure you have sufficient liability insurance, including guest passenger liability insurance, to cover third parties' damages in the event that you cause an accident and cause them harm. The general idea is to purchase as much liability insurance as you may possibly lose in court. State-specific requirements for motorcycle insurance differ.

            For instance, Florida's no-fault legislation mandates that you carry a minimum of $10,000 in property damage liability coverage and $10,000 in personal injury protection. You must have medical insurance with a minimum of $10,000 in coverage in order to ride without a helmet. However, Florida's minimal standards are woefully insufficient, and even if your state has stricter requirements, it's wise to purchase more coverage than the required minimum.

            Even if it's not required, it's a good idea to purchase uninsured motorist protection. If someone impacts you and doesn't have enough or any liability insurance, this will cover your medical costs.

            Even if it's not necessary in your state, take into account personal injury protection. You can still have copays and deductibles even though your health insurance can pay for medical bills. These copays and deductibles, as well as lost wages if you are absent from work as a result of injuries sustained in a motorbike accident, can all be covered by personal injury insurance.

            If you want coverage for motorcycle repair costs or in case your motorcycle is stolen, collision and comprehensive insurance are wise purchases.

Extra Motorcycle Insurance Options

            Here are some to take into account if you wish to add more coverage kinds to your policy.

 OEM parts endorsement

            If your policy covers a repair, an OEM endorsement makes sure that original equipment manufacturer (OEM) parts are used to fix your motorcycle. You will be compensated according to the OEM part's fair market value in the absence of an OEM part.

            Depending on your insurance provider, this coverage might only apply to motorcycles under a specific age, such as those that are under 10 years old.

Custom parts and equipment

            This coverage is for you if you prefer to modify your motorcycle with aftermarket components. In the event that aftermarket modifications to your motorbike are harmed or destroyed by an issue covered by the insurance, custom parts and equipment coverage pays to repair or replace them.

            For instance, custom parts and equipment coverage would pay up if you installed aftermarket handlebars on your bike and they were destroyed in a collision.

            Custom parts and equipment coverage normally does not have a deductible, in contrast to collision and comprehensive insurance. However, the deductible would be due for the collision and comprehensive parts of your claim. For instance, if your conventional front forks and bespoke handlebars are both damaged in a collision, you would only be required to pay the deductible to repair or replace the forks.

Total loss coverage

            If your motorcycle is stolen or is declared a total loss due to an issue covered by the policy, total loss coverage will pay to replace it with a newer model motorcycle. The difference between the price of a motorcycle that needs to be replaced and the motorcycle's actual cash value (ACV) can be filled in with total loss coverage.

            For instance, if you spent $15,000 on a brand-new motorcycle and it was totaled in a collision nine months later, but the ACV is $10,000, your insurance company would pay that amount (less the deductible) to replace your motorcycle. Depending on the policy, complete loss coverage often pays out to replace your totaled bike with a new or comparable model.

            Typically, only motorcycles above a certain age may get this kind of coverage. For instance, your motorcycle should only be one to three model years old.

Roadside assistance

            Nobody wants to have a roadside breakdown. Although this coverage won't make a breakdown less inconvenient, it can at least provide financial support. When your motorcycle breaks down mechanically or electrically, it covers some costs. The following issues are frequently covered by roadside assistance insurance:

• Dead battery
• Empty gas tank
• Flat tire
• Lost key
• Low oil, fluids or water

Expenses can include:

• Towing
• Labor at the place of breakdown
• Delivery of fuel, oil or other fluids

Trip interruption coverage

            Do you ride your motorcycle on long distances? If you're away from home and unable to continue your journey due to a mechanical or electrical breakdown, this coverage will pay for food, accommodation, and transportation. Be sure to take note of the coverage's restrictions and limitations, such as:

·                           You'll need to be a specific amount of distance—say, 100 miles—from your principal residence.

·                            Meals must be consumed between the time of the breakdown and your arrival at your destination or principal residence in order to be reimbursed, and they are usually subject to a cap. One insurance plan we examined, for instance, paid $50 each day until you arrived at your destination, or until the end of the fourth day (whichever comes first).

·                            In most cases, hotel expenses that occur between the time of breakdown and your arrival at your destination or primary residence will only be partially reimbursed. When you arrive at your destination or at the conclusion of the fourth day, for instance, the amount of hotel reimbursement may be capped at $100 per day (whichever comes first).

How to Get a Motorcycle Insurance Quote

            Most significant vehicle insurance providers, as well as smaller and local insurers, offer motorbike insurance. Searching around for the finest motorbike insurance quotes is a good idea. These businesses provide motorbike insurance.

• Allstate
• American Family Insurance
• Farmers Insurance
• Geico
• Liberty Mutual
• Nationwide
• Progressive
• State Farm
• USAA

Motorcycle Insurance Discounts

Look for these common discounts if you’re buying motorcycle insurance.

• Discount for several policies. One of the best discounts you may obtain if you already have insurance from a company, such as home or auto insurance, is by "bundling" your motorcycle insurance with the same provider.
• Discount for motorcycle safety. The majority of insurance providers provide reductions for passing a motorcycle safety course. For information on courses offered in your state, you can contact the Motorcycle Safety Foundation.
• Discount for safe riders. You can normally get a discount if you have a clean driving and riding record, which means you haven't had any moving traffic offences or accidents for which you were at fault in the previous three to five years.
• Theft prevention discount. You might be able to get a discount on your comprehensive insurance if your bike has an anti-theft or recovery equipment, like a GPS theft-recovery system.
• Discounts on insurance payments. By paying your premium in full, setting up automatic payments, or going paperless, you can frequently receive a small reduction.
• Association for riders. Discounts may be available to riders who belong to organizations like the Motorcycle Safety Foundation, Harley Owners Group, BMW Motorcycle Owners of America, and the American Motorcycle Association..

Pay-Per-Mile Motorcycle Insurance

            Many motorcycle owners choose to ride their vehicles for daily duties like commuting or running errands and just ride their motorcycles for fun on the weekends. If that describes you, there's a good chance your motorcycle spends much more time in the garage than it does on the road.

            Pay-per-mile insurance is an alternative to regular motorcycle insurance that you should take into account if you ride a motorcycle with low mileage. For instance, Voom Insurance offers motorbike insurance that is dependent in part on the number of kilometers you ride each month. With intentions to enter other states, Voom is now accessible in Arizona, Illinois, Indiana, Ohio, and Wisconsin.

            Here is how Voom functions: You decide on a coverage strategy and a range of coverage. For instance, the "Essentials" plan is the most basic and just covers property damage, passenger responsibility, and bodily injury liability. These coverage types, along with others including comprehensive and collision insurance, UM and UIM bodily injury, and medical payments coverage, are all included in the "Extended" plan.

            You must upload a picture of your odometer to Voom once a month. Along with your monthly base fee, you'll also be charged per mile for the distance you rode.

Reducing Motorcycle Thefts

The National Insurance Crime Bureau (NICB) has these tips for motorcycle owners.

• Lock your ignition, take your keys out of your car, and park in well-lit areas.
• Avoid keeping your title in the motorcycle's trunk.
• Place unique markings on your motorcycle and document the markings using images. You can identify your motorcycle using these markings if it is stolen.

If you’re buying or selling a motorcycle, the NICB has these recommendations.

• Buy a motorcycle from an established dealer. Avoid purchasing a motorcycle from a private seller if it is customized or "assembled."
• Before making a purchase, have the motorcycle inspected at a nearby dealership.
• If you buy a car from a dealer or other third party, request a vehicle history report.
• If you're buying from a third party, finish the transaction in a location designated as a "safe area" by the local police.
• If you're selling a bike, wait until a check or money order has cleared the bank before transferring the title.