Understanding Motorcycle Insurance
Besides getting financial protection in the event of a motorcycle accident, it’s also a requirement by law to purchase a motorcycle insurance policy. Buying coverage for an expensive motorcycle can be an overwhelming and expensive ordeal. The make and style of a motorcycle or its performance are some of the factors that determine the costs of the insurance. The biggest determinant is the type of coverage that you intend to buy for your motorcycle.
Bodily Injury and Property Damage Liability
The liability insurance will cover for the damage to you may accidentally do to other people or property. Although other aspects of coverage are optional, it’s illegal not to carry a liability insurance coverage. Therefore, you should opt for a cover with higher liability because bills can quickly go up in case of an accident where personal injuries have been sustained.
Comprehensive and Collision Coverage
It covers the costs of repairing your motorcycle if it’s damaged or replacing it in case it’s stolen. This is not usually required by law because, essentially, no one will suffer financially due to the harm that came to your bike. The insurer should compensate you regardless of who is at fault. Collision coverage comes in handy when your bike collides with something and sustains damage. The cover can also protect your bike in case of unfortunate events such as vandalism, fire and theft. However, you shouldn’t carry a comprehensive motorcycle insurance that is beyond the value of your motorcycle.
Uninsured/Underinsured Motorist Coverage
This is a very important part because it allows you to get compensation when the other party that is at fault doesn’t have enough insurance coverage to compensate the losses incurred or is not insured. It can also cover for vehicle damage, wages lost due to the accident, and medical treatment expenses.
Medical Payment Coverage
It will cover for the cost of medical treatment for the injuries related to the accident. However, there is a dollar amount and time limit on this component of motorcycle coverage even though it’s used regardless of fault.