Motorcycle insurance is protection for motorcycles, cars, trucks, and any other road-going vehicles. Its main function is to offer financial protection against bodily damage or personal injury resulting from road accidents and against legal liability resulting from accidents in a motorcycle. It is required by law in all US states as well as in many foreign countries.
What is the most common insurance for motorcycles?
The most common kind of motorcycle insurance is liability insurance. It covers damages only on the third party’s part and does not cover the insured person himself. Liability insurance provides coverage only for bodily injuries and property damages. Personal injury protection is often included in the liability insurance policy but is not mandatory.
There are different kinds of liability coverage. It varies according to the accident’s nature and the extent of liability of the driver involved in the accident. Comprehensive coverage provides financial assistance to the injured party, even if it will cost the insured amount. The deductible applies to this kind of coverage. The higher the amount of deductible is, the lower the premium you pay is.
A third party only insurance provides financial assistance to the third party involved in the accident but not to the injured one. This kind of coverage is for property damage liability only. Bodily injury liability coverage is also available to cover the cost of medical treatment and the injured person’s rehabilitation. In case of an accident, the injured person’s payment is covered under bodily injury liability.
Motorcycle insurance policies can be purchased in three ways: with a deductible, with a per accident coverage, or with a combination of the two. A high deductible policy means that you will have to pay more money as the premium. It is ideal for a novice rider or someone with a bad driving record or few speeding tickets. However, such individuals may find it challenging to afford the higher premiums. Such riders should buy a policy with a low per accident deductible.
How can this insurance cover you and your motorcycle?
Full coverage pays all the expenses for repairing the bike and physical injuries sustained in an accident. You will receive the funds based on how much the motorcycle is worth. If your motorcycle is financed, the lender will require you to have a full coverage policy. In such cases, comprehensive insurance saves you from paying too much on the loan amount.
However, riders with clean driving records will not get lower motorbike insurance policy rates than those with records. For this reason, it is essential to maintain a clean driving record. It will help if you take up a training course to improve your driving skills. An insurance company would be less willing to insure a person who has no experience at riding bikes.
Before purchasing a motorbike, ask whether the insurance policy includes liability insurance. Liability insurance covers injuries caused to others due to your negligence. A full-coverage policy also covers medical and funeral expenses resulting from an accident. However, the level of liability insurance required by the law differs from state to state. Therefore, it is best to check with the agent to determine the level of full coverage and liability insurance required by the state.
A motorcycle insurance policy that offers comprehensive and liability insurance coverage is the right motorcycle rider’s choice. However, please do not assume that the more coverage a policy has, the better it is. In some cases, paying just the liability may not be a good idea.
Some insurance companies offer discounts on the premium for a rider’s motorcycle gear. It would be best if you asked whether the gear enhances your safety. Also, inquire whether the collision coverage under the insurance policy will cover damages resulting from collisions with another vehicle. Sometimes, riders with a good riding record can save a lot of money on the premium by taking up a rider’s accessory package. The rider’s accessory package usually covers windshields, helmets, lights, mufflers, and parts. However, it is important to remember that the cheaper the accessory package’s price is, the cheaper the insurance premium would be on the actual bike is.
Most motorcycle insurance covers the injuries caused to other drivers and riders in an accident. This portion of the policy usually covers only medical and funeral expenses. It does not cover the damage to the motorcycle or property caused by accident. This part of the policy is designed to be low cost and should be looked at closely before signing up for the policy. Sometimes paying just the premiums on the medical and funeral expense section can help you save a lot of money.