Motorcycle Insurance 101: Protecting Your Passion On The Open Road

As a motorcycle enthusiast, you know the rush of hitting the open road on two wheels. But with that exhilarating feeling comes a dose of reality – accidents can happen, and it’s crucial to have the right protection in place. That’s where motorcycle insurance comes in. In this article, we’ll dive into the world of motorcycle insurance, exploring what you need to know to ensure you’re adequately covered and protected on the road.

Liabilities on the road – why you need insurance?

If you’re involved in an accident or damage someone else’s property while riding, you’ll want to be confident that you’ve got the necessary coverage to avoid financial ruin. That’s where liability insurance comes in – it’s essential for covering damage to other people or property. This coverage typically includes:

Bodily Injury Liability (BIL) – helps cover medical expenses, lost wages, and pain and suffering if you’re involved in an accident.

Property Damage Liability (PDL) – covers damages to other people’s property (e.g., vehicles, buildings, or home property).

It’s essential to note that some states have minimum insurance requirements. You should check your state laws to determine the minimum coverage levels you require.

Collision, Comprehensive, and More

While liability insurance protects you in case of an accident, collision and comprehensive insurance coverage provide additional protection for your bike:

Collision Insurance – pays for damage to your motorcycle, regardless of who’s at fault in an accident.

Comprehensive Insurance – protects you from theft, fire, floods, and more. For example, if your bike is damaged during a storm, comprehensive insurance has you covered.

Custom Equipment and Accessories Coverage – additional protection for customized or high-performance parts.

Choosing a motorcycle insurance policy that includes comprehensive coverage will give you added peace of mind, especially if you’ve invested a lot in your bike.

Insuring for different Riding Types

Motorcycle insurance can vary depending on your riding style and the type of bike you own. Here are a few factors that may affect your premiums:

Commuter Bikes – Use a bike to commute to work? You might be eligible for lower premiums, especially if you show proof of daily commute.

Touring Motorcycles – Cruise cross-country on your Harley? Be prepared for higher premiums, especially if you’ve customized your bike with luggage and accessories.

Classic Motorcycles – Riding a restored or vintage motorcycle? Typically, they’re less valuable than modern bikes, but repairs may require specialized parts and labor.

Racing – Compete in track events or racing competitions? In some states, competition insurance requires an endorsement.

Factors Affecting Your Premiums

Several factors contribute to your insurance premiums. Some are controllable, while others depend on external factors:

Controllable:

— Riding history (tickets or accidents)

— Motorbike type

— Location

— Deductible

Uncontrollable:

— Your age, driving record, and credit score

Discounts: Ask About

Every motorcycle insurance provider offers different discounts. Ask your agent about these to keep premiums low: