Getting motorcycle insurance may seem like a daunting task due to the many types of insurance available and agents that offer coverage. With a simple understanding of what coverage terms are and what the best method is to choose your future insurance company, one can effectively buy the proper motorcycle insurance. Although there is not a one size fits all plan for a motorcyclist, one should determine what exactly they need for proper motorcycle coverage.
Bodily Injury &Property Damage Liability Insurance
This is the most basic type of motorcycle insurance and usually is required as the state minimum; it covers the damage to another party when you are at fault for the traffic accident. In case of an accident where you are found at fault your insurance will cover damages, medical bills, the cost to repair or replace damaged property, and lost pay to the injured party up to your defined rate.
Collision &Comprehensive Coverage
Comprehensive and Collision insurance covers the cost that is needed when a motorcycle is damaged in an accident (no matter who is at fault), fire, vandalism or if your motorcycle is stolen. Like other forms of insurance you pick your deductible amount and all damage that is done to your motorcycle is covered over the amount of your deductible. Remember set your deductible rate at a decent amount incase of a major accident because depending on the cost of repairs a lack of coverage may cost you more than you could save by skimping on this insurance.
Primarily, Underinsured/Uninsured Motorist insurance is a net that is used to cover extra costs after an accident occurs that your insurance company usually won’t cover.
This coverage not only includes damage to your motorcycle but also medical bills and lost wages that may occur due to an accident. When deciding what deductible to set you should always take into context the price of your bike and any other underlying costs that may occur.
Medical Payments is exactly what it states, this insurance covers the medical cost for a motorcyclist if in an accident. Although this is one of the least bought forms of coverage it can be one of the most important especially if you don’t have extensive health insurance.
After you have decided on the type of insurance that you wish to have your motorcycle covered by the next important step is deciding on which company you should buy insurance through. Like automotive insurance there are many major insurance companies that offer motorcycle insurance like Geico, Progressive, and Nationwide to name a few but one may have better luck going through a smaller, local insurance company due to lower rates and more incentives. No matter which route one chooses just remember to shop around for prices and exact terms and conditions of each companies insurance so you are able to get the perfect motorcycle insurance for you.
Cheek, Kenneth. “Types of Motorcycle Insurance.” Popular Articles. Popular Articles, 27 Jan 2008. Web. 22 Apr 2010. .