The act of riding the motorcycle is an act of freedom. It makes you one with the road and it makes you feel wild and powerful. The entire time you spend sitting on a seat strapped directly to a motor, you are aware of the inherent dangers involved. Indeed, it has been said that you don’t ride a motorcycle unless you are square with God.
Despite this, it is very important to show some responsibility before ever stepping onto the bike itself. Insurance. Insurance protects both you and the other driver in the event of an accident. Having a fatal accident is not necessarily the ticket out of financial responsibility either. Having insurance can help protect your estate from financial responsibility as well. Let’s start this discussion with the types of insurance:
Liability
Liability covers damages or injuries that you cause during an accident. It is legally required in each state and the minimum amounts vary based on state legislation. This insurance is your minimum. It will not cover damages to your bike, your person, or your passenger. Many wise bikers purchase a higher level of insurance then this, knowing that if the accident is their fault, they may find themselves injured – and without a bike.
Collision
Collision is insurance which covers your motorcycle in the event of an accident. This works very much the same as it does with vehicular insurance, in that the insurance company will generally not pay for repairs above and beyond the replacement value of the bike.
Comprehensive
Comprehensive insurance is the Cadillac of insurance. It covers a much more wide variety of damages, including: damages due to vandalism, theft, etc., in addition to the items covered in the other two types of insurance. Prices are generally quite comparable to the other forms; however, it is important to inquire early on if any modifications or attachments you have made to the bike will be covered.
Other considerations
You motorcycle insurance will likely offer uninsured/under-insured protection. This may pay for damages caused to your bike by a driver without insurance, or without enough. It is required by some states. Be sure to ask your insurance provider.
You may also consider property damage insurance. A very high-risk area for most motorcyclists is in a high-degree turn (or curve) situation. Improper turning can result in an accident, or damages to another person’s non-vehicular property. With property damage coverage, you can better protect yourself.
Average rates
According to Finweb, there are many factors which contribute to a rider’s premium. It is difficult to suggest what your rate may be, with an average rating falling between $20 and $300 a month. Selecting your premium will have the most major influence on your rating.
It is recommended to take a Motorcycle Rider Safety Course endorsed by the Motorcycle Safety Foundation. These courses will not only make you a better rider and greatly decrease your chances of having an accident, many insurance providers offer lower rates to graduates. To find a class in your state, click here.
Sources: Personal Experience
The Motorcycle Safety Foundation
Clutch and Chrome
