Motorcycle Insurance – All You Need to know About It

Looking to hit the road on your new motorcycle? Wait! Don’t be in a rush. No matter how carefully you ride your two-wheeler or how superior safety gear you have, you still need to invest in motorcycle insurance.

Why purchase motorcycle insurance?

You must know that motorcycle insurance is compulsory in many states. Apart from that, it also helps you to protect your life savings during an injury or property damage. It also covers medical bills, damage from vandalism, and theft. In case you have a lease or loan, the lender usually would insist you buy coverage for your motorcycle.

Motorcycle insurance is a legally needed coverage that’s categorized as:

  • Bodily injury liability: It helps in paying for your pain and suffering, medical bills, loss of wages of any person you injure in an accident. Even if you’re not at fault completely but partially responsible for the accident, then also this coverage helps in paying for the loss of the third party.
  • Property damage liability: This insurance helps in paying for any repair or replacement of property of others, such as telephone poles, cars, etc.

Furthermore, this coverage pays for the defense costs if anyone sues you because of an accident you caused.

Things to Know About Motorcycle Insurance

We have already mentioned why motorcycle insurance is required. If you still want to know more, here are some essential things to keep in mind:

  1. Motorcycle Insurance is mandatory by Law

Most states require motorcycle insurance to protect everyone. If you have bodily injury and property damage liability, this insurance can protect you from losing your assets or home. These policies even cover the property damage and medical bills that may have occurred due to an accident caused by you. The minimum insurance coverage also helps you with court case costs if somebody sues you. However, there are certain instances where minimum liability insurance won’t cover the costs during those unexpected events. So, you need motorcycle insurance to deal with such losses.

  1. Motorcycle Insurance is Affordable

Motorcycle insurance is affordable compared to car insurance. This is because motorcycle riders are usually less at fault than car drivers. How much damage can a 500-pound motorbike cause compare to a two-ton car? That’s the reason why motorcycle insurance is affordable.

Just like a discount on auto insurance, you also get discounts on motorcycle insurance. Take motorcycle safety training and how to install a theft recovery system on a motorcycle for getting a discount.

Some other discounts are:

  • Multi-vehicle discounts
  • Experienced rider discounts
  • Motorcycle riding association discounts
  • Policy bundling discounts like home, motorcycle, and home
  • Discounts on living within a low-crime area
  • Seasonal insurance for insuring motorcycle if you ride it only during spring and summer seasons
  1. Don’t Forget Body Insurance

Even if you already have health insurance, it’s not enough. You may have more deductibles and you also may not need disability insurance for compensating for time away from your work. Medical payments coverage helps with this, so consider under-insured and uninsured coverage too. There are many uninsured motorists in California. So, they need to get themselves insured with motorcycle insurance to protect them in case of an injury.

How to Save on Motorcycle Insurance 

Here are some important things to note for saving money on motorcycle insurance:

  • Include things you need: It is important to understand your motorcycle insurance options to purchase the policy that suits your budget and needs.
  • Choose the right motorcycle: Select a motorcycle that is practical and works well for you. A bigger or exotic bike also requires a higher cost of coverage. So, buying a used motorcycle can be a good decision if you want to save money.
  • Increase your deductible: Your premium will be lower if you’re willing to take higher risks. If you choose a higher deductible, you have to pay more share of loss and your monthly premium will be less.
  • Shop around: You may purchase motorcycle insurance directly from an insurer or shop for insurance online or use a certified insurance advisor to do the shopping. Also, compare quotes of all leading insurance providers before making the decision.
  • Try to have a safe driving record: You also need to drive safely on any vehicle to maintain a good driving record, which further helps in saving your insurance costs.
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