No matter what kind of motorcycle you ride, you will likely be mandated to obtain some level of motorcycle insurance coverage. Many states have laws that require motorcyclists to carry coverage with a minimum level of liability protection. Some states will also have more legal mandates that you as a rider must meet too. Additionally, should you have a loan on your bike, the lender will likely require you to buy more comprehensive coverage to protect their investment in you. Liability coverage is what pays for the costs incurred due to another party should you be at fault for an accident while riding your motorcycle. The aforementioned replacement coverage is what compensates for the repair or replacement of your motorcycle.
Beyond basic coverage
It is important to keep in mind that this protection may not meet all your coverage needs. As a consequence, you may wish to look into obtaining additional coverage. For instance, a specialized motorcycle policy may also have in its parameters the ability to pay for personal injury costs, rental vehicles, towing service costs and more. These are the costs with which you can be otherwise saddled if you are involved in an accident. By purchasing such optional coverage in addition to the basic, required policy coverage, you can rest assured in knowing that you have all the possible risks to your livelihood covered. Good motorcycle insurance coverage can dramatically decrease a rider’s out-of-pocket costs in the event of an accident.
A few details
When purchasing motorcycle coverage, remember that you have the flexibility to increase your deductible to lower your premium payments. A usual deductible for this kind of insurance policy is $500, but it can be increased so as to allow a more affordable premium. (A premium is the normal monthly or bi-annual payment made to maintain coverage, while the deductible is the amount that is paid when a claim is filed before the insurance company pays out.) Be careful, though, because haphazardly increasing your deductible on a motorcycle policy, while attractive due to the premium savings, can come back to bite you should you not have the funds on hand to pay the deductible in the event of an accident or some other loss event.
No matter if you are new to motorcycles or are a veteran rider who is updating coverage, obtaining more information that can help you in securing the best coverage for the most affordable pricing is an obvious priority that can be met by talking with an insurance agent today.