Motorcycle insurance is essential for all bikers as motorcycle crashes can be financially and medically devastating. It’s important to have insurance to protect yourself and others in the event of a collision or a crash. It can be difficult, however, to understand just how much coverage you need. Although everybody loves a bargain, you should make sure that your policy insures that your medical and material losses will be covered.
It Pays to Shop Around
Whether you are pricing motorcycle, homeowners, or medical insurance, it’s always best to shop around. Prices and coverage levels vary tremendously by company. Different companies also provide added extras with their motorcycle insurance coverage, like a rental for when your motorcycle is getting repaired, roadside assistance, and equipment coverage. Although this blog is meant to provide general information about motorcycle insurance, it’s always best to consult with your insurance agent as everyone has different needs.
Understanding Motorcycle Insurance
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Motorcycle insurance provides financial coverage in the event of a motorcycle crash or theft. Insurance provides liability coverage in case you are judged responsible for the crash. This will cover physical injuries or property damages that occur to the others involved in a crash. It is important to note that, although you are required to carry a minimum level of liability insurance, this may not be enough to completely cover the expenses incurred in a crash. Fortunately, it usually only costs a little bit more money to double or even triple your coverage levels. I encourage all bikers to get the most insurance they can afford. Motorcycle crashes are far too common and you do not want to be held responsible for thousands of dollars in damages.
Insurance coverage varies dramatically between policies and insurance providers, and it is important to know what your insurance will (and will not) cover before you are involved in a crash. You can add full-coverage for your motorcycle in the event of a crash. You can also add comprehensive coverage, which will cover damages caused by something other than a collision, including hail, animal damage, and theft. Even if your motorcycle is kept in your garage, this coverage is important. Recent news reports have shown an increase in motorcycle thefts nationwide, so it is good to be protected in case of loss.
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It is important to remember that the cost of coverage will vary based on your bike and your style of riding. For example, if you own a racing or sport motorcycle, your insurance costs will likely be higher than for someone who owns a touring bike. If you follow speed limits, ride with caution, and follow safety guidelines (and you should!), your coverage will be lower than someone who is known to speed and ride recklessly.
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Insurance requirements vary based on the state you live in, but keep in mind these requirements are the bare minimum you must have to ride legally. This means that, in the event of a crash, you may be responsible for damages that your insurance does not cover. These damages can be catastrophic, so opt for as much coverage (especially medical coverage) as you can. Your agent can work with you to craft a policy that will meet all of your needs.
Remember to consider your deductible when shopping for an insurance policy. The deductible is the amount of money you must pay after a loss before your insurance coverage begins. This means if you have a $1000 deductible and you suffer $2500 in damages in a crash, you will be responsible for paying $1000 towards the repairs and your insurance company will pay the remaining $1500. Raising your deductible will lower your insurance rate but remember that you will pay that amount out of pocket if you are involved in a crash.
The cost of motorcycle insurance varies tremendously, from just a few hundred dollars a year up to $5000 a year or more! Prices vary based on insurance company, your driving record, the type of bike you own, how much you ride, your past crashes, and even your credit record. Some companies will give you a discount based on your employer or group affiliation. You may also get a discount if you carry other policies, like homeowners or renters insurance, with the same company. Taking a motorcycle safety course can also lower your rate.
Motorcycle insurance is important as motorcycles are difficult to see and, when a motorcycle is involved in a crash, damages can be extreme. Although material losses like vehicular damages may be lower than in other collisions, motorcycle crashes often result in significant injuries and sometimes even death. That’s why having a policy that provides for substantial medical coverage is critical.
How Much Money Will Motorcycle Insurance Pay If I Am In a Crash?
If you have been Injured in a motorcycle crash, you probably have hefty medical bills. These bills and other losses like time away from work due to injuries and disabilities can be devastating. Unfortunately, insurance adjusters often try to get you to settle your claim for far less money than you deserve. It is important to contact an experienced motorcycle crash lawyer to learn more about how you can recover fully from your crash. Your motorcycle injury attorney will deal with the insurance company directly so that you can focus on recovering from your injuries. With years of experience, they understand how to maximize your claim to provide the coverage that will help support your family as you recover. Contact the team of Kass & Moses attorneys at 1-800-MOTORCYCLE if you are involved in a crash. Remember that your initial consultation is free, so there is nothing to lose!