Riding a motorcycle is an exhilarating sense of freedom and excitement not experienced with any other mode of transportation. However, as with any travel, motorcycle accidents can happen at any moment and can be devastating. Motorcycle owners need the right insurance coverage to protect themselves, their passengers, and other drivers on the road. Here's a closer look at motorcycle insurance, what it covers, and what your motorcycle insurance agency wants you to know before revving up and hitting the open road.
Is Motorcycle Insurance Mandatory?
It's important to understand that while helmet laws vary from state to state, the one thing everyone agrees on is the need for motorcycle insurance. This mandatory requirement means that motorcycle owners must carry minimum insurance to legally operate their vehicles on public roads. Depending on the state and your motorcycle insurance agency, this minimum level of coverage may vary, but the most common types of insurance coverage for motorcycles include the following:
Liability
Liability coverage is the most basic type of insurance coverage designed to protect you from the financial consequences of causing injury or property damage to another driver. If you are found to be at fault for an accident, liability coverage will help cover the costs of damages that you are legally responsible for.
Collision
Collision coverage is designed to protect your motorcycle from damage resulting from an accident with another vehicle, a stationary object, or an animal. This type of coverage is especially important if you have a loan or lease on your motorcycle, as your lender will likely require you to carry full coverage until the loan is paid off.
Comprehensive
On the other hand, comprehensive coverage is designed to cover damage to your bike caused by other events like theft, fire, or natural disasters. While this coverage is not as common, it is relatively inexpensive to purchase from most motorcycle insurance firms and can be incredibly valuable if your motorcycle is stolen.
It's important to note that while these are the primary types of motorcycle coverage, there are additional options that you may want to consider depending on your state of residence, such as uninsured and underinsured motorist coverage and medical payments coverage.
Perhaps the most important thing to keep in mind when talking to your motorcycle insurance agency is that, just like with any other form of insurance, the cheapest option may not provide you with the best coverage or protection. While it can be tempting to skimp on insurance costs to save money, it's important to remember that accidents can and will happen at any time. Insufficient coverage can lead to devastating financial consequences.
For more information, contact a motorcycle insurance firm near you.