What is Motorcycle Insurance?
Motorcycle insurance provides financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise from the actions of the motorcycle driver.
Motorcycle insurance may also offer financial protection against theft of the motorcycle and damage sustained from things other than traffic collisions.
Motorcycle Insurance Coverages
There several different types of motorcycle insurance coverages. Some may be required by law. Others are optional. The main coverages are:
- Accessory Coverage – Covers loss, theft, or damage to motorcycle accessories like saddlebags, custom handlebars, and OEM electronics.
- Comprehensive Physical Damage Coverage – Covers physical damage or loss of the motorcycle that is not the direct result of a moving vehicle collision.
- Collision Coverage – Pays for damage to an insured motorcycle when it hits or is hit by another car or object, or if the motorcycle overturns.
- Bodily Injury Liability Coverage – Pays damages for bodily injury or death resulting from an accident for which you are at fault and provides you with a legal defense. This includes passengers riding on your motorcycle.
- Property Damage Liability Coverage – Pays damages for physical damage resulting from an accident for which you are at fault and provides you with a legal defense.
- Medical Payments Coverage – Pays medical expenses of the parties riding on the motorcycle involved in a motorcycle accident.
- Personal Injury Protection Coverage – This is an extension of motorcycle insurance available in some states that covers medical expenses and, in some cases, lost wages and other damages. PIP is designed to be paid without regard to legal liability.
- Uninsured/Underinsured Motorist Coverage – Provides for a motorcycle operator to receive damages for any injury he or she receives from an uninsured, negligent driver. The coverage pays the difference between what the uninsured or underinsured driver can pay and what the injured operator would be entitled to as if the uninsured motorist had proper insurance
- Motorcycle Roadside Assistance Coverage – Roadside assistance and breakdown coverage assist operators whose motorcycle has suffered a mechanical failure that leaves the operator stranded.Contact us to learn more about the right motorcycle insurance for you.
Essential Tips for Cheaper Motorcycle Insurance
Motorcycle insurance is fairly notorious for having higher rates due to the increase in perceived risk on the part of motorcycle riders. Many riders find it difficult to pay normal motorcycle insurance premiums, but thankfully there are actually several ways you can get discounts and more reasonable rates. Let’s take a look at some essential tips to keep in mind when you are looking for ways to get cheaper and more affordable motorcycle insurance.
Don’t ride too much
The more you ride, the higher your insurance premiums will be. The reason for this, from the eyes of the insurance company, is simple: the more you’re out of the road, the more you are at risk for being in an accident. If possible, stick to a “cap” in your mileage so you can avoid higher premiums reserved for more frequent riders.
Consider less insurance—in some cases
In some cases, it’s actually a better decision to choose less coverage than pay the higher premiums for full coverage. It all depends on your personal circumstances, including how often you ride the bike, what you use the bike for, the make and model of the bike, as well as where it’s stored. For example: If you have a nice, high-end bike which you use as your primary mode of transportation, it makes perfect sense to get the fullest coverage you can. But if you have an older, cheaper bike that you only use every other weekend and it is normally kept in a very secure garage, you can probably get away with choosing lesser insurance coverage since you would actually be saving money by spending less on insurance for your cheaper, less used and generally secure bike.
Take accredited courses
One of the best ways you can reduce your insurance premiums is by taking accredited courses which are considered, in the eyes of insurance companies, to lower your perceived risk. These courses include training such as Advanced Police Motorcycle Training, the DSA Examiner’s Motorcycle Test, the Enhanced Rider Scheme and more.
Don’t get additional coverage for a pillion
A pillion, or additional rider, is guaranteed to sharply increase your motorcycle insurance rates. If you want to reduce the rates, ride solo and tell your insurance company you don’t intend to have a pillion–and never, ever ride with a second rider. This is illegal once you have declared yourself a solo rider and, moreover, will make your insurance invalid.