There are many options when it comes to motorcycle insurance. Most policies include liability coverage to protect you against bodily injury or property damage you cause to others.
Some insurers also offer roadside assistance and OEM endorsement, which covers the cost of replacing your bike’s parts with original equipment manufacturer (OEM) parts if your motorcycle is damaged. Visit Insurance Springdale AR for more information about motorcycle insurance.
Liability coverage, a standard part of any motorcycle insurance policy, protects you against damage to other’s property or injuries you cause in an accident where you’re found at fault. It can also help cover legal fees if another party sues you.
Most states require that riders carry a minimum amount of liability insurance. Having additional coverage beyond this can help you protect your assets, income, and future earnings if sued for damages in the event of an accident that you cause.
Some insurers offer comprehensive and collision coverage options as add-ons to your policy. These options protect your bike against damage from incidents other than road accidents, such as fires, theft, or vandalism. They typically have a deductible and may exclude specialized equipment, such as chrome wheels or custom paint jobs, from being covered unless you purchase additional equipment coverage.
Uninsured/underinsured motorist coverage (UM) is a common add-on. This type of protection pays for your medical bills and other expenses if you’re injured in an accident with a driver who doesn’t have enough or any insurance. It’s an important option to consider, considering that one in eight drivers in the United States is uninsured.
While some insurers offer this as a separate add-on, many include it in their full-coverage policies. Personal injury protection, also known as MedPay, covers medical bills for the rider and passenger in the event of an accident, regardless of who is at fault. Some insurers also offer roadside assistance as a standard part of their policies. This can pay for towing, jumpstarts, flat tires, and more.
In the case of a total loss, an insurer will typically pay you based on its suggested retail value, less depreciation, or actual cash value (ACV). Some insurers offer “stated value” coverage instead of real cash value, which allows you to set a preferred amount for your motorcycle. However, this could leave you short of what it takes to replace your motorcycle if your bike is lost. This is why it’s a good idea to talk to your agent about the value of your motorcycle, the customizations you’ve added, and whether or not they should be included in your policy.
This type of coverage pays to repair or replace your bike if it is stolen or damaged by an event other than a traffic accident. It also pays to fix your bike if it is damaged by a weather event such as a tornado, hail, or hurricane. Comprehensive can also cover your motorcycle if it is vandalized or stolen from a parking lot. This coverage varies by state and policy language.
Adding this type of coverage to your motorcycle insurance is a good idea. However, your premium will probably go up if you add this coverage. This is because you’ll be adding more risk to your policy, and thus, the insurer has to compensate for it.
A higher deductible can mitigate the cost of this coverage. Getting a special type of comprehensive coverage that lets you and your insurance company agree on a value for your motorcycle is also possible. This is especially important for high-end collector bikes or racing bikes used in competitions since the weight of these motorcycles can greatly fluctuate over time.
If you’re a serious rider, consider getting this type of coverage. This is because it can pay to repair or replace your motorcycle in case of a non-traffic accident that could ruin it forever. It also typically covers the cost of your bike’s parts and labor and towing expenses.
Another type of this coverage is medical payment coverage, which typically pays for your and your passenger’s medical bills in an accident regardless of who was at fault. Some policies also include personal injury protection (PIP), which pays for lost wages and other financial assistance if you are injured in an accident while riding your motorcycle.
Consider adding uninsured/underinsured motorist coverage, which pays to cover your injuries if you are injured in a crash caused by an uninsured or underinsured driver. This type of coverage is often required by law in certain states.
As its name suggests, collision coverage pays to repair your motorcycle if it is damaged in an accident with another object. It typically covers up to your bike’s Kelley Blue Book value minus your insurance company’s deductible. This is an important consideration, especially if you are financing your motorcycle, as many lenders require this type of coverage.
While some motorcyclists may view this as an unnecessary expense, others rely on their bikes for transportation to work, school, and other activities. This coverage can be very helpful for those who cannot afford to replace their bicycles if they are destroyed or stolen.
Like car insurance, there are additional add-ons available for your motorcycle insurance policy. Some are optional, while others may be required depending on your state or insurer. These include trip interruption insurance, which pays for lodging, food, and other expenses if you are forced off your bike in an area far from home; custom parts and equipment coverage, which protects the investment in upgrades and modifications; and roadside assistance, which can help pay to tow or repair your motorcycle if it breaks down.
Personal injury protection (PIP) is another optional rider that generally pays for your medical bills if you are injured in an accident, regardless of who was at fault. It also may cover your passenger’s medical bills and, depending on the policy language, any pedestrians injured by your motorcycle.
Uninsured/underinsured motorist coverage, or UM/UIM, is another important rider. This covers you if you are injured in an accident with a driver who does not have any or enough insurance to cover your damages. It is highly recommended that every motorcycle owner carry this type of coverage. Some states have made it mandatory. UM/UIM is often part of their auto insurance policy for those who drive cars and can be easily transferred to a motorcycle. This is a good way to ensure that you do not have any gaps in your insurance coverage. Despite the many benefits of owning a motorcycle, it can be extremely dangerous for riders to hit the roads without adequate motorcycle insurance.
Uninsured/underinsured motorist coverage helps cover injuries you suffer in a collision with a driver who doesn’t carry insurance or doesn’t have enough. This is a necessary addition to any motorcycle policy as it’s estimated that one in four drivers on the road are either uninsured or underinsured. You can also add on medical payments, which will help pay for your medical bills in the event of an accident, regardless of who is at fault. This type of coverage is similar to personal injury protection (PIP) and is required in 14 states. Comprehensive coverage pays out to repair or replace your bike for damage caused by things other than a collision, including fire, theft, and vandalism. This is usually part of a full coverage policy, and a deductible will apply like collision coverage.
Some insurers offer a lay-up period for your motorcycle, which allows you to place it in storage during unfavorable riding conditions and reduce your premium. This is a great option for those months when you can’t ride but would still like to keep your insurance active.
You can add additional coverage to your policy, such as roadside assistance, which will help cover the cost of a tow and other related expenses. You can also add custom parts and accessory coverage, which will allow you to get reimbursed if damaged or stolen. This is a good option for those who have invested much money into their bikes and want to protect them.
Lastly, you can add on guest passenger liability, which will allow you to cover medical expenses for your passengers in the event of an accident. This is important to consider as bodily injury and property damage liability only protects you and does not extend to your passengers.
Motorcycles are much smaller than cars, which can lead to more severe injuries in the event of a crash. This can include traumatic brain injuries, spinal cord trauma, and other life-changing injuries. If the at-fault driver is uninsured or underinsured, you can end up with a huge bill for medical expenses and repairs to your bike. Adding uninsured/underinsured motorists and medical payments to your policy can help protect you from these financial obligations.
