Common Motorcycle Insurance Questions and Answers
Whether you are in the market for bike insurance, or are just looking to gather more information on the subject, we have answers to some of the most commonly asked questions below.
Why Is Motorcycle Insurance?
Bike insurance is designed to protect you and your assets in the event of any motorcycle accident, theft, loss, or damage. These policies all include liability coverage, so you are financially protected if you bear responsibility for an accident that causes damage to another person or their property. Bike insurance can generally be obtained for any vehicle that fits the definition of a motorcycle, which is “a two-wheeled vehicle that is powered by a motor and has no pedals.” This includes street bikes, choppers, scooters, Segways, and mopeds.
Who Is Motorcycle Insurance For?
If you ride anything with a motor and two wheels on the road, you are required by law to hold current bike insurance. While insurance is required, you do not need to purchase the most expensive policy available. In most states, as with car insurance, the minimum coverage required is liability insurance. You can of course purchase insurance with higher limits, but only if you desire.
How Does Bike Insurance Work?
If you know how auto insurance works, then you know how bike insurance works. They are identical in the way they are used. For instance, if you are involved in an accident and suffer any injury to your body or vehicle, or cause any injury to another person’s body or vehicle, the damages will be covered and paid for by your insurance company, per the terms of your policy. Just remember, the amounts that will be covered are dependent on the amount of insurance you have purchased from your provider.
Types Of Coverage In Existence:
There are three major types of bike insurance coverage available on the market today.
Liability Insurance – This type of insurance provides coverage for any damages to your body and vehicle, as well as another person’s body and vehicle caused by an accident.
Collision Insurance – This is coverage that will insure you above and beyond standard liability insurance in the event of an accident, less your deductible.
Comprehensive Coverage – This insures your bike against any damages from non-accident related dangers, such as fire and acts of theft
Uninsured/Underinsured Motorist Coverage – This will provide a level of protection in case you are involved in an accident caused by another driver that either does not have current insurance, or who is underinsured.
There are many benefits to carrying bike insurance. You will be following the law, you’ll have peace of mind knowing you are financially protected in case of an accident, and you’ll be covered in the event of a natural disaster involving water or winds. If you’ve elected to include comprehensive coverage in your policy, you’ll also be protected from things like fire or theft.