If you are shopping for motorcycle insurance then you have some homework to do. Educating yourself will be key. No matter if you are buying your bike with cash or utilizing a motorcycle loans, you will be required to have some type of motorcycle insurance. Note that insurance coverage laws vary from state to state so research requirements for where you live. In addition, it is always best to compare motorcycle insurance plans from a variety of companies to ensure you get the best rates for your needs.
Once you determine what type of coverage you are going to utilize, and find a rate you are comfortable with, you'll need to act fast and lock your plan up with payment since rates are constantly changing. More specifically, the rates you are quoted on Monday may be different on Wednesday. Especially, if you are first time buyer, we suggest reading the motorcycle buying guide prior to making a purchase.
Three Main Types of Motorcycle Insurance Coverage
Property Damage and Liability: Property Damage coverage is just what it sounds like: coverage as a result of damage to property from an accident you caused. Liability coverage may be also called 'Bodily Injury' and refers to a victim's injuries from a motorcycle accident that is your fault. Most often liability coverage is required in every state.
Collision and Comprehensive: If your motorcycle is damaged from vandalism, theft, fire or flood then the comprehensive coverage pays you. If you have an accident, then your collision coverage protects your bike. Comprehensive coverage and collision protection have deductibles that can range from $75 to $2000. Insurance plans with higher deductibles will have a lower total cost and therefore a lower monthly premium. So, you may be happier with a lower monthly payment now, but be prepared to pay the higher deductible if you go this route. Use our calculator to determine what you can afford.
It is important to note that sportier, faster bikes may generate higher costing comprehensive and collision coverage. Therefore, if you are on a budget, you may want to take the cost of insurance into consideration associated with any potential bike type you are interested in prior to purchasing.
Uninsured Motorist: Unfortunately, there are uninsured people driving vehicles of all kinds. This coverage will take care of your costs if you have an accident with someone with no liability insurance. Uninsured motorist coverage is one of the most important coverage’s for motorcycle riders. If you don't have this type of coverage and are in an accident with an uninsured individual, then you will not receive any type of compensation. When shopping for quotes, it is critical that you locate a carrier that offers motorcycle insurance coverage for both property and medical damage that occurs as a result of uninsured motorists.