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Just as you need to get insurance for your car or boat, you should purchase a Motorcycle Insurance, if you own and ride one. Owning a motorcycle is not only a lot of fun, but also a lot of responsibility. According to statistics, every 14 seconds a motorcycle accident causing serious bodily injury happens. Motorcycle accidents often tend to be more dangerous than accidents involving other vehicles. In addition, it is important to know that motorcycle theft is increasing every year. If you consider all the risks involved, you will realize that it is very costly to be uninsured or underinsured.
Motorcycle Insurance is a requirement in most states: a minimum amount of coverage is required though you can always customize your policy to suit your specific needs. Motorcycle Insurance protects you from financial loss if you have an accident while riding your bike and gives you a peace of mind when you are on the road. As a general rule, the more you use your motorcycle, the better coverage you should purchase.
You need Motorcycle Insurance to protect you and your passengers in case the accident is said to be your fault. Liability Motorcycle Insurance covers the costs of injuries you might cause to your guest passengers on your motorcycle or to those people who are hurt due to your bike hitting them. This coverage also pays for property damage. Liability Motorcycle Insurance is usually inexpensive. It is important to determine the right amount of liability coverage you require. Due to dangers associated with motorcycles, you should have more liability and hospitalization insurance on your motorcycle than you would typically have for your car, for example.
If someone will be riding on the back of your motorcycle, make sure you have plenty of Liability Insurance. If someone else beside you will be using your motorcycle, make sure your insurance coverage includes those people too.
Besides Liability Insurance, consider the additional coverage such as Collision, Comprehensive, Underinsured/Uninsured Motorist etc. Remember that additional coverage will provide additional safety, which is very helpful on the road.
Comprehensive Motorcycle Insurance will cover the damages caused by perils other than collision: fire, hail, tornado, storm damage, vandalism, hitting an animal, and theft.
Medical Motorcycle Insurance will cover you in case there is a need for reasonable medical treatment for you or another injured person in the event of an accident: a trip to the hospital by ambulance, post accident physical therapy etc.
Uninsured/Underinsured Motorist is the coverage for damages that occur by those that are uninsured or underinsured. Unfortunately, some drivers fail to carry any insurance at all, or their coverage is not enough to pay for the damages caused. In this case, Uninsured/Underinsured Motorist coverage will be very helpful.
Besides protecting you and your passengers, you will need Motorcycle Insurance to protect the motorcycle itself. The Collision part of the policy will pay for the replacement or repairs of your motorcycle in the case it is damaged in a covered accident. This coverage can be applied not only in case you are at fault, but also in case others are at fault and it takes time for the other insurance company to settle the claim. Your insurance company will refund you back your deductible as soon as the claim is finally settled.
The Comprehensive part will pay for losses from damages other than collision. Besides, if you have some added equipment and custom options on your motorcycle, such as extra chrome, paint job or a side car, it is worthwhile considering Added Equipment Coverage in addition to your policy. It will provide coverage for a loss of equipment that is not standard, and was not permanently installed by the manufacturer. Remember that standard Motorcycle Insurance only covers the motorcycle as it was bought from the manufacturer.
There are also some optional additions to Motorcycle Insurance coverage, such as towing or roadside assistance in case of a breakdown. This coverage offers reimbursement of towing charges in the event your motorcycle breaks down. You can also insure your personal items, such as a motorcycle helmet, leather and other safety apparel.
If you have Comprehensive and Collision coverage on your policy, consider adding Rental Reimbursement. If you have one, you’ll be able to rent a vehicle for the period while your motorcycle is being repaired and the policy will reimburse your expenses.
Before purchasing any type of Motorcycle Insurance you should compare the types and levels of coverage, and select the policy that best suits your situation. Motorcycle Insurance rates vary, and normally depend on several factors including the model and type of the motorcycle, the owner’s age, place of residence, driving history, motorcycle security and many more. Such factors as how many miles you drive per year and where the motorcycle will be parked or garaged are also very significant and influence the rates.
Having an excellent driving record and being mature and married will give you lower rates than if you are under 21and not a very reliable driver. Speaking of the bike’s model, remember that the high performance motorcycles always mean higher insurance costs, as speed certainly involves danger.
When you are planning on purchasing a Motorcycle Insurance, first contact your agent or broker you currently have your Auto or Home Insurance with. With some insurance companies, you can get a multiple policy discount if you have Homeowners, Renters or Auto Insurance with them.
Contact the Department of Insurance to find out the state’s minimum limits of Motorcycle Insurance types. Get quotes and compare the rates different insurance providers offer. Do an online search and learn about the insurance options you have in your state, as well as about the discounts available.
Many motorcycle insurers tend to offer a Multiple Motorcycles discount in case you have more than one motorcycle on the same policy. Another discount option you might qualify for is Motorcycle Safety Course discount. If you have passed a motorcycle safety course, the certification is likely to get you a discount. You can also be eligible for a discount if you belong to a motorcycle association or organization.
Consider obtaining a lay up policy during the winter months, which means that your motorcycle will only have the basic coverage. You will be able to re-activate your suspended comprehensive coverage as soon as the peak driving season starts again.
To sum it up, motorcycle owners should carry at least the basic amount of Liability Insurance to protect them in case of an accident, but adding other types of coverage on their insurance policy can be a much wiser decision.