There are several features of motorcycle insurance that all prospective buyers should carefully consider before finalizing their choice. The ultimate purpose of insurance is to protect operators and passengers from medical or liability costs resulting from an accident, so customers need to keep this in mind at all times. While all motorcycle owners must meet the minimum insurance requirements enforced by their state government, there are many ways for policy holders to expand their policy to limit personal financial risk.
Satisfying the Minimum Legal Requirements
Laws regarding minimum coverage for motorcyclists in the United States are created and enforced on a local level. This means that buyers need to research their home state’s current requirements, which usually includes a set amount of liability insurance to cover damage to other people or their property. Customers who can afford additional liability coverage are frequently advised to do so, since state minimums are often well below potential liabilities from a vehicle collision. Some states also require uninsured or under-insured motorist coverage.
Compensation for Personal Injury Expenses
Medical costs associated with motorcycle accidents can be staggering, which is why all bike owners should take steps to cover as many of their potential medical costs as possible. No amount of safety measures or defensive driving techniques can completely shield travelers from the hazards of the road, and motorcyclists have little to protect their bodies in the event of a collision. Even a low-speed accident that would normally just be a fender bender can have life-threatening consequences for bikers.
Uninsured or under-insured motorist coverage is a key element of many motorcycle insurance plans. People who cannot afford a comprehensive liability policy are unlikely to have the resources to fully compensate victims for serious medical expenses. Unless the bike owner has complete coverage of potential expenses through a medical plan, one of these policies can offer an additional layer of financial security. Some policies also compensate victims for lost income or termination of employment due to injury from an accident.
Value of the Vehicle
While the value of the vehicle should be a secondary consideration compared to bodily injuries, it can still be a high priority in certain situations. It is particularly important for owners who rely on their bike as a primary or sole means of transportation, since they will need to get it fixed or replaced as soon as possible. Owners who use their bike as a secondary recreational vehicle may be more concerned with extending liability or personal medical coverage than recovering their bike’s value. Bikers who have invested into upgrades or other modifications should account for this when evaluating their vehicle as a financial asset.
Seasonal Coverage and Other Considerations
Since many bike owners limit their riding to specific months, they can save money by adjusting their insurance for seasonal use. Availability of seasonal policies varies depending on state laws and options offered by policy providers. Motorcycle owners may also be able to save money on their insurance plan by adding the vehicle to an existing auto policy. Membership in certain safe driving organizations or completing defensive driving courses may also make policy holders eligible for discounts.
Related Resource: 10 Great Ways to Save on Motorcycle Insurance
Bikers need to account for their driving habits, vehicle value and overall financial situation when deciding on an insurance policy. Selecting the right amount of coverage can be a life-changing decision in the event of a serious accident, so buyers should take the time to analyze their options in detail. Customers should contact an insurance expert to learn more about the specific features of motorcycle insurance and discuss the ones that are most important for their situation.