Anyone who owns and operates a motorcycle will certainly need this coverage. Even if a rider is not at fault for an accident, motorcyclist insurance can be a virtual life-saver for so many reasons and in so many ways.
Motorcycle Insurance, as the name implies, will protect you and your bike in the unfortunate event of an accident. It can also be a source of coverage for theft and/or damage to your bike. Motorcycles are exposed and vulnerable to collisions and acts of vandalism and theft, too, making good motorcycle insurance a no-brainer for most.
The premiums for motorcycle insurance are usually paid monthly but can also be paid for on an annual or bi-annual basis, sometimes for a discount. In return, the insurance company agrees to help keep the motorcyclist protected from peril and loss during this time of coverage. Should some kind of loss or accident happen during this period of coverage, the cyclist will contact their agent with a claim and either be paid back for costs or have them paid for directly. Usually there will be an amount of pre-payment involved, known as the ‘deductible,’ of $500 to $1000, that will first need to be paid before the insurance kicks in to pay for the rest of the damages. Deductibles help contain the premium costs and can mean a considerable savings.
The entry level for most policies will compensate for the cost of a collision. These are the costs associated with an accident where the motorcycle rider is at fault. When the motorcyclist is not deemed responsible for the accident, the coverage can still be very beneficial with uninsured or underinsured protection. This is what enables the motorcyclist to be covered in the event of an accident in which the other individual involved either doesn’t have coverage to cover the damages or doesn’t have insurance at all. Beyond that is coverage which will pay for the replacement of stolen or damaged property.
If the rider is hurt in an accident, or causes injury to another during an accident, a good motorcycle policy will compensate for medical costs. This, of course, means you are protected up to certain amount of coverage chosen and paid for. Additionally, motorcycle insurance can help pay for transportation alternatives when the motorcycle is out of commission due to a covered event.
Motorcycle insurance is legally required in every state, so individuals must purchase at least some basic level of coverage.