Important Facts You should Know about Motorcycle Insurance
You love riding a motorbike, but not very sure about motorcycle insurance and so, are confused. Don’t worry; here is a list of facts you can conveniently remember and make use of.
Required by Law
First off, you should remember that you are required to buy motorcycle insurance by law in many states because you should be able to cover the expenses of any injury or damage related to riding. So, if you are thinking of skipping it, leave that thought.
For example, if you bump your motorbike into another vehicle, your motorbike insurance will come to your help to pay for the damage caused to the other vehicle. It will also cover your medical expense, damage from vandalism and theft. And of course, if you are buying the bike on a loan, mostly the lender will make you purchase the coverage for the motorbike.
While planning to buy insurance for your motorbike, you will have to first think on what type of coverage you’ll need.
Liability coverage is the coverage required by law. It is divided into two types:
- Physical Injury Liability: It pays for pain and suffering, medical bills and loss of wages for people you injure or kill in an accident caused by you. Sometimes, even though you are not totally at fault, you still may have to pay.
- Property Damage Liability: This can pay for replacing or repairing the property of other people such as telephone poles, walls, cars etc.
This type of coverage also pays for your legal defense if you are sued for an accident.
Consider purchasing more than the least coverage needed in your state. The reason for this is that, if you have several assets, you should make sure that you protect them. And if you don’t have many assets, how are you going to pay the bills? You can also consider buying custom motorcycle insurance designed to suffice just your needs.
Optional Types of Coverage
The following types of coverage are optional but, unless you are very wealthy, you should consider them because they protect you and your property.
Uninsured and Underinsured Motorist Coverage: This can cover costs for damage caused by other drivers having no (uninsured) or inadequate (underinsured) car insurance.
Personal Injury Protection (PIP) or Medical Payments Coverage: This can cover a small part of funeral or medical or both costs for you, your riders and other people covered in your policy.
Comprehensive Coverage: This can cover the cost of damage caused to your motorbike without any accident (caused by flood, theft, vandalism, fire or animals).
Collision: This can pay for replacement or repair of your motorbike if it’s broken down in an accident irrespective of who or what (e.g. a tree) caused the accident.
Take help of these facts and buy a motorbike insurance policy to get rid of stress and enjoy your ride!