What Is Motorcycle Insurance?
This type of insurance, like regular motor vehicle insurance, has two aspects – one aspect protects you in the event of an accident. It covers your costs if you get injured in an accident, as well as pay for any property damage that you may cause. The second part protects your bike in the event of an accident or theft. Depending on the type of coverage you purchase, the insurance company pays for all or some of the damages that occur, depending on your specific policy.
An important thing to remember is that your auto insurance does not cover your motorcycle. Many people believe that their motorcycle falls under their existing auto policy, but you need separate coverage for your motorcycle, just as you would for another car.
Who Is it For?
This type of insurance is for motorcycle owners. Anyone who owns and rides a motorcycle should have this type of insurance to protect both themselves and their investment.
Different Types of Coverage
The first type of coverage on a motorcycle policy, called liability coverage, pays for you in the event of an at-fault accident. If you are found to be at fault, your liability coverage pays for damages that you caused to another person (bodily damage) or another person’s property (including damage to their vehicle, or if you crashed into someone’s house).
The second type of coverage on a motorcycle policy is called collision coverage. This type of insurance pays to cover the cost to repair or replace your motorcycle, regardless of who was at fault. Even if the other person is at fault, your insurance company will typically pay to replace/repair your bike, and then they’ll go after the other person’s insurance to cover the costs.
The third type of coverage is called comprehensive coverage. This pays for damages or loss to your bike that are not related to an accident. This includes theft, vandalism, or natural disasters. This is typically mandatory if you have financed a loan for your bike.
The primary benefit to obtaining motorcycle insurance is the peace of mind it brings. It covers you, it covers your bike, it covers other people in the event something awful happens. If you are uninsured, and someone else hits you, you’d be responsible for paying for everything, even if it wasn’t your fault. This can cost hundreds of thousands of dollars and can drain individuals financially. It’s relatively inexpensive, and most providers let you spread payments out over the course of a year or six months.