Feb 2009
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Liability Coverage
This aspect of your motorcycle coverage is your most important. It covers you for any liability that you might have if there ever should be an accident - whether it is one vehicle or two.
First, liability coverage takes care of the other person's property. Whether it is a car, another motorcycle, or any kind of structure, it will pay for the damage up to the limits of your coverage.
Secondly, liability also covers you for any medical expenses for the other party. If someone else is injured - even as a pedestrian - they will be covered by this part of your motorcycle insurance.
In addition, if there should be any lawsuits that arise from an accident, your liability coverage will also take care of that. It is important that you make sure that you have sufficient liability coverage for a possible real need. Some states have low liability requirements that are not likely to meet real accident expenses - meaning that you need to buy above the minimum - or you could be sued for the balance.
Passenger Coverage
If you plan on carrying any passengers - at any time - then you need to have passenger coverage added to your policy. This is usually an option, and you do not want to assume that you have it automatically - because you probably don't. Remember that if you should be carrying a passenger and there is an accident, that you can be sued for any medical expenses.
Uninsured Motorist Coverage
Another very good motorcycle feature to have on your motorcycle insurance policy is uninsured motorist coverage. Some states do not require it, but it is almost a necessity today because many people are driving without insurance. If you are in a wreck, and your bike is totaled, you may lose your ride - and end up owing a lot of money in medical bills, too. Even worse is the possibility that you may be disabled in the accident. If you have uninsured motorcycle coverage, though, you would be covered.
Comprehensive
This part is really optional, but you need to think about it. If you are still paying for your bike, your lender will require it. Remember that if you are in an accident and don't have it - then you are on your own to replace it. You may want to consider comprehensive coverage on your motorcycle insurance as your investment into making sure you keep your rider's freedom.
The style of your motorcycle, particularly if it is a newer and faster model, will certainly make your motorcycle insurance rates a lot higher than if you had an older model. You also want to be sure to fill-out your insurance applications carefully, too, because Paul English of Motorcycle-Insurance-Tips.com warns:
Whether its where you keep it, your driving record, claims you ‘forgot’ etc. If they are not picked up in the application process - they can easily be discovered if you have a claim. In this case the company can deny your entire your entire claim - and even counter-claim for fraud!
Accessories Coverage
Your bike's accessories need to be covered, too. A motorcycle can have a lot of accessories on it that are costly, but your typical motorcycle insurance policy will only automatically cover up to about $3,000, but it could be as low as $1,000. Accessories coverage can include your riding clothes, content that you keep with the bike, and a lot more.
When you buy motorcycle insurance, remember that you also have some possible discounts that you can get. This includes discounts for motorcycle safety classes, security devices, where you park your bike at night (a secured garage is best), winter storage, and more. Check to make sure that you get all you can, and talk to your insurance agent to see if you could easily qualify for some more.
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