In most countries, motorcycle insurance is required. If you don't have insurance, you could get fined, have your license revoked, or even be arrested as well as not be allowed to gamble monday free spins. Even if you don't need insurance, carrying a policy is very important to protect your motorcycle from damage.
How Does Motorcycle Insurance Work?
When you buy motorcycle insurance, it's important that you thoroughly understand the policy's various features. In addition to the type of coverage you're getting, the agent will also ask you about your personal details. If you're involved in an accident and have to file a claim, your insurer will aid you to recover from the damages.
Your insurance company will pay for any injuries or losses that you sustain up to your policy's limits. The amount of coverage that they provide varies depending on the limits that you select.
What Does Motorcycle Insurance Cover?
If you have collision and comprehensive insurance, your motorcycle insurance will cover the damages caused by a covered incident.
Physical damage isn't included in this type of coverage if you're not able to finance your motorbike. All motorcycle policies have liability protection in case you're liable for the damages caused by another party. Some companies provide additional services such as carrying equipment and custom parts.
What is Motorcycle Liability Insurance?
In most countries, motorcycle liability insurance is required to pay for the damages that you can cause to others in the event of an accident, such as property damage and bodily injury liability as well as avoid paying a large sum of money out of your pocket after an accident.
What is Comprehensive Motorcycle Insurance?
A comprehensive motorcycle policy provides additional coverage to protect your bike from the various types of damage that can happen to it. Some of these include fire, theft, and vandalism. Although this type of insurance is not required by law, it can still be necessary if you don't own the bike outright.
What is Motorcycle Collision Insurance?
Collision insurance protects your bike from the damage that it can sustain following most accidents regardless of who was at fault. It may also cover you if you're the only one involved in the incident.
Uninsured Motorist Coverage for my Motorcycle
In some states, however, it is not required for uninsured or underinsured motorist coverage to provide financial protection to the victims of accidents caused by other drivers who are not insured. It can also help prevent you from getting injured due to the actions of other motorists, even in case you're not at fault for the accident, you can still be protected from the damages caused by the other driver.
There are three kinds of drivers who can potentially cause you to get into an accident while riding your bike.
- With adequate liability coverage, drivers with sufficient financial means afford to pay for the damages their actions cause to their bikes.
- But, for drivers with inadequate liability coverage, they are unable to fully cover the damages caused by their actions.
- Drivers who don't have any insurance coverage
If the other driver has inadequate or no liability insurance, then an uninsured or underinsured motorist policy can provide you with financial protection covering the costs of medical bills and other expenses that you're going through while recovering from an injury.
Even if you are not at fault in an accident, your motorcycle insurance will cover the medical expenses that you and your passengers would have to pay following the incident. Some features that can be added to your policy include accident forgiveness and accessories.
You can avail of additional motorcycle insurance policies that cover different types of damages such as total loss, carried contents, and replacement parts.
What Doesn't Motorcycle Insurance Cover?
Motorcycle insurance policies won't cover the following:
Track Days or Competitions:
Participating in track days or competitions is not covered by motorcycle insurance policies excluding riders who participate in timed events or races.
If you work for a business, your motorcycle may not be covered under commercial use insurance. If you frequently use your bike for other activities, such as commuting, then a commercial vehicle policy may be more appropriate.
Wear and Tear:
Motorcycle insurance typically does not cover the depreciation of your motorbike.
ABOUT THE AUTHOR
Olivia Poglianich is a nomadic brand strategist and copywriter in the motorcycling and adventure space who has worked with brands such as Visa, Disney and Grey Goose. Her writing has taken her all over the world, from a Serbian music festival to a Malaysian art and culture event. Olivia is a graduate of Cornell University and is often writing or reading about travel, hospitality, the start-up ecosystem or career coaching. Her latest interests are at the intersection of web3 and communal living, both on and offline.