December 20, 2016
Owning a motorcycle is a lifelong dream for many, and a spur-of-the-moment purchase for others. Most view it as either terrifying or exhilarating, and there’s very little deviation from those two trains of thought. Whether you purchased your bike after many years of research and savings or you decided it looked like fun to ride on Sunday afternoon, you need motorcycle insurance. It’s required, particularly if your bike is one you financed to purchase. Federal law requires everyone in possession of a motorcycle has motorcycle insurance. That doesn’t mean you should go out and purchase the first policy you come across. Understanding a few key factors prior to purchasing motorcycle insurance is imperative.
It’s More Expensive
Motorcycle Insurance Policies Cover the Most Basic Items
Many motorcycle owners make the mistake of purchasing coverage for their bike without doing the necessary research. It’s easy to assume a policy that’s designed for motorcycle coverage is all you need, but it’s only going to cover the very minimum. Most bikers need more coverage, and they must add riders to their policies. The basic policy might cover the cost of minor repairs to your bike, as well as minor injuries to you and anyone else involved in an accident you caused. It won’t cover things like the full replacement cost of your bike if you total it, and it might not cover any major medical expenses incurred following an accident. It’s imperative you understand what your motorcycle insurance policy covers before you sign on the dotted line.
Always Add Uninsured Motorist Protection
In looking for a motorcycle insurance policy, you might think it’s best to save money where possible. It’s not always the case. If you’re hit by someone who hasn’t any insurance, or hasn’t enough insurance, you’re going to find you are responsible for the cost of the accident. This type of coverage protects you when the at-fault driver was also negligent with his or her insurance policy. If you don’t have this coverage and you’re hit by a driver without adequate insurance, you’ll find yourself responsible for excessive out-of-pocket expenses associated with the cost of your accident.
Add Personal Injury Protection
As discussed earlier, not all motorcycle insurance policies cover major injuries. They might cover the basics if an accident occurs, but anything major is left out of the coverage in a policy of this nature. To protect yourself as well as any other drivers injured during an accident, PIP insurance is necessary. It’s called Personal Injury Protection, and it’s designed to help you avoid major medical bills that often bankrupt patients who cannot afford them. This type of coverage comes as a rider, and it can be bundled with your car insurance, too. Check with your insurance provider to see if your PIP insurance works with both your car and your bike, or if you need to purchase an additional rider.
Pair Your Policy
It’s not true in every individual case, but most motorcycle insurance policies are more affordable when they’re bundled with your other insurance policies. If you have a car, a home, or life insurance policy or any combination of those with a specific insurance company, see what they can offer you in terms of a bundled package to contain the costs of insuring your motorcycle.
It’s helpful to gather quotes from other insurers as well, and see if one of them can offer you the same coverage for your bundle than the company you currently work with. It might seem intimidating to change insurers when you’ve been with one a long time, but it can be less expensive when you do it well.
Some Coverage Comes from Other Locations
If you’re a motorcycle rider with coverage for your vehicle through AAA or another company for things like towing and tire changes, you might consider calling to ask what they offer for your motorcycle. This can make shopping for motorcycle insurance a bit less expensive if they cover specific items such as towing, tire changes, and small emergencies of that nature. The worst they can tell you is they don’t cover any of that for your bike, but most companies like this do cover those things.
Motorcycles are traditionally less expensive than cars, but the cost of owning one does add up. Insuring a bike is not an inexpensive feat, nor is it a simple one by the time you’re done comparing policies and riders. However, it’s the most important thing you’ll do for your finances once you decide a bike is part of your near future. Take the time to do your research, and you’ll be pleased with the outcome.