Motorcycle Insurance Basics
Cruising on a motorcycle comes with a higher risk than driving a vehicle. Motorcycle insurance is designed to cover various expenses that may accumulate after an accident or other unfortunate incident on the road. Liability insurance is one of the most important coverages that is available for motorcycles. This type of policy covers bodily injury and property damage.
Just like licensed motorists are required to buy liability insurance, motorcyclists must also buy this type of plan. When an insured motorcyclist injures other individuals, liability insurance can help pay for the associated medical expenses. An insured motorcycle owner who is involved in an accident can also file a claim to pay for personal medical bills. If a motorcycle crashes into a home, fence or other structure, liability insurance can be used to pay for fixing the damage.
Comprehensive and collision insurance plans are also available for motorcycles. Both types of policies provide money to repair and restore a motorcycle that has been damaged. However, there are some fundamental differences between these two plans. Collision coverage is only valid when a motorcycle crashes into other vehicles or motorcycles. Comprehensive coverage encompasses a broader range of situations that don’t involve collisions. For instance, this coverage can be used to replace a stolen motorcycle. Comprehensive motorcycle insurance also covers vandalism and damage done by weather or animals.
Cargo that is transported on a motorcycle is more likely to get damaged than cargo that is stored inside a car. Therefore, optional insurance is available to protect personal items on a motorcycle. Such coverage is valid on things such as electronics, sports equipment, camping gear and other accessories.
Another optional coverage that’s available for motorcycles is total loss compensation insurance. If a new bike is damaged beyond repair in an accident, this type of coverage could provide money for a replacement. Motorcycles that are older than a year might not qualify for total loss coverage. The cost of the replacement bike may not exceed the original cost of the bike that was severely damaged in an accident.
