What Is Motorcycle Insurance?
Motorcycle insurance is designed to protect you from many of the common financial risks which come from riding a motorcycle. This includes accidents, theft, damage, or any type of loss which comes from riding a motorcycle. Motorcycle insurance also includes liability insurance which covers the damage you might cause to another person’s property or injuries.
Who is it for?
This type of insurance is for anyone who rides a motorcycle. It is necessary because it covers the liability which you might incur as a result of the normal use of your motorcycle.
How Does It Work?
Motorcycle insurance works just like car insurance. It covers many of the same losses which you might encounter during an automobile accident. Liability insurance covers accidents which are caused by you. Comprehensive coverage covers everything beyond the cost of a deductible, which is typically the first $500. With a higher deductible, you will pay a lower premium.
What Types Of Coverage Are There?
There is a wide range of options which you have for your motorcycle coverage, depending on the level of coverage that you choose. Collision insurance covers the damage to your motorcycle when it’s involved in an accident, but only if you are involved in a collision with another vehicle. Comprehensive coverage covers anything other than a collision with another vehicle, including a collision with an animal or a theft. Medical payments cover the cost of medical treatment if you or a passenger are involved in any type of accident. Personal injury protection is designed to cover injuries in an accident regardless of fault.
The biggest benefit of having motorcycle insurance is it’s designed to cover financial losses that you might experience as a result of an accident. In most states, you are required by law to have motorcycle insurance in order to be able to operate your vehicle. Deciding not to purchase motorcycle insurance is a very risky idea that could jeopardize your financial future.