Motorcycle Insurance Facts
There are insurance policies available for all types of vehicles such as cars, boats and even motorcycles. A motorcycle policy is similar to an automobile policy because many of the same coverages are provided to the insured. Most states require insurance to be carried on a vehicle including a motorcycle. Motorcycle insurance is sold by many insurers with various types of coverage options.
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Liability Coverage
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Liability insurance coverage is mandatory on all car insurance policies as well as motorcycle policies that are sold in each state. Liability insurance covers bodily injury and property damage that is suffered by others that are involved in an accident. This includes passengers of another vehicle or an additional rider on the motorcycle. There are limitations to this coverage such as exclusions for intentional acts as well as relatives that may ride the motorcycle.
Comprehensive Coverage
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This is a type of coverage that pays for damage to a motorcycle for any type of damage that does not involve a collision. This can include fire, theft, and floods. A deductible is required before any payments are made when a claim is filed. This coverage may not cover optional equipment that has been added to the motorcycle such as a sidecar.
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Collision Coverage
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Collision coverage will pay for damage to the motorcycle in the event of a crash or collision with another vehicle. This is one of the most common types of coverages that is purchased for a motorcycle and it is also subject to a deductible. The deductible can range from $250 up to $1000 or more, depending on what the insured chooses as a deductible.
Uninsured/Underinsured Motorist Coverage
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This coverage provides protection to a motorcycle operator when an accident is caused by another driver or operator who has inadequate insurance coverage. The driver may have no insurance or may not have enough coverage to pay for the damages that are sustained in an accident. Coverage will pay for lost wages, medical costs and other types of damages suffered by an operator or any riders or passengers.
Exclusions
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Exclusions are items or events listed on the policy that are not covered by motorcycle insurance, including stunts, racing or any type of illegal activity. Insurers that provide motorcycle policies may have the same or slightly different exclusions. A motorcycle policy will need to be reviewed to see what types of exclusions apply.
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