Having liability and property damage coverage for your motorcycle is likely required under your state's laws, and although collision is optional, you should have this coverage to cover damage to your motorcycle when the accident is your fault. It is easier for a bike rider to sustain damage with no other vehicle involved. You can dump your bike on a tight turn on a slick road, and even at slow speeds, you can damage your motorcycle. Beyond collision, there are several options you should think about adding to a standard insurance policy. The following are three of them:
Consider uninsured motorist coverage
Even with the mandatory, minimum coverage for insurance, people still drive without coverage. Of course, this is illegal, but that's of no consequence to you if you are in an accident with such a driver. Along with uninsured motorist coverage, you should also give consideration to underinsured motorist coverage. As a motorcyclist, the damage to your bike and the injuries you sustain can add up quickly. It is easy for the driver to have insufficient coverage when they get into an accident with a motorcyclist. Although you could file a claim with your own insurance company, this will likely lead to an increase in your premiums. You will not be penalized for an underinsured motorist claim.
Medical payments coverage
Your basic policy will cover personal injuries to other drivers if the accident is your fault, but it is not likely to cover medical expenses for your injuries. You may already have medical insurance, but you are likely to have deductibles that need to be met. It is often better to protect yourself from medical costs by adding this option, especially for the smaller injuries that are not catastrophic. Also, you can get medical coverage for a passenger on your bike.
Increased liability coverage
If you were to get into an accident that was your fault, your insurance company will pay the claim, but only up to the limits of the policy. Property damage is usually not a problem, but personal injury claims can easily go beyond the limits of your policy. When this happens, an attorney could sue you for the balance of the claim. If you have sufficient assets to cover this lawsuit, you could end up paying the bill out of your own pocket. You can protect yourself by increasing the limits of liability coverage.
The three options listed above are important to consider, but there are other options as well. One example is coverage for towing and roadside assistance. Motorcycle riders sometimes forget this coverage. Other options will vary from one insurance company to another, so you can speak with a particular motorcycle insurance agency to learn what they offer.
Share12 December 2017
I have always been someone who loves to work hard for what they have, which is why I started paying attention to how I was protecting my investments. I realized that although I had great medical and dental insurance, my car needed a little extra protection. I started working hard to find an insurance policy that would work well for my needs, and before I knew it, I was able to sign up for a new policy. This blog is all about choosing a car insurance policy that works well for you and your family, so that you don't have to worry about falling short.