Types of Motorcycle Insurance – To choose the most suitable motorcycle insurance policy that fits your budget and your motorcycle, It is important to know the various options for motorcycle insurance offered.
The most common types of coverage included with motorcycle insurance are:
Types of Motorcycle Insurance
Collision coverage
Collision insurance will help make repairs or replacements to your motorcycle in the event that you are involved in an accident with another vehicle. This policy will not pay for the damages you cause to the other vehicle or medical bills (whether you or another driver).
The price of collision insurance will be determined by the amount of deductible you select, that is, the amount you pay out of your pocket to the cost of an insured claim. Like other policy types, the greater your deductible, the less your premium will be.
Bodily injury liability and property damage liability
These policies financially safeguard you from bodily injury and damage to property liability claims in an accident involving other people. Certain insurers, like Farmers and Allstate, also provide guest passenger liability coverage or offer it as an additional option.
Coverage for custom parts
The most comprehensive collision and insurance policies cover only original factory-supplied parts. Insurance coverage for custom-made motorcycle parts is based on permanent modifications to your motorcycle, such as sidecars, chrome components, and custom-designed paint jobs.
Coverage for accessories
Normal motorcycle insurance doesn’t usually cover damage to accessories such as trunk boxes, saddlebags, CB radios, or any other equipment added to the bike. To ensure these items are protected, ensure you have covered items or equipment. This is also true for safety gear like Goggles and helmets.
Comprehensive coverage
Also called “other than collision”, coverage protects your car against damage caused by vandalism, theft, or fire. This kind of insurance also requires you to pay a deductible before the coverage starts.
Uninsured/underinsured motorist coverage
Guards you and your property when you’re involved in an accident with someone who doesn’t have enough insurance coverage or does not even have insurance. UIM insurance covers medical expenses, lost wages, and property damage in certain instances. Some states may legally require that you add the coverage of an uninsured driver.
Total loss coverage
If your bike is destroyed, the insurance company will help you buy a new one or pay off the loan on the bike if it is still due. This is optional coverage with almost all insurers.
