An Overview of Motorcycle Insurance Coverage
you ride a motorcycle to work every day or ride for pleasure on the weekends,
you need to have good insurance. Having a good motorcycle insurance policy will
help financially protect both you and your bike. As you research policies, understand
that coverage options vary from state to state and be sure to shop around at different
insurance companies to find the best policy for you. Here are a few things to
ask insurance agents to help you make comparisons between the different motorcycle
insurance policies available.
Bodily Injury Coverage
Ask agents about the cap on financial reimbursement for
hospitalization if you're injured. Also ask if the insurance company will cover
lost wages and, if so, to what amount and for how long. If you're at fault in
an accident and a third party is injured, what is the cap on financial
reimbursement and lost wages for others involved in the accident? Does bodily
injury coverage also cover rehabilitation costs if you're required to stay at a
rehabilitation center to regain mobility?
Property Damage Coverage
This is also known as collision
coverage. Ask the agent for the cap on financial reimbursement to have your
motorcycle repaired and restored. This coverage should also extend to property
damaged in the accident including other vehicles and structures. What is the
financial cap on repairs to other vehicles or property? This is important
because if the amount paid out to repair other vehicles and property is too
low, the injured party or parties could sue you personally to collect the
amount needed for restitution.
Personal Injury Protection
This coverage will reimburse you
for things such as lost income, childcare expenses, and even funeral expenses.
Ask the agent about the qualifications to receive these reimbursements, as well
as the caps on financial reimbursements.
This coverage is for when you and
your motorcycle aren't involved in a crash, but damage occurs to your bike due
to things such as vandalism, flooding, storms, hail, etc. Most comprehensive
coverage will pay for repairs up to the Blue Book value of your motorcycle.
Uninsured/Underinsured Motorist Coverage
Not all insurance policies are good insurance policies. Ask insurance agents about coverage in the event that you get hit and damage is caused by an uninsured or underinsured driver. Will your insurance policy make up the difference if you receive bodily injuries, for example, and the insurance policy for the driver at fault is insufficient? This is an area that will vary from state to state depending on the type and quality of insurance the state requires its drivers to carry.
This is a catchall category that covers things such as towing and a
rental car if your motorcycle is damaged. For example, what happens if your
motorcycle is stolen or totaled in an accident? What if you owe money on the
motorcycle loan? If so, is there a lease/loan gap where the insurance company
will pay in full or make a partial payment for what's owed on the motorcycle?
It's always a good idea to ask about the general services the insurance policy
Your monthly insurance payment will vary based on the amount of
the deductible you're willing to pay if you're involved in an accident or if
you motorcycle is damaged in some other way. If you ride your motorcycle every
day to get to work, the chances are greater that you will be involved in some
type of accident compared to if you ride only on the weekends out in the
country where there are less drivers. You'll need to decide how much motorcycle
coverage you will need and what you're willing to pay each month in monthly
payments, figuring in a high or low deductible.
If you're involved in a motorcycle accident and need to understand motorcycle insurance coverage issues, call George Stein Steelhorse Law at 888-382-6878.