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Motorcycle Insurance


In most areas of the country, motorcyclists are required by law to purchase a minimum amount of motorcycle insurance coverage, and many motorcyclists also have coverage requirements mandated by their lender. If you own a motorcycle, it is important to learn more about the different legal and lender requirements that are in place for your coverage and to determine if you would benefit from purchasing additional insurance beyond what is required. Additional coverage for your motorcycle policy may include increasing the limits of the required coverage as well as purchasing optional types of coverage for additional benefits.

The general legal requirement for motorcycle coverage relates to liability insurance, but some states have additional coverage requirements that you may need to meet. Liability coverage will pay for medical expenses, property damage, court costs and more for other parties if you cause an accident while operating your motorcycle, but this coverage will not pay for any personal expenses you have related to the accident. A lender requirement for coverage may relate to repair or replacement costs that you may incur if you are in an accident or if your motorcycle is otherwise damaged or stolen. In addition to these coverage options, you may also opt for rental vehicle coverage, personal property damage, personal injury coverage and more. Each of these coverages provide unique benefits, and you can ascertain the benefit you would receive from the coverage before purchasing your policy.

You typically will pay your premium regularly to keep the motorcycle insurance policy in effect. This is your cost for owning the policy. If you need to file a claim, you will need to pay your deductible, and the insurance company will pay out on the claim up to the limit of your coverage. Because you will be responsible for the deductible when you file the claim, you should select your deductible amount carefully to ensure that it is affordable for you, and you should keep liquid assets on hand in the full amount of your deductible to use as needed. Keep these important points in mind as you purchase your new motorcycle policy.