10 Things You Need to Know About Motorcycle Insurance

Your motorcycle is an exciting and prized possession. However, as you cruise through urban traffic or enjoy the open countryside, you must always take precautions like getting a motorcycle insurance and prioritize your own safety.

Even so, the most responsible and experienced bikers can still be involved in accidents or suffer damage to their rides.

Motorcycle Insurance Basics

By understanding the ins and outs of motorcycle insurance, you can secure a way to repair, restore or replace your vehicle. Consider the following key points:

1. Motorcycle insurance is often required by law. Many states require bikers to carry certain levels of insurance coverage. For example, in Illinois, motorcyclists must retain bodily injury and property damage liability coverage, as well as uninsured/underinsured motorist coverage.
2. Other requirements may also apply. In addition to legal requirements, you may also need to comply with other mandates regarding insurance. For instance, if you’ve purchased your bike with the help of an auto loan, your lender may require you to carry certain levels of coverage until you’ve paid it off.
3. Policies can assist if you’re sued. The aforementioned liability coverage can be critical if you are at fault for an accident, potentially limiting financial ramifications arising from other parties’ losses or resulting legal fees.
4. Coverage can help maintain your bike. Collision coverage and comprehensive coverage can help cover the cost of repairing or replacing your vehicle following a multitude of incidents, including crashes, fires, theft and vandalism.
5. Rates vary greatly. Motorcycle insurance premiums could be influenced by many factors, including your location, the details of your bike, your age, your driving record, your claims history and the specifications of your policy (e.g., limits and deductibles).
6. Insurance can also help if others don’t have coverage. Uninsured/underinsured motorist coverage is essential to ensure you’re able to recoup your losses if an at-fault party does not have sufficient insurance.
7. Policies can cover your gear. Although not directly attached to your bike, your policy can also assist with losses involving your riding equipment and gear, such as jackets, gloves and helmets.
8. Discounts may be available. By bundling your policy with home, auto or other types of insurance, or taking safety courses, you may be able to make your coverage more affordable.
9. Customizations can also be covered. If you’ve installed custom parts, enhanced your bike or perhaps given it a special paint job, your policy might also help pay to restore or replace such features.
10. Working with an agent can help. Motorcycle insurance can be a complicated topic. Consider working with a qualified professional to ensure you’re complying with requirements and securing the right coverage at a fair rate.

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This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.