In many ways, insuring your motorcycle is like insuring a car. As with car insurance, some motorcycle insurance is mandatory. But, as you know, what is legally required is rarely enough to recoup your total losses if an accident was to occur. Whether you’ve been riding for years or you just got your license last month, it’s important to carefully consider the options for your motorcycle insurance.
You must have a minimum of $200,000 of third-party liability coverage in the event that you are held responsible for property damage or bodily injury caused by using or operating the motorcycle. Your policy must also include protection from property damage, and accident benefits coverage for medical expenses.
Collision insurance will cover damage to your motorcycle in an accident and pay for repairs up to its fair-market value. As with a car, it does include a deductible, which is the amount you pay for repairs before your insurance takes over. The higher your deductible, the less your monthly premium will be.
Comprehensive insurance will protect your motorcycle from damage caused by perils other than a collision. For example, these could include theft, vandalism, flood, hurricane, or fire. Similar to collision, comprehensive will cover your motorcycle up to the fair-market value after your deductible. If you are financing or leasing your motorcycle, this type of coverage is likely required.
Depending on your riding habits and your driving record, you may be eligible for a variety of discounts and pricing options. For example, seasonal rating takes into account the likelihood that you only ride your motorcycle during the parts of the year when the weather allows. This option still provides you with year-round coverage, but your premiums are reduced during the early spring, autumn, and winter months.
No matter whether you’re a casual rider or a hardcore motorcyclist, you need a motorcycle insurance policy that will protect you and your bike. At Lane’s Insurance, we provide coverage for the complete range of motorcycles—from dirt bikes to Harley’s, and our representative will work with you to help you choose a policy that best suits your lifestyle and your motorcycle, or develop a personalized policy that meets your specific needs.