Motorcyclists purchase insurance to comply with statutory obligations as well as to have comprehensive liability and collision coverage and to enjoy the peace of mind of knowing they are properly insured. Motorcycle insurance has many options or riders from which to choose.
Most motorcyclists utilize a trailer and may even have recreational vehicles. Let’s face it; if you are on the road and have equipment, things happen. Usually they are good things, but sometimes things go wrong.
In structuring your motorcycle insurance policy, you should properly analyze your exposure. That process should include creating an inventory list of all accessories. Set a replacement cost for those accessories and check your statutory insurance requirements. Usually this list will be an eye opener and will encourage you to request an insurance quote for these accessories. Don’t forget to include your transport trailer!
You may then want to analyze your expected on-road usage and exposure. How many miles will you log this year? Will you be taking long trips? Will you be relying on your motorcycle when you are far from home? Where and how will it be stored when not in use? Is your motorcycle 25 years old or more? What extra features does your bike have? Will you be taking it “off the road” for long periods of inactivity?
All these factors will help structure your insurance needs. Knowing this information will also help you obtain a responsible and fitting insurance proposal.
Based on this information, you may want to consider the following standard options:
- Accessory coverage – amounts vary by state
- Transport trailer coverage – amounts vary by state
- Total loss coverage
- Comprehensive coverage – pays for damage to your motorcycle from theft, vandalism, flood, fire or other itemized perils.
- Collision Coverage – pays for damage when your motorcycle hits or is struck by another vehicle or object.
- Bodily Injury Coverage – provides protection if you injure someone while operating your motorcycle.
- Property Damage Liability – pays for damage to someone else’s property from an accident in which you are at fault.
- Medical Payment insurance – pays for medical expenses for the injured driver and passenger.
- Trip Interruption insurance
- Rental vehicle coverage
- Uninsured or Underinsured motorist coverage – pays for your injuries caused by an uninsured driver in an accident that is not your fault.
- Roadside Assistance coverage
- On-road insurance for off-road vehicles
Most reputable motorcycle insurance carriers will provide these riders. While nomenclature may vary from carrier to carrier, the riders are standard. The prices are not. Consumers need to get competitive pricing.
Like auto insurance, motorcyclists are evaluated for risk. The better the driving record, the lower the premium. Motorcyclists can request discounts as a responsible driver or for completion of recognized safety courses.
If the owner has other insurance with the same carrier, the company may provide a multi-policy discount. Motorcyclists should consider combining their homeowners, auto and motorcycle policies under one insurance roof. Like all insurances, policyholders can usually receive a discount for prepaid policies. If you have the financial ability to make a lump sum payment, you should receive a significant discount.