Motorcycle insurance is an absolute must for any cyclist who owns a bike, as most states require it in some form or another. Even when it's not mandatory, having minimal coverage can help you save thousands of dollars in the event of an accident. The most important aspect of a motorcycle insurance policy is the liability coverage, which covers the cost of other people's medical bills or property damage if you are responsible for an accident. Collision insurance pays for repairs if your motorcycle is damaged due to a collision with another object, such as a car, tree, or building. Some insurers offer drivers the option of paying the replacement cost for newer motorcycles, ensuring that they can buy a new bike if their motorcycle is wrecked in an accident.
Personal injury insurance can cover co-pays and deductibles, and even lost wages if you miss work due to an injury suffered in a motorcycle accident. Full-coverage motorcycle insurance includes comprehensive and collision coverage in addition to exclusive liability coverage. Progressive standard motorcycle coverage covers repairing your damaged motorcycle with new parts and no depreciation deduction. Comprehensive insurance covers a wide range of issues, such as motorcycle theft, vandalism, falling objects (such as a tree branch), fires, floods and hail. Michigan, Washington and New York have minimum insurance requirements for motorcyclists, so you are legally required to have insurance in those states. Even if you don't drive on public roads, some states require liability insurance for off-road motorcycles, such as dirt bikes and motocross.
MoneyGeek has compiled all the information you need to choose the best motorcycle insurance plan for you. Many of the country's top auto insurance sellers also offer motorcycle insurance; some offer it as an endorsement or as a supplement to your auto policy if you have one. Voom Insurance offers pay-per-mile motorcycle insurance, which sets your rate in part based on the number of miles you drive per month. When it comes to choosing the right motorcycle insurance policy for you, there are several factors to consider. You should always make sure that your policy meets your state's minimum requirements. Additionally, you should consider the type of bike you own and how often you ride it.
If you ride frequently or take long trips on your bike, then comprehensive coverage may be worth considering. Finally, make sure that you shop around and compare different policies to find the best deal.
