Finding The Right Insurance For You & Your Bike
Here’s the nightmare scenario. You’re riding down I-4 and some careless driver doesn’t check their blind spot, cutting you off and wiping you out. Thankfully, you’re unharmed, but your bike is totaled! What happens next will largely depend on the kinds of coverage you and the other party have for your vehicles.
There are many different kinds of motorcycle insurance out there, and picking the right one is all about determining which coverage best fits your lifestyle. Below, 911 Biker Law presents a few types of motorcycle insurance for bikers to consider and provides a few tips for reducing the costs of pricey premiums.
Types Of Motorcycle Insurance
Basic Liability Insurance
This is the kind of insurance that’s legally required in most states and primarily covers any bodily harm or property damage that you, the insured, afflict to others in an accident in which you’re deemed at-fault. Oftentimes, basic coverage will also cover any of the legal expenses of the insured. As basic liability insurance provides the bare minimum of coverage, we recommend bikers purchase additional protection.
Motorcycle Collision Coverage
Motorcycle collision coverage handles any personal injuries or property damage sustained by the insured following an accident. Specifically, this is the insurance that will help you recoup your losses, minus a deductible, from any damage an accident caused by colliding with another vehicle. Under this coverage, the insurer will cover any repair costs equal to the motorcycle’s current value. Keep in mind, that number will probably be less than what you originally paid for the bike since the longer you ride it, the more its value depreciates. Nonetheless, recovering some cash is always better than none.
Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist coverage exists to provide coverage to bikers who’ve been involved in an accident where the at-fault party either has no insurance, or insurance that can’t sufficiently pay for the damages. Typically, this coverage will pay for medical treatment costs and cover any wages lost due to injury. Always request property damage be added to this coverage by your insurance company if you’re looking to protect your bike as well.
Finally, what happens if your motorcycle isn’t involved in a crash? What about if someone breaks into your garage instead, making off with it and leaving you scrambling to either get it back or get compensated for your loss? That’s what the comprehensive coverage option is for — it ensures you won’t be solely responsible for replacing your property. Besides theft, comprehensive coverage covers any damage caused by fires, vandalism, falling objects (such as hail), and any other damage incurred outside of a collision.
Ways To Get Cheaper Coverage
There are plenty of factors that go into determining the price of your insurance: your age, driving record, location, type of motorcycle, age of the bike, annual mileage, and how one stores their motorcycle are all variables that insurance companies take into consideration when calculating premium and deductible costs.
However, there are ways to mitigate those costs. Tend not to bike during the rainy season? Most insurance companies will have a “lay-up” policy where you won’t have to pay your premiums when the motorcycle isn’t in use. Are you a social rider? Join a motorcycle club, and you may find yourself getting a discount on your insurance thanks to them. There are discounts available based on your experience too. Mature and seasoned bikers may earn discounts thanks to their years of experience on the road. If you’re a new biker, don’t worry — younger riders can take training courses designed to help make up for lack of experience and earn points toward discounts on coverage!
Know When To Contact An Insurance Attorney
Upon purchasing coverage, bikers rightfully expect their insurance companies to protect them when worst comes to worst. Unfortunately, it isn’t uncommon for insurance companies to attempt to dispute or flat out deny claims to evade financial responsibility. Following an accident of any kind, contact one of our experienced insurance attorneys for help filing insurance claims. Handling insurance claims issues is one of our specialties, and choosing the right legal representation is as essential as selecting the right insurance. Contact 911 Biker Law today to learn more!