What you should know about motorcycle insurance this summer
A lot of motorists look at insurance as little more than an expense they have to fit into their budget. As such, they might be tempted by the lowest priced options and minimal coverage. With the riding season upon us, it might be time to look into a motorcycle insurance plan. Whether you’re getting on your bike for the first time or renewing a current policy there is a lot to know before you set off out on the roads.
Why minimum coverage might not be enough
There’s no denying that motorcycle insurance is essential. Not only is it legally required in the vast majority of states, but without it, you won’t be able to recover damages or cover replacement cost regardless of whether you’re in an at-fault or no-fault state. However, it’s worth looking at coverage that’s a little more than what’s legally required of you.
Minimum liability coverage is enough to keep you covered in the eyes of the law, but it won’t offer much to really help you when you need it. The minimum amount of insurance may not be enough to handle the personal injury and property damage that you need the insurance to cover on your behalf.
What you get when you really invest in more
Motorcycle insurance coverage is like automobile coverage in that it has very similar types of coverage. Cycle Insurance helps pay the damages that you may cause to others whether that be bodily injury or property damage. Cycle Insurance can also pay for damage to your bike if it were to be in an accident, stolen or damaged by fire or other natural causes if you purchase the additional coverage. But maybe the most important coverage, if you have a cycle accident is the Med Pay or Un/Under Insured coverage. It may cost more to have these “extras” that the law does not require, but will be well worth it if you have any injuries in an accident.
While some states require passenger liability, covering the costs of care for passengers of your bike should they get injured, others do not. This requirement will vary by state so if you intend on having a passenger, then making sure you have the correct coverage is essential.
The bottom line: How much do you really need?
You need enough motorcycle insurance to make sure that you’re covering more than just your liability. You should make sure that your own repairs and healthcare costs are covered, and that your passenger is covered too. Optional packages like roadside assistance, total loss policies, and coverage for Un/Uninsured motorists and med pay may not be essential to be legal but to have good protection for yourself you need to give each one of them due consideration.
Before you decide to opt for the lowest priced, bare-bones motorcycle insurance this summer, make sure you know all your options, and which will really protect you and your finances. Taylor & Associates is an Independent Insurance Agency that can provide transparent customer service and honest advice on which insurance best fits your needs, so don’t be afraid to get in touch to get some help navigating the market.
Get your motorcycle insurance quote today!