What You Need to Know When Selecting a Motorcycle Insurance Policy

Oct 17, 2019

Auto Insurance

What You Need to Know When Selecting a Motorcycle Insurance Policy

By Somnuek saelim at Shutterstock

Riding is one of the greatest joys in life. Motorcycle riding is a combination of excitement, fear, relaxation and pleasure. However, for a safe experience, you must be equipped with the proper safety gear. And just as important, you must have insurance to protect yourself, your passengers and your motorcycle. Choosing a motorcycle insurance policy is easy if you keep the following in mind:

Motorcycle Insurance Requirements

Most states have fixed minimum coverage which is mandatory for riders to own. However, we advise you to take insurance coverage more than the minimum requirement in your state. Buying insurance coverage that exceeds the minimum state requirement protects your assets in case you are sued over an accident.

Insurance Coverage Options

Coverage options for motorcycle insurance are similar to auto insurance. In addition to liability and uninsured/underinsured motorist coverage, most insurers offer these options:

  • Collision: Collision coverage pays out for the damage to your motorcycle, minus your deductible amount. The deductible amount is selected by you at the time you buy the policy.
  • Comprehensive: The policy pays out if your motorcycle is stolen or damaged by something other than a collision with another vehicle. Animal collisions are also covered in this policy.
  • Medical Payments: The coverage pays out in case you or your fellow passenger suffer any injuries. However, this coverage is not available in all states. This coverage does not cover lost wages and other costs.
  • Personal Injury Protection: The coverage pays out for medical expenses for injuries suffered by you and your passenger or the pedestrian who got injured. It pays out regardless of who is at fault.

Lay-Up Periods

When winter arrives, many bikers keep their bikes in garages until the spring. The lay-up period covers you against theft and other events that can happen while your bike is in storage. However, in the case of an accident occurring during this period, the expenses will not be paid by the insurance company.

Motorcycle Insurance Discounts

Who doesn’t love discounts? You can get various offers on your motorcycle insurance policy if:

  • You take out another policy from the same insurance company.
  • Maintain a clean driving record.
  • Complete a motorcycle rider training course.
  • Belong to a motorcycle rider organization.

Insurance for Destroyed and Stolen Bikes

Before selecting a motorcycle insurance policy, ask the insurance company how the policy will pay out in case your bike is destroyed or stolen. There are three basic types of settlements:

  • Actual cash value pays out the cash value of your bike’s worth minus depreciation to your deductible.
  • Stated amount pays the amount you selected at the time of buying the policy.
  • Agreed value pays the fixed amount you and the insurance company agreed on when you bought the policy.

Contact Mauceri-Bynum Insurance to learn more about what type of motorcycle insurance policy may be right for you. Our team in McKinney, TX, will explain the different policy options and help you find the right insurance coverage for you or your family. For a free quote today, give us a call at 214-733-8400.