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Top Tips: Insiders Guide to Affordable Motorcycle Insurance

• Tip #3: Types of Motorcycle Insurance Coverage
  > Mandatory Insurance

> Optional Insurance

> Coverage For Yourself

> Coverage From Others

Types of Motorcycle Insurance Coverage

 

Like automobiles, there are a few different types of motorcycle insurance coverage available. Some types of coverage are required by law, and some are determined based on your needs.

 

As stated before, insurance is statistics and odds. You may not think you need a certain type of coverage and opt to save the money, but, if just one incident happens that you do not have protection for, it could be catastrophic to you financial wellbeing.

• Coverage for yourself

Collision coverage: Covers damage to your motorcycle up to its book value. There is a deductible, which is the amount per claim you have to pay out of pocket before the insurance takes effect. The lower the deductible, the higher the premium rate is. While it is legally optional, if you have a loan on your motorcycle the lending institution usually requires collision coverage.
Comprehensive Coverage (for physical damage): Which also carries a deductible. Covers damage to your motorcycle from theft, vandalism, flood, fire, wind, and other non-accident damage.
Medical payments: Pays for injuries to you and any passenger of your motorcycle, it is optional in some states. In "no-fault" states, personal injury protection replaces medical payments as part of the required basic coverage.
What is no-fault insurance? If your state requires "no-fault" insurance, your policy must pay medical bills for you and your passenger regardless of who caused the accident. No-fault insurance laws are intended to keep insurance fraud down.
Uninsured motorist protection: Covers injuries sustained by yourself or your passenger from an uninsured motorist or hit-and-run (unidentified) drivers. "Under-insured" coverage also is available to cover claims you may need to make against a driver who is inadequately insured. Some areas of the country have as high as a 30 percent uninsured motorist rating.

• Coverage from other

Bodily injury liability: Bodily injury liability is one type of motorcycle insurance coverage that you are required by law to carry in most states. Legal minimum in many states is as little as $10,000 per person, per accident. It covers injury and death claims against you, as well as your legal costs if your motorcycle caused a accident and injures or kills someone.

You need to remember that different insurance companies have different exclusions to their insurance policies. The most common for motorcycle policies is the passenger exclusion, which means that your insurance company will not pay for injuries to your passenger under your bodily injury liability coverage if you were at fault.

Explanation of Bodily Injury and Property Damage Liability limits:
If you select 15/30/10 limits, your liability coverage will pay up to $15,000 per person and no more than $30,000 per accident for Bodily Injury and up to $10,000 per accident for Property Damage.

Guest Passenger Liability
This type of coverage provides protection for legal liability in the event that a guest passenger is injured on the insured motorcycle.

Property damage liability: Covers claims for property damage that your motorcycle caused in an accident. Since liability coverage protects the other party, you are required to carry this insurance in all but three states, Florida, New Hampshire and Wisconsin.

If you are involved in a motorcycle accident and the other driver is at fault, then the other driver's property damage liability coverage pays for your motorcycle damage. Property damage liability insurance is required by law, but the legal minimum amount for this coverage in some states is only $5,000 per accident. So, if a driver with the $5,000 minimum totals out your $15,000 bike, his insurance company will pay you only $5,000. You can protect yourself from this by purchasing underinsured property damage coverage.

Underinsured / Uninsured Motorist Coverage
If you purchased underinsured property damage coverage, you may be able to collect the other $10,000 to fix your bike. This insurance is used to "fill the gap" between the actual amount of damages and what the other driver's insurance paid, but only if the other driver caused the accident and only if you purchased limits high enough to cover all of the remaining damage.

Uninsured motorist coverage is the most important insurance you can buy. In many metropolitan areas the other drivers are uninsured. These uninsured drivers can make up as high as 40% of the drivers on the road! As you know, the motorcycle driver is not at fault in most accidents. Therefore, you have a high probability of being hit and injured by a driver who has no insurance.

Uninsured / Underinsures In a nutshell:

Underinsured coverage is coverage that protects you if the person who hit you does not have enough insurance to cover all of your damages.

Uninsured coverage is coverage that protects you if the person who hit you does not have any insurance at all. This type of coverage covers your medical bills and any lost income you would incur while you are out of action.

NOTE: This coverage can be argued to be the most important coverage for a motorcycle rider and passenger. This is the only type of coverage that you can purchase that protects you. Most motorcycle insurance protects someone else or someone's property, or your bike for damage. This is the coverage you collect from if you are injured by, a person who has no insurance or a person who does not carry enough bodily injury to cover your claim. This coverage can pay your medical bills, lost wages, pain and suffering, and even future damages.

How much should you buy?: as much as you can afford. Riding without this coverage is about as dumb as riding without a helmet, in a bathing suit, with no shoes.

Medical Payments coverage pays the cost of necessary medical care you receive as a result of a motorcycle accident and can be used regardless of who is at fault. The coverage often is limited to medical treatment received within the first three years after an accident and is limited to a specific dollar amount. In some states, Medical Payments only apply after other medical insurance is exhausted.

Very few motorcycle riders buy this insurance. My guess is that they have great hospital coverage from their employer or purchased their own coverage and feel that this is a duplication of coverage. If you do not have hospital insurance buy as much of this coverage as you can afford.

Custom Parts and Equipment (CPE): When Physical Damage Liability coverage is purchased, $1,000 of (CPE) coverage is included. Additional CPE coverage can be purchased to cover equipment, up to $30,000 in value. CPE covers equipment, devices, accessories, enhancements and changes, other than those that the manufacturer originally installs, that alter the appearance or performance of the motorcycle or ATV.

This includes, but is not limited to: Any electronic equipment, antennas and other devices used exclusively to send or receive audio, visual or data signals or play back recorded media, other than those that the manufacturer originally installs, that are permanently installed on the motorcycle using bolts or brackets, including slide-out brackets, Sidecars, Trailers designed to be pulled behind a motorcycle or ATV, Trike conversion kits, Custom paint, custom plating or custom exhaust, Safety riding apparel, including helmets. (Coverage is provided in the event of a Collision loss. Theft is not covered.)

Note: You should retain photos of the motorcycle and all receipts for custom parts.

Roadside Assistance: coverage provides towing to the nearest qualified repair facility and necessary labor at the place of disablement when your motorcycle is disabled due to any of the following: Mechanical or electrical breakdown, Dead battery, Flat tire, Lockout, Insufficient supply of fuel, oil, water or other fluids, Entrapment in snow, mud, water or sand within 100 feet of the roadway, Roadside Assistance is available 24 hours a day, 7 days a week.

Next > Tip #4: How to get Cheap Motorcycle Insurance

 

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