Motorcycle: Protection On the Road
If you own a motorcycle, it is important to consider motorcycle insurance. Not only is it required by law in most states, but it can also protect you and your motorcycle in case of an accident or other unforeseen events. But what exactly is motorcycle insurance, and how does it work? We have provided you with the answers below!
What is Motorcycle Insurance?
Motorcycle insurance is a type of insurance coverage that is designed to protect motorcycle owners from financial loss in case of an accident or theft. It provides coverage for liability, comprehensive, collision, and other potential damages. Just like other types of insurance, you pay premiums for a specified amount of coverage, and in return, the insurance company agrees to cover the expenses related to an insured loss.
Does The Class of My Motorcycle Affect the Price of Insurance?
Motorcycle insurance rates vary depending on the class of motorcycle. Generally, sport bikes and touring bikes are more expensive to insure than standard or cruiser motorcycles. The type of bike you own can also affect your insurance rate. A great example is that a street bike may cost more to insure than a motorcycle with a small engine due to its higher value and performance capabilities.
Your driving record is another factor that affects your motorcycle insurance rate. If you have a history of traffic violations or at-fault accidents, you may be charged higher premiums than someone with a clean driving record. The amount of coverage you choose will also affect your premium rate just like auto insurance.
What Types of Motorcycle Insurance Are There?
There are several types of motorcycle insurance coverage that vary in terms of what they cover. Below are the most common types of motorcycle insurance coverage:
- Liability Insurance: This coverage is required by law in most states and covers damages and injuries that you may cause to other people or their property while operating your motorcycle. It does not cover damages to your own motorcycle.
- Collision Insurance: This coverage pays for repairs or replacement of your motorcycle in case of a collision with another vehicle or object.
- Comprehensive Insurance: This coverage pays for damages to your motorcycle in case of theft, fire, vandalism, or damage caused by natural disasters.
- Medical Payments: This type of insurance takes care of medical expenses for injuries caused due to a motorcycle accident.
- Uninsured/Underinsured Motorists Coverage: This coverage protects you in the case of an accident where the other party is at fault but does not have enough insurance coverage to compensate you for the damages incurred.
Does the Insurance Cover Guest Passengers as Well?
Yes! Some motorcycle insurance policies include coverage for guest passengers. This coverage provides protection if someone is injured while riding with you. It can help pay for their medical expenses and lost wages, as well as other damages or expenses related to the accident.