Motorcycle insurance isn’t just a good idea, in most states it is legally required. Unless you are independently wealthy and can afford to cover expenses such as replacing your motorcycle, medical expenses for yourself and others and property damage, a comprehensive insurance policy is a must. Protect yourself and your financial health by having the insurance you need to cover the possible expenses of an accident.
What Does the Best Motorcycle Insurance Include?
Have you asked your self what are the components of a motorcycle insurance? Motorcycle insurance is similar to other vehicles in that the policies can have huge and potentially costly differences. A comprehensive policy should include all of the following:
- State minimum coverage and more
Currently, 47 out of 50 states require some form of motorcycle insurance. The amounts of coverage required differ depending on the state you live in. You need to have insurance not only to protect yourself but also to comply with state law. Keep in mind that state minimums are the bare minimum and should rarely, if ever, be the only coverage you have.
- Bodily injury and property damage liability
Any motorcycle insurance policy should include coverage for bodily injury and property damage liability. If you are at fault for an accident while riding your motorcycle and other people are injured as a result, bodily injury coverage will help pay for expenses related to those injuries, such as medical expenses. Property damage liability covers any property that may be damaged in the accident. This can includes items such as another person’s car or motorcycle and also public property such as road signs and utility poles.
- Under/uninsured motorist coverage
Many states will require you to have under/uninsured motorist coverage. This type of insurance is needed in the event of an accident where the responsible party does not have insurance or does not have enough insurance to pay for the costs associated with the accident. This can protect you financially even if another driver is uninsured.
- Replacement coverage
It’s important to note that property damage liability coverage is designed to cover other people’s property, not your own. Replacement coverage can fill in the gap and help pay for any damages to your motorcycle or other property. Unless you have enough money in the bank to pay for repairs or a brand new motorcycle out of pocket, this type of insurance coverage is a must.
What Does the Average Motorcycle Insurance Cost?
Motorcycle insurance rates will fluctuate based on a number of factors. Your age is still looked at as a prevalent factor when determining insurance rates. If you are under the age of 25 you can expect to pay higher rates than those a little older than you. Insurers consider younger drivers a higher risk and because of this will charge them more.
Your driving history is also a large factor in your premium costs. If you have one accident under your belt already you may be able to get insurance with little to no increased fees, however, if you have two or more accidents on your driving record they may cost you. Insurance companies will do their homework and will carefully scrutinize your driving history. Small citations or moving violations won’t do as much harm to your wallet as accidents with expensive claims. Different companies will have different levels of financial penalties for a streaky track record, so make sure that you shop around for the best price possible.
The type of motorcycle you purchase will also directly relate to the cost of insurance. The faster and more expensive the vehicle, the higher the insurance price tag. Similar to the difference in insuring a minivan versus a Ferrari, a highly-valued racing bike will cost more to insure than a less expensive and slower motorcycle. Sport bikes like the Ducati 1199 Panigale and Suzuki’s GSX-R1000 are good examples of motorcycles that will be on the high end of cost for insurance. These bikes are built forspeed and roadway maneuverability making them likely choices for customers that like to go fast. Any sport bike will be associated as a higher risk to an insurance company and your costs will reflect that.
Expensive to repair or replace bikes will also increase your insurance premium. If you own a custom bike with parts that are difficult to find or a bike that is commonly stolen your insurance rates will be higher. Honda’s are the most commonly stolen motorcycles. If you have an insurance policy that covers the cost of replacement in the event of theft (and you should), expect to pay a little more. The amount of coverage also impacts your monthly premiums. If you maintain the bare state minimum requirements in coverage, you will pay much less in monthly fees than if you carry comprehensive coverage. That being said you will also be much less protected financially in the event of an accident.
Protect Yourself With Motorcycle Insurance
Don’t take chances. Enjoy riding your motorcycle with the peace of mind that you have the right insurance in place, just in case. Call Gebhardt Insurance today and let us make sure you have the insurance you need for a price you can afford.
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