Quick Guide to Motorcycle Insurance

You don’t really need to be a rocket scientist to understand that riding a motorcycle poses serious risks. It has been said that motorcycling is a lot more dangerous than driving a car, and statistics back that up. In a report by the Insurance Information Institute, it was revealed that motorcyclists are 26 times more likely to die on the road than people driving cars. In 2014, around 92,000 motorcyclists were injured, up by nearly 5 percent from the previous year. 

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These statistics only underscore the need to buy motorcycle insurance if you are a motorcyclist.  The high number of motorcycle-related deaths and injuries is also a major reason why insurance for motorcycles remains very expensive in almost every part of the world.

Basic coverage

Generally speaking, buying insurance for a motorcycle is very similar to buying insurance for a car. In all states, there is some amount of liability insurance which covers any damage or injuries you may cause to others in a motorcycle accident. There are also some states which require personal injury protection, or PIP, which covers the expenses related to the treatment of injuries you suffer in an accident. There are a few states that require collision coverage, which pays for the damages to your own motorcycle.

Additional coverage

You can also opt for additional coverage if you want peace of mind while driving your motorcycle:

  • Comprehensive coverage covers for incidents like fire, flood, theft, vandalism, or damage to your motorcycle caused by an act of nature.
  • Underinsured or uninsured motorist coverage pays for damage caused by an uninsured motorist, or for hit-and-run accidents.
  • Roadside assistance coverage covers things like towing and jumping the battery. There are also some policies that pay for lodging and food if your motorcycle breaks down more than 100 miles from your residence.

Tips to get cheap motorcycle insurance

Since motorcycle insurance tends to be more expensive than regular vehicle insurance, here are some tips that you should keep in mind to keep your costs down:

  1. Bundle your bike insurance coverage with your other policies. Buying a motorcycle insurance policy from your home insurer can give you lower rates compared to having different insurance policies from different insurers. If your car insurer doesn’t offer bike insurance, consider switching to another insurance company that can cover all your assets at once.
  2. Motorcycle insurers can give you substantial discounts. Ask your insurer for deals or discounts for motorcycle safety courses, protective gear, helmet usage, and mileage limitations.
  3. You can also qualify for lower rates if you ride your bike during the summer months. Ask the insurance company if it is possible to remove coverage during the winter, or even reducing your coverage for half a year.

The bottom line is that whether you’re a novice or veteran rider, having an insurance policy can protect you from the high costs of hospitalization or bike repair. With a motorcycle insurance coverage, you will have peace of mind every time you hit the road.