An Overview of Motorcycle Insurance Coverage

Whether you ride a motorcycle to work every day or ride for pleasure on the weekends, you need to have good insurance. Having a good motorcycle insurance policy will help financially protect both you and your bike. As you research policies, understand that coverage options vary from state to state and be sure to shop around at different insurance companies to find the best policy for you. Here are a few things to ask insurance agents to help you make comparisons between the different motorcycle insurance policies available.

Bodily Injury Coverage

Ask agents about the cap on financial reimbursement for hospitalization if you're injured. Also ask if the insurance company will cover lost wages and, if so, to what amount and for how long. If you're at fault in an accident and a third party is injured, what is the cap on financial reimbursement and lost wages for others involved in the accident? Does bodily injury coverage also cover rehabilitation costs if you're required to stay at a rehabilitation center to regain mobility?

Property Damage Coverage

This is also known as collision coverage. Ask the agent for the cap on financial reimbursement to have your motorcycle repaired and restored. This coverage should also extend to property damaged in the accident including other vehicles and structures. What is the financial cap on repairs to other vehicles or property? This is important because if the amount paid out to repair other vehicles and property is too low, the injured party or parties could sue you personally to collect the amount needed for restitution.

Personal Injury Protection

This coverage will reimburse you for things such as lost income, childcare expenses, and even funeral expenses. Ask the agent about the qualifications to receive these reimbursements, as well as the caps on financial reimbursements.

Comprehensive Coverage

This coverage is for when you and your motorcycle aren't involved in a crash, but damage occurs to your bike due to things such as vandalism, flooding, storms, hail, etc. Most comprehensive coverage will pay for repairs up to the Blue Book value of your motorcycle.

Uninsured/Underinsured Motorist Coverage

Not all insurance policies are good insurance policies. Ask insurance agents about coverage in the event that you get hit and damage is caused by an uninsured or underinsured driver. Will your insurance policy make up the difference if you receive bodily injuries, for example, and the insurance policy for the driver at fault is insufficient? This is an area that will vary from state to state depending on the type and quality of insurance the state requires its drivers to carry.

Incidentals

This is a catchall category that covers things such as towing and a rental car if your motorcycle is damaged. For example, what happens if your motorcycle is stolen or totaled in an accident? What if you owe money on the motorcycle loan? If so, is there a lease/loan gap where the insurance company will pay in full or make a partial payment for what's owed on the motorcycle? It's always a good idea to ask about the general services the insurance policy will provide.

Your monthly insurance payment will vary based on the amount of the deductible you're willing to pay if you're involved in an accident or if you motorcycle is damaged in some other way. If you ride your motorcycle every day to get to work, the chances are greater that you will be involved in some type of accident compared to if you ride only on the weekends out in the country where there are less drivers. You'll need to decide how much motorcycle coverage you will need and what you're willing to pay each month in monthly payments, figuring in a high or low deductible.

If you're involved in a motorcycle accident and need to understand motorcycle insurance coverage issues, call George Stein Steelhorse Law at 888-382-6878.