I receive many inquiries about motorcycle insurance, particularly with my being an insurance agent as well as a bike rider! Here are just a few of the most common questions I receive.
Owning versus Financed
When you finance a motorcycle, the finance company typically wants you to have physical damage coverage on your bike, such as comprehensive and collision. Physical Damage consists of damage to your bike from an accident or incident. Comprehensive and Collision coverage typically are the terms used to describe physical damage caused by weather related, stolen bike, and an at-fault accident or a not-at-fault accident. Your responsibility is to pay a deductible, a pre-determined amount of financial responsibility you choose ($250, $500, $1000) to repair the damaged portion of your bike. If your bike was damaged beyond repair and totaled by a claims adjuster, you may receive a reimbursement based on the bike's value.
If you own your bike outright, then it is a personal choice to carry physical damage. Other situations where you may decide not to choose physical damage, is if your bike is older, not valued very high or you are not concerned about damages.
The Most Important Coverage
You are your most valuable asset--protect yourself and your family.
When it comes to choosing insurance protection, do not forget the most important need which needs protection: you and your passenger. When it comes to choosing your bodily injury and medical coverage, this is where it is important to know what you can still be liable or responsible for without having the proper coverage.
Bodily Injury Coverage
This coverage provides protection to others, including your passengers, you injure in an accident. In some cases, people may choose the lowest Bodily Injury (BI) coverage. While it saves a few dollars on the front end, after an accident, it could end up costing you thousands, if not more.
Example: You select $25,000 for bodily injury limit. You have an at-fault accident. The person in the other vehicle gets hurt and goes to the hospital for medical treatment. Their bill costs $45,000. Your policy will cover the first $25,000 of their medical expenses, and you could be responsible for the remaining balance of $20,000 out of your pocket.
It is important to protect yourself and your assets by choosing the best Bodily Injury liability limits you can afford. A few dollars now can save you thousands later.
Motorcycle riders are at a greater risk to get seriously injured in a motor vehicle accident versus someone in a car. Medical Payment insurance protection is for you while injured riding your bike. Make sure the Medical Payment amount will cover you adequately. The last thing you want is to worry about medical bills while you are recovering.
Ask questions regarding what your insurance agent has to offer: death benefits, funeral expenses, work loss coverage, etc.
Ask your health care provider if they offer medical on a motorcycle.
It Is Cool To Be Safe
Wearing safety apparel is a must, in addition to paying close attention to your surroundings while riding. While safety wear is pricey, it is worthwhile to invest in yourself.
A lot of us love our bikes; we care for them like they are family. We put extras on; we do amazing paint jobs; chrome everywhere. Those extras can add up quickly. Do you know if your bike were totaled, the amount you will receive for it would not include your extra touches you added, unless you had insurance coverage to replace it as well?
Ready to Ride?
Give me a call and I'll get you covered and safe for the road.