Motorcycle Insurance: What Coverage Do You Need?

Owning a motorcycle can be a lot of fun, but when it comes time for insurance, I see many of the same people become lost as to what type of motorcycle coverage they really need. So, just what do you need to look for in a motorcycle insurance policy? Here are some quick tips to help.

Protecting Yourself And Passengers

Liability Coverage - Naturally, liability coverage is a must to help in protecting others in case you're deemed to be at fault in a covered accident. Talk with your insurance agent about the amount of liability coverage you need.

Guest Passenger Liability Coverage - This coverage provides protection for bodily injuries to any passenger that you may have on your motorcycle should you be at fault in a covered accident.

Medical Payments - This coverage provides payments for reasonable medical treatment for you or another injured person in the event of an accident.

Uninsured / Underinsured Motorist - This protection will cover damages caused by those drivers who fail to carry any insurance at all, or don't carry enough to pay for the damages.

Protecting Your Motorcycle

Collision - Pays for the repairs or replacement of your motorcycle in the case of a covered accident. Generally, you'll use this coverage if you are at fault, but in other cases it can be used even if you're not at fault and the other insurance company is slow to settle the claim. Once they do, your insurance company will refund you back your deductible.

Comprehensive - This motorcycle insurance coverage pays for covered losses from damages caused by peril other than collision. Typically, this would include fire, theft, vandalism, storm damage and other covered causes. Talk to your agent for a complete list of covered causes.

Added Equipment Coverage - Have you added on some custom options to your motorcycle? You may need to have this coverage added to your policy. It covers a loss for equipment that was not included as standard equipment, or equipment that was not permanently installed by the manufacturer. This is an important coverage to consider adding.

Towing - This option provides for reimbursement of towing charges up to the policy limit in the event your motorcycle breaks down.

Rental Reimbursement - In the event of a covered loss, if you also have comp and collision coverage on your policy, you can have rental transportation while your motorcycle is being repaired. You'll be able to rent a car and the policy will reimburse your expense up to the policy limits.

Other Discounts

Multiple Motorcycles - Many motorcycle insurers will offer a multi-cycle discount if you have more than one motorcycle on the same policy. This discount can really add up over time, so check to see that a company offers this coverage if this applies to you.

Motorcycle Safety Course Discount - This is another discount you may be eligible for if you have passed a motorcycle safety course. Generally, the discount applies for up to 3 years after certification. Again, talk to your agent about this coverage.