Riding a motorcycle is truly an experience unlike any other. Revving up the engine. The wind on your face. The freedom of the open road.
But while motorcycle owners anticipate the thrill of the ride, they often overlook a crucial aspect: insurance.
Motorcycle insurance might not be as exciting as cruising down the highway, but it’s essential for your safety and financial security. In this blog, we’ll examine motorcycle insurance, covering everything from coverage options to tips for finding the perfect policy for your cycle.
So gas up, put on your helmet—or not, depending on which state you live in—and let’s get started.
Determining Your Coverage Needs
Picture this: you’re cruising along, enjoying the scenery, when suddenly, a careless driver veers into your lane. Without warning, you’re involved in a collision. It’s moments like these when having the right insurance coverage can make all the difference. But before diving into the nitty-gritty of insurance policies, let’s take a moment to assess your unique coverage needs.
Here are the factors you’ll need to consider when thinking about motorcycle insurance coverage:
- Your riding habits: Do you ride frequently or only occasionally? Are you a weekend warrior or a daily commuter?
- The value of your bike: How much is your motorcycle worth? Could you afford to replace it if it were stolen or damaged?
- Your financial situation: What level of financial risk are you comfortable with? Are you prepared to cover out-of-pocket expenses in the event of an accident?
By answering these questions, you’ll be able to narrow down the type of motorcycle insurance coverage that’s right for you.
Types of Motorcycle Insurance
Now that we’ve identified your coverage needs, let’s explore what’s available. From basic liability coverage to comprehensive protection, there’s a policy for every rider.
- Liability Insurance: Think of liability insurance as your basic safety net— is the bare minimum required by law in most states. Liability insurance protects you if you’re at fault in an accident, covering the cost of any bodily injury or property damage you may cause to others. But – and it’s a big but — it does not cover damage to your own motorcycle.
- Collision Coverage: This policy will save the day when your bike takes a hit, whether it’s a low-speed, fender-bender type of damage or a full-blown, more severe wipe-out or impact with another vehicle or object. Collision coverage helps pay for repairs to your motorcycle if it’s damaged in an accident, regardless of fault. This coverage is especially important if you have a valuable or newer bike.
- Comprehensive Coverage: Let’s face it— no matter how safe of a rider you are, life is unpredictable. Comprehensive coverage provides protection against non-collision incidents, such as theft, vandalism, fire, or natural disasters. If your motorcycle is stolen or is damaged by something other than a collision, comprehensive coverage will help cover the cost of repairs or replacement.
- Uninsured/Underinsured Motorist Coverage: It’s a scary thought, but not everyone on the road is as responsible as you are when it comes to insurance. That’s where uninsured/underinsured motorist coverage steps in. If you’re involved in an accident with a driver who doesn’t have insurance — or doesn’t have enough to cover your claimed expenses — this policy ensures that you’re not left high and dry.
- Medical Payments Coverage: Accidents happen, and when they do, the last thing you want to worry about is how you’ll pay for medical expenses. Enter medical payment coverage. Whether you’re nursing a few bumps and bruises or facing more serious injuries, this policy helps cover the cost of medical treatment for you and the passengers on your bike, regardless of who is at fault. Sometimes this policy is referred to as MedPay coverage.
- Personal Injury Protection: Also called “PIP,” this protection is similar to MedPay but is required in more states. It’s a more comprehensive type of insurance and covers a wider range of expenses, including lost income if you’re unable to work due to your injury, replacement services if your injury makes it difficult to perform essential tasks like cleaning and child care, psychiatric treatment, physical or occupational therapy, and rehabilitation. In most cases, PIP covers expenses for your motorcycle passengers as well. And like MedPay, it’s no-fault — doesn’t matter who caused the accident, you’re still covered.
Choosing the Right Policy
With so many motorcycle insurance coverage options available, how do you choose a policy that’s right for your needs?
- First, let’s talk about budget. You need to determine how much you can afford to put aside for insurance premiums each month. While it’s tempting to opt for the cheapest policy available, keep in mind that you often get what you pay for.
- Next, consider the value of your bike. Is it worth insuring for its full value, or would a more basic policy be good enough?
- Finally, think about your risk tolerance. How much financial risk are you willing to take on? Are you comfortable paying higher premiums for greater coverage, or would you prefer to keep costs down and take your chances?
Once you’ve got a handle on these factors, it’s time to shop around and compare quotes from multiple insurance providers. That’s when things can get a little complicated and time-consuming — and that’s where we come in.
Wheels Up!
Choosing the right motorcycle insurance policy is an important step in protecting yourself and your bike on the road. And there’s no reason to let the stress of finding the right coverage put a damper on your next great ride.
At Guided Solutions, we’ll ask you a few questions and, based on your responses, very quickly help you find the perfect policy. We do the leg work for you.
Get started today with our online form or contact one of our motorcycle insurance advisors at (833) 791-4719.
Enjoy the ride!!
