Motorcycle Insurance

Most motorcycle owners are required to purchase and maintain coverage by law as well as by their motorcycle financing company. In addition, many also will purchase a policy for their own benefit. The requirements for coverage as well as optional coverage available to you can vary, so it is important to learn more about these requirements and options before you purchase a policy.

In most areas, motorcycle owners are required by law to purchase a minimum amount of liability coverage, and this is because most states have laws that make motorcyclists liable for the damages they cause while operating their vehicle. This may include repair costs, medical bills and more for other parties if you cause an accident. After you pay your deductible when filing a claim on your insurance policy, the insurance company will pay for the covered expenses up to the policy limits.

Many financing companies will require motorcycle owners to purchase coverage for the repairs or replacement of the vehicle. This requirement may not include other optional coverage, such as personal property coverage, rental vehicle reimbursement, personal injury coverage and more. When you have an accident, when your motorcycle is stolen or when other damaging events occur, you may have multiple expenses, and the right policy will meet your legal and financing company requirements and will pay for additional costs that you may incur as well.

It is important to note the different costs associated with a motorcycle insurance policy. The premium is your cost for maintaining the policy, and it will be determined based on the type of coverage you purchase, the limits of your coverage, information about your driving history and the type of motorcycle that is insured. The deductible is the amount that you will pay out of your own pocket when you file a claim, and this can be adjusted by you when you purchase your policy. Keep in mind that you may need to pay the deductible with little advance warning, so you may keep an amount equivalent to your deductible on hand in your savings account so that the funds are available when needed. Motorcycle coverage may be required in some cases, but it also offers many benefits for motorcyclists.