The term ‘motorcycle insurance’ is often tossed around with little clarification to what it actually means. This article will clear things up a bit.
What is it?
Motorcycle insurance usually refers to the basic coverage liability. While additional coverage is needed and recommended, liability insurance means you have enough to cover repairs to the other person’s vehicle in the event an accident occurs to which you are at fault.
Who is it for?
Insurance is mandatory for all riders. Anyone who rides a motorcycle is required by law to have liability insurance, or else they run the risk of losing their license. While some people do not have insurance, these people run the constant risk of having their license revoked, the bike seized, or even facing jail time.
How it works:
The insurance works by providing the policyholder with the money necessary to pay for the repairs and medical bills of another person if the policyholder is the cause of the accident. Additional coverage options exist that pay the insurance of the motorcyclist, the cost of repairs to the policyholder’s bike, or paying for the costs in the event that the at-fault driver does not have insurance themselves.
Types of coverage available:
Liability is the most basic kind of coverage. It protects the policyholder from paying repair costs and medical bills of the other person out of pocket. Collision insurance protects your own vehicle in the event of an accident, paying for the cost of repairs or replacement. Comprehensive coverage protects your bike against non-accident related damages, such as a garage fire. Uninsured motorist coverage protects you and your assets in the event you have a collision with a driver who does not have insurance.
The benefits of having insurance are too numerous to name. In addition to allowing you to ride legally, it protects your financial assets in the event of an accident, and will help to pay the costs of repair both to you and the bike. At the very least, insurance prevents you from paying for the repairs to another vehicle.