Motorcycles provide a kind of freedom you don’t get behind the wheel of a car. But when it comes to insurance, they’re not so different. As with car insurance, some types of coverage are mandatory, but what is legally required is rarely enough to recoup your losses if an accident occurs.
Requirements:
- A minimum of $200,000 of third-party liability coverage if you are held responsible for property damage or bodily injury caused by using or operating the motorcycle.
- Protection from property damage.
- Accident benefits coverage for medical expenses.
Options:
- Collision insurance covers damage in an accident and pays for repairs up to its fair-market value. It does include a deductible.
- Comprehensive insurance protects your motorcycle from damage caused by perils other than a collision. These could include: theft, vandalism, civil disturbances or riots, earthquakes, hail, windstorms, flood, hurricane, or fire. Comprehensive covers your motorcycle up to the fair-market value after your deductible. If you’re financing or leasing, this type of coverage will probably be required.
“Motorcycles provide a kind of freedom you don’t get behind the wheel of a car. But when it comes to insurance, they’re not so different” ~Chad Mullen, Lane’s Insurance
You may be eligible for other discounts and pricing options. Motorcyclists with several years’ experience might qualify for an expert rider discount. Owners who insure several bikes could be eligible for a multi-bike discount.
