These days, simply being careful while out and about with your bike and using safety gear is not the only protection you need! Motorcycles have a far higher rate of accidents per mile than cars. This is due to the exposed rider and the fact that many automobile drivers fail to see these smaller vehicles in the traffic stream. Making a smart insurance decision is crucial for your protection and protection of your motorcycle.
Liability coverage
In many countries, liability insurance is a mandatory form of insurance since you're at risk of being sued by the injured party being involved in the accident. Most US states require motorcyclists to carry a minimum amount of liability in case of third party injuries, however insurance experts recommend purchasing as much as three times the minimum in these times of expensive litigation. Liability coverage protects you if you (or another person driving your car with your permission) injure or kill someone or damage property. Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident, up to the limit of liability you select. It doesn't cover you or your motorcycle. But it gives you a protection from a lawsuit. Also, find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. It depends on the laws of your state and the company issuing the policy.
Collision coverage
While the liability coverage is required by law, in many cases collision coverage is optional. Why, you might ask? Collision coverage is the one that pays for the damage to your motorcycle, not the other guy's, and it's optional? We'll let the lawmakers protect "the other guy" while you need a collision coverage to pay for the damage to your motorcycle when you collide with another vehicle or object. It covers the cost to repair or replace your motorcycle, regardless of who is at fault. You select a deductible, and once the deductible is met, the insurance company pays for the remaining damage. Collision insurance usually covers the book value of the motorcycle before the loss occurred - factory parts. If you get fancy and add anything extra-like nifty chrome accessories, a custom paint job - additional coverage will be required for compensation.
Comprehensive coverage
Comprehensive coverage pays (less the deductible) for damages caused by circumstances other than accident, such as vandalism, fire or theft. And again, it covers only the book value of the motorcycle.
Uninsured motorist coverage
If the person who hit your bike is uninsured, this insurance will cover damages you incur that the "at-fault" party is legally liable for, such as medical treatment and lost wages. Despite laws requiring insurance in practically every state, a lot of people are still driving without even basic liability coverage. The uninsured motorist section of your policy protects you if you or your passenger is hurt by "one of those" people. If your uninsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances - covering for damage to your motorcycle caused by someone who does not have insurance. Check with your insurance to see if property damage is included or needs to be purchased separately.
Underinsured motorist coverage
Underinsured motorist coverage is similar to the uninsured motorist coverage. This coverage reimburses you if the person who hit you doesn't have enough insurance to cover for all of your damages. If your injury expenses exceed the "at-fault" person's liability limits, you can use Underinsured Motorists Coverage to pay for the amount not covered by the person's insurance. Underinsured Motorists coverage is designed to cover the gap between the other person's liability limits and the amount of your injury expenses. The trick is that in order for this coverage to kick in, the other driver has to be declared at fault. In most states, when blame is in doubt or the amount payable is contested, you and your insurer have to submit your differences to arbitration.
Medical payments coverage
Medical Payments coverage pays the cost of necessary medical care you receive as a result of a motorcycle accident and can be used regardless of who is at fault. This coverage often is limited. Check with your insurance company for the specific dollar amount and the number of years that they will cover after the accident. In some states, medical payments coverage only applies after other medical insurance is exhausted.
Custom parts and equipment
This coverage is an addition to your Comprehensive or Collision coverage. When you have custom parts and equipment on your motorcycle, you can purchase this Additional coverage to cover equipment, up to a dollar amount defined by the insurance company. Ask your insurance for the specific custom parts and details that they are willing to cover. Recommendation: retain photos of the motorcycle and all the receipts for your custom parts and equipment.
Roadside assistance
Roadside Assistance coverage provides towing to the nearest qualified repair facility and necessary labor at the place of disablement when your motorcycle is disabled due to reasons defined by the insurance company. Roadside Assistance is sometimes included with your Comprehensive coverage at no charge. Ask your insurance agent. If not, in most cases the Roadside Assistance coverage can be purchased at a nominal fee.
Click here for a free quote US & Mexico Insurance Professionals
Williams Insurance Group Inc.
301 Brushy Creek Rd. Suite 106, Cedar Park, TX 78613 P.O. Box 3728, Cedar Park, TX 78630
Toll Free (866) 553-8448
Phone (512) 535-0301
Fax (512) 687-3101
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