As you all know, it’s important to be careful while out and about with your bike, but using safety gear is not the only protection you need! The truth is that Motorcycles have a very high rate of accidents per unit distance. Much more than cars do. This is due to the rider being exposed to the elements and the fact that many automobile drivers fail to acknowledge smaller vehicles in traffic.
 

Furthermore, the law and lawsuit trials are becoming more and more complex.  Nowadays, you may end up paying for the guy who was talking on his cell phone while driving, failed to see you and forced you into a ditch!  This is of course due to the fact that he had a great lawyer and lots of lout. Unfortunately this leaves your brand new bike is in shambles, not to mention being hurt from the crash.

Basically in a scenario like this, you either cough up few thousand dollars for the medical bills and fixing your bike, or contact your insurance to take care of the bill. A motorcycle is a major investment, one that is certainly worth protecting. It is crucial that you make wise insurance decisions for your protection and protection of your motorcycle.

Selecting the right insurance policy is similar to choosing the right bike. You want it to fit your lifestyle, but at the same time you want it to fit your financial plan.  Keep in mind, better coverage does not necessarily mean paying more for your insurance.

It is important to contact more than one insurance company and get their best rates for your coverage. They will look at your motorcycle, driving history, and location to determine what plans are available for you.  The key to finding which coverage is best for you involves learning about all of the available options.  It’s true that most US states require you to carry a minimum amount of liability coverage, but other types of coverage are usually optional. Make sure to ask your insurance representative about which laws apply in your state or city.

Many factors determine what your insurance costs will be, such as your age, driving record, where you live and the type of motorcycle you own. Unless you're high risk, there are ways to keep your costs down so you won't have to pay very high rates. Many companies offer discounts from 10-15% on motorcycle insurance for graduates of training courses.

In several northern states, motorcycle riders may save money by buying a "lay-up" policy. With a lay-up policy, all coverage except comprehensive is suspended during winter months

Insurance Options Include:

Liability coverage

Generally speaking, liability insurance is a mandatory form of insurance due to the fact that you are at risk of being sued by the injured party involved in the accident. Most US states require motorcyclists to carry a minimum amount of liability.  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 motorcycle 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. In addition, it’s important to find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. It really depends on the laws of your state and the company issuing the policy.

Collision coverage

Collision coverage is typically optional. Collision coverage is the one that pays for the damage to your motorcycle, not the other guy's.  You need 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 generally covers the book value of the motorcycle before the loss occurred (factory parts). If you get fancy and add anything extra, like custom chrome accessories or 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 circumstances include; vandalism, fire or theft. Keep in mind; it only covers the book value of the motorcycle.

Uninsured motorist coverage

This insurance will cover damages you incur that the "at-fault" party is legally liable for, if the knucklehead who hit your bike is uninsured. Truth is, even though there are 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 someone uninsured. If your uninsured motorist coverage includes property damage, then your motorcycle would also be covered under the same circumstances.  Be sure to check with your insurance to see if property damage is included or needs to be purchased separately.

Underinsured motorist coverage

Underinsured motorist coverage reimburses you if the person who hit you doesn't have enough insurance to cover for all of your damages. Basically, 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. This type of coverage is designed to cover the gap between the other person's liability limits and the amount of your injury expenses. Keep in mind; there is a trick that in order for this coverage to kick in, the other driver has to be declared at fault. 

Medical payments coverage

Medical Payments coverage pays the cost of essential medical care you receive as a result of a motorcycle accident.  It can be used regardless of who is at fault. However, this coverage often is limited so make sure to 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 worn out.

Custom parts and equipment

Custom parts and equipment coverage is an addition to your Comprehensive or Collision coverage. When you have custom parts and equipment on your motorcycle, you can acquire this Additional coverage to cover equipment, but only 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 to see if this coverage is right for you.

Roadside assistance

When your motorcycle is disabled due to reasons defined by the insurance company, Roadside Assistance coverage provides towing to the nearest qualified repair facility and necessary labor at the place of disablement.  Roadside Assistance is often times included with your Comprehensive coverage at no charge. Be sure to ask your insurance agent. If it’s not included, sometimes the Roadside Assistance coverage can be purchased at a nominal fee.