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Motorcycle Insurance: Everything You Need to Know

NHTSA released a report stating that motorcycle riders are 28 times more likely to die in a collision compared to other vehicles. Additionally, the number of riders killed in crashes in 2020 was a shocking 5,579. This is the highest increase recorded since recording data started.

If these statistics prove anything, it’s that motorcycle insurance will be needed.

What is Motorcycle Insurance?

Motorcycle insurance is a kind of vehicle insurance that covers damages, injuries, or cases of stolen vehicles. In most states in the U.S., motorcycle insurance is a legal requirement.

Types of Motorcycle Insurance Coverage

There are different types of coverage a motorcycle rider should consider. It is always important for riders to know the type of insurance policy they need.

Below are some types of motorcycle coverage.

Liability Insurance

A liability insurance policy focuses on bodily injury and property damage caused to other people by the rider. It does not include injuries and injuries sustained by the rider and motorcycle.

Some state laws may also provide Guest Passenger Liability to riders. This is intended to cover a passenger injured on a motorcycle.

Collision Coverage

Collision Coverage covers damages to the rider’s motorcycle after an accident. The insurance company covers damages incurred under this insurance and will pay for the damages, regardless of who is responsible for the collision.

Comprehensive Coverage

Comprehensive coverage pays for other damages which were not caused by road accidents. These damages may result from fire, vandalism, theft, or flooding. It is a full-coverage policy.

Personal Injury Protection

Many people refer to this policy as PIP insurance. It covers the injuries of the rider and passenger(s), irrespective of who caused the accident.

Uninsured/underinsured Motorist Coverage

Uninsured/underinsured motorist coverage covers the rider’s losses if the driver who caused the collision does not have insurance.

Coverage For Customized Motorcycle Parts

This protection covers accessories added to the motorcycle by the owner. These parts are different from the custom, factory parts that came with the motorcycle.

State Requirements For Motorcycle Coverage

Different states have their mandatory minimum for liability coverage. Three numbers usually depict this. For example, New York’s motorcycle insurance is 25/50/10.

25 represents $25,000, the maximum amount an insurer pays to an injured person when the rider is at fault.

$50,000 represents the maximum amount the insurance company pays for claims filed on behalf of two or more people in one accident

$5,000 is the maximum amount the carrier covers for a property damage claim from a single accident.

Is Motorcycle Insurance Affordable?

The price of motorcycle insurance differs according to different factors. Some factors are age and riding experience, residence, type of bike, and frequency of use.

Other factors include where the motorcycle is parked, speeding and traffic tickets, accident and claims history, credit rating, type of coverage, and amount of deductible.

How Much is Motorcycle Insurance Advisable?

Most states require motorcyclists to have at least some liability insurance. This is, however, to enable them to operate their motorcycles legally. Nevertheless, experts advise motorcyclists to consider getting additional coverage to ensure they are adequately protected.

As expected, full coverage policies cost more than liability-only plans. This means that the more coverage you need, the more you will have to pay. “Despite the expense, paying for more coverage can be a smart decision as it ensures better financial protection, which could help you save money,” says attorney Jeffrey Lowenthal of Lowenthal and Abrams Injury Attorneys.