For many people, motorcycles symbolize freedom – it is exhilarating to be out in the open on your bike and feel the wind blowing by, no metal cage around you. However, motorcycles are also known as more dangerous when it comes to accidents – after all, there is not much between the rider and the object during a crash. 

Whether you are riding a motorcycle every day and see it as your lifestyle, or keeping it mostly locked away, you need to think about motorcycle insurance.

Why You Need Motorcycle Insurance

First and foremost, you need motorcycle insurance to protect your motorbike just like car owners need auto insurance and homeowners need homeowners’ insurance. If an accident occurs, insurance ensures you are covered for the injuries you have caused, as well as for the damages to your bike.

Consider the following:

• If you or a passenger gets injured during an accident, you are liable for the medical costs.
• If you are responsible for an accident where other parties are injured, you can be sued for more than your net worth.
• If you get into an accident or someone steals the bike, it is going to be costly to fix or replace the motorcycle.

Additionally, many states require motorcycle insurance before you can drive on the road.

What Does Motorcycle Insurance Cover?

Similar to many  other insurances, first, a specific policy is chosen and then, additional coverages can be added. A basic insurance policy usually includes the following:

• Collision coverage – The insurance company will pay to repair or replace a motorbike that is damaged during a collision with a vehicle or some other object.
• Liability coverage – Usually the coverage required by law. In an accident where the motorcyclist is considered at fault, it will cover any damage to another person’s property or their medical bills.
• Uninsured or underinsured motorist coverage – Although you might be covered, the other driver might not be. If they do not have insurance to cover the costs of repairing or replacing your bike, your medical bills, or lost wages, then this policy will help pay the costs. You might also consider suing the other driver, but there is no guarantee that you will be compensated for all the harm.
• Comprehensive coverage – If your motorbike is stolen, vandalised, or damaged during a fire, the replacement or repair will be covered.

There is also a range of other policies you should consider taking out, including:

• Accessories coverage – Bikes often come with a range of expensive accessories: saddlebags, seats, chrome pieces, radios, backrests. The accessories coverage can be added to the basic coverage to protect these items. It may include your helmet and apparel as well. 
• Towing or labor – In the event of an accident or the bike malfunctions, you might need a jump start or tow, which are covered under this policy. 
• Accident forgiveness – Sometimes included in the standard package. Typically, accidents lead to increases in insurance rates. However, this policy can prevent that if the accident’s costs remain under a specific amount.
• Disappearing deductibles – Many insurance companies will lower your deductibles if you do not file a claim until the next renewable period. 
• Enhanced injury protection – Accidents can lead to temporary inability to work. Enhanced protection gives you money to live on until you have fully recovered.

Questions to Ask Your Insurance Agent

When purchasing motorcycle insurance, there are several things to consider. Here are a few questions to remember when speaking to your insurance agent:

• What will the cost savings be if I raise my deductibles? 
• How much would I have to pay out in the event of accidents, damage or theft?
• Are there any discount policies or programs available?
• What are the specifics of the different coverages?
• How are claims filed and settled?
• How long does it typically take to settle a claim?

Vintage Motorcycle Insurance

If you own a vintage motorcycle, your insurance needs might be slightly different, which is why you should ask about classic motorcycle insurance. Motorcycles are typically classified as classic when they are older than 25 years.

Tips to Save Money

Insurance companies evaluate a range of factors when deciding on the cost of an insurance policy. The main points they consider:

• Motorcycle engine – The more powerful the bike, the higher risk incurred by the insurance company. As such, bigger engines cost more to insure.
• Driving history – If you have an accident-free driving history, the cost of insurance goes down. Other factors considered include parking and speeding tickets.
• Age – As a general rule, older drivers pay less than younger drivers.

In addition, there are several other things to pay attention to in order to lower the cost of motorcycle insurance:

• If you have taken safety training courses, for example, the Motorcycle Safety Foundation rider course, then you can get a 10-15% discount. For riders under the age of 25, this can make a big difference in premiums.
• If you live in a northern state and cannot use your motorcycle during winter, then a lay-up policy saves you money during the off season. It suspends all coverage except comprehensive over the winter months.
• If you have multiple bikes, then insuring them under the same coverage can give you multi-bike discounts.
• Becoming a member of a motorcycle association can also get you a discount. Discounts can range from 10% to 20%. 

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Securing your motorcycle does not need to be a hassle. Email our experts or request a free quote on our website to make sure you have the right insurance when you need it.