5 Things You Should Know About Motorcycle Insurance
So just how much do you know about motorcycle insurance? There are many misconceptions about coverage that can be financially dangerous for you.
We’ve compiled a short list of 5 important things to know about insurance plans:
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1. You are 39 times more likely to die in a wreck than someone in a car or truck. When you get into an accident on a motorcycle, you don’t have the extra mass of the vehicle adding to your protection.
To put it simply, the bigger your vehicle is, the safer you will be when you crash. But the smaller your vehicle is when compared to the other object you’ve crashed into, the more likely you’ll be seriously hurt. It’s important that you have good coverage to help you if and when you crash.
2. There’s no such thing as a standard full coverage policy. Every insurance plan is different, and you need to make sure yours gives you all the benefits you need.
The minimum insurance coverage you should get are collision, comprehensive, and uninsured/under-insured motorist.
Collision coverage is for damages to your bike. Comprehensive is for non-collision damage, such as if a tree limb fell on your bike while you were away. Uninsured/under-insured motorist coverage pays for damages caused to you by someone else, if they can’t afford to pay their share.
In addition, you will want to be sure you have adequate health coverage for accidents. This should cover not only you, but your passenger as well.
3. There are all sorts of discounts you can get on your insurance. Many motorcycle owners make modifications to their bikes, which will increase the value.
You can get better coverage or a price break if you include the value of all of your enhancements in your plan. Additionally, have your VIN on hand when you buy insurance. Some companies will look up your bike for safety equipment that can get you even more savings.
If you aren’t already a part of one, you should consider joining a national group for bikers, such as the American Motorcycle Association. Some insurance companies will give you discounts just for being a member.
There are also savings you can get if you take a motorcycle safety course. Not only will these help you save money, but a course could save your life as well.
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4. The insurance policies mentioned above are just a base-minimum. Other policies you’ll need are bodily injury, property damage, and medical payments.
These will help you pay for medical bills for a variety of situations. Property damage will help you cover damages that you are liable for, such as other peoples’ cars or other belongings.
5. While the law requires you to have insurance to drive, a lot of people don’t. Others may only have the minimum insurance, which won’t cover anything and may leave you in just as much trouble as having none.
Not only should you have coverage for yourself, it is crucial to have protection against damage from others.
If some unfortunate accident were to happen putting you in the hospital undergoing several surgeries and treatments, the last thing you want to hear is that neither you nor the perpetrator have the right plan or enough money to pay for the medical bills.