Many people operate a motorcycle without giving insurance much thought. However, if you are involved in an accident, you will be thankful that you have coverage. Unfortunately, not all policies are created equal, and it is important to understand the differences before signing on the dotted line. Here is a rundown of the most common types of motorcycle insurance coverage.
Liability insurance is the minimum amount of coverage required by law in most states. It covers damage that you cause to other people or property while operating your motorcycle. If you are found to be at fault for an accident, this type of insurance will pay for the other party’s medical bills, lost wages, and property damage up to the limits of your policy. It will not, however, pay for any damage to your own motorcycle or injuries that you sustain.
Collision coverage is optional in most states but is highly recommended. It pays for repairs to your own motorcycle regardless of who is at fault in an accident. This type of coverage can be especially helpful if you have a newer motorcycle or if you are still making payments on your bike.
Comprehensive coverage also pays for repairs to your own motorcycle but covers a wider range of perils than collision coverage. In addition to damage caused by accidents, it also covers damage caused by weather events, theft, vandalism, and glass breakage. Like collision coverage, comprehensive coverage is optional in most states but is highly recommended if you want full protection for your bike.
Uninsured/Underinsured Motorist Coverage
This type of coverage protects you if you are injured in an accident caused by a driver who does not have insurance or does not have enough insurance to cover your damages. It can also provide protection if you are the victim of a hit-and-run driver. Uninsured/underinsured motorist coverage is required in some states but is optional in others. Even if it is not required, it is still a good idea to have this type of coverage in case of an accident with an uninsured driver.
Medical Payments Coverage
Medical payments coverage pays for your own medical bills after an accident regardless of who is at fault. It can also cover expenses such as funeral costs and rehabilitation services. Medical payments coverage is optional in most states but can provide valuable protection if you are seriously injured in an accident.
As you can see, there are many different types of motorcycle insurance available to protect riders from different types of risks. Some types of coverage are required by law while others are optional but highly recommended. Be sure to speak with your insurance agent about which types of coverage are right for you before purchasing a policy.