Motorcycle Insurance
Motorcycle Insurance is written with basically the same coverages as car insurance. The possible need for special coverage for custom equipment should be addressed when purchasing a cycle policy. Many cycles, referred to as “crotch rockets,” appear on restricted lists of insurance companies and will not be written. Be sure to check on the insurance ramifications before committing to buy these types of cycles.
Due to the lack of protection, there is a greater risk of a severe injury resulting from a cycle accident. This results in much higher premium charges for medical payments, uninsured motorist, and underinsured motorist coverages. Medical payments coverage can be rejected, but uninsured and underinsured motorist coverages are required.
The driver is responsible for injuries to a passenger, and there is almost no limit as to how serious these injuries can be. Our best advice is to never take a passenger. When you do take a passenger, your entire financial future can be at risk.
Homeowners' policies will not cover damage to motorcycles due to specific exclusions in the policies. Never assume that your homeowners' policy will provide coverage for a motorcycle that is parked in your garage. Here is a brief summary of motorcycle insurance coverages:
Protection against financial loss should your auto injure or kill others, and you would be held liable. Basically, this would cover the injured person's medical bills, lost wages, and "pain and suffering." Defense cost coverage would cease once your insurance company paid the limits on your policy. A personal umbrella liability policy could provide an extra $1,000,000 or more in protection over and above your liability limits.
Protection against financial loss should your auto damage the property of others, and you would be held liable.
Pays up to policy limits for reasonable medical expenses for you and people in your vehicle incurred within three years of the accident. This coverage was designed to cover the deductible on your health insurance policy.
Pays damages you are legally entitled to recover because of bodily injury or death caused by uninsured or "hit and run" vehicles. You can rely on your health insurance to cover medical bills. If your health insurance is inadequate, this coverage would apply. This coverage would also provide coverage for lost wages and "pain and suffering" damages resulting from the accident.
Basically, the same as uninsured motorists, but coverage starts when the other driver's bodily injury limits are exhausted.
Pays for damage to your auto caused by a collision. Your deductible applies. In cases where your vehicle is parked and hit by a hit-and-run driver, it is a collision claim. This coverage is frequently used even in the case of a not-at-fault accident in order to expedite repairs or in cases where the other driver is uninsured. Towing bills resulting from an accident are covered under collision coverage.
Pays up to the limit selected for towing bills or emergency road service as a result of mechanical breakdowns. No deductible applies.
Generally, this is coverage needed to cover custom or non-manufacturer-installed equipment.
Also known as “comprehensive coverage,” this provides coverage for damage to your vehicle caused by events other than a collision. Covered losses can include vandalism, fire, theft, and animal damage, to name a few.
* The above descriptions are generalizations and should not be relied upon when determining coverage. You must refer to actual policy wording when determining whether or what type of coverage applies.
DISCLAIMER: If you need a policy updated or changed, please contact your respected agent.