Risk Reducing Solutions for Riders
There’s nothing quite like the freedom you feel when riding your bike, is there? But, the true reality is that if you’re on the road, you’re at risk. To ensure you’ve got the coverage and financial protection you need, consider the following motorcycle insurance coverage options.
Liability Insurance Coverage
Most states require you to carry a minimum of liability coverage. Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident.
Bodily Injury Liability – If you are at fault in a crash, you may be responsible for covering the damages for your passenger or the other driver. If so, bodily injury liability typically covers the other driver or your passenger’s expenses, including medical bills, lost wages, and pain and suffering.
Property Damage Liability – If you are at fault in an accident that causes damage to others’ property, property damage liability covers the expense. This includes damage caused to vehicles, private homes, fences and other structures.
Collision Insurance Coverage
Collision insurance covers damage to your motorcycle if you are involved in an accident. Your insurer will pay for damages, minus your deductible, caused when you collide with another vehicle or object. Keep in mind, though: collision insurance usually covers the book value of the motorcycle before the loss occurred.
Comprehensive Insurance Coverage
Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision insurance coverage, your policy will pay for damages, minus your deductible. Keep in mind, again: collision insurance usually covers the book value of the motorcycle before the loss occurred.
Uninsured/Underinsured Motorist Coverage
Uninsured/underinsured motorist insurance coverage covers bodily injuries to you and your property caused by another driver who either is uninsured or underinsured and unable to cover your damages.
This coverage typically pays for medical treatment, lost wages and other damages. Does your uninsured/underinsured motorist insurance coverage includes property damage? If so, then your motorcycle would also be covered under the same circumstances.
Optional Equipment Coverage
If you decide to add on any optional accessories, you should look into obtaining additional or optional equipment coverage. Optional accessories might include such things as chrome parts, a custom paint job, trailers or sidecars. Most comprehensive and collision insurance coverages will only cover the factory standard parts on your motorcycle.
What are the top ways to save on your premium?
- Consider raising your deductible
- Keep up your good driving record
- Take a motorcycle safety driving course
- Invest in an anti-theft device
- Ask about the Friedle Insurance Agency multi-policy discounts
Is a “Lay-Up” Right for You?
How talented are you at lay-ups? It doesn’t matter – we’re not talking about basketball here. However, we are talking about how often you ride your bike. Are you a seasonal rider? If so, you can enjoy increased savings with a lay-up insurance policy. It might help take the sting out of being unable to enjoy riding your bike in the winter months…
There’s no need to fully insure your motorcycle if it’s stored for an extended period of time. With a lay-up insurance policy, all coverage except comprehensive is suspended for a specified period of time. Ask for more details about this more affordable seasonal coverage option.