Anyone who owns a motorcycle and rides it on public roads needs to purchase insurance to ride legally. Virtually all states require at least a minimum level of liability coverage for property damage and bodily injuries suffered by others. If the motorcycle is financed, the lien holder usually requires full coverage to protect its financial interest in the bike. Full coverage when it comes to insurance for a motorcycle includes collision and comprehensive insurance that protects the bike and requires the owner to pay a deductible when filing a claim.
Type of Bike Affects Rates on Insurance for a Motorcycle
Insurance for a motorcycle could be very costly or very affordable. The factors that usually add up to high insurance costs are age and whether or not the motorcycle is a sport bike. A young rider has relatively little riding experience in traffic and is a higher risk for insurers to cover. Many young riders prefer sport bikes, which are very fast and have lots of costly bodywork. Insurers always charge high rates for young riders who choose costly bikes and are prone to riding accidents. Some large cruisers, like a Harley-Davidson bagger, also can cost quite a bit to insure for some riders.
Why Carry Uninsured/Underinsured Coverage
It always is a good idea for riders of all ages and experience levels to carry uninsured or underinsured motorists insurance for motorcycles. When a typical passenger vehicle strikes a motorcyclist, the biker usually takes the worst of the damage. After all, motorcycles do not have seat belts, air bags, or impact panels that absorb energy and help to prevent or reduce injuries in accidents. And their smaller size and weight ensure motorcycles and their riders take the worst of any collision with another vehicle.
When a motorist causes an accident that sends a motorcyclist to the emergency room, that motorist might not have enough liability insurance to cover the cost of medical treatment and property damage. And if an at-fault motorist either has no insurance or flees the scene and is not found in a hit-and-run, the cost falls upon the motorcyclist. Uninsured or underinsured motorists’ coverage will pay for those costs up to policy limits.
Coverage for Motorcycle Modifications
Many motorcycle owners love to modify their bikes. Many mount aftermarket exhausts, air intakes, and performance modules that enable their bikes to ride better. And handlebars, controls, and other modifications all cost money. Most insurers offer coverage for modifications that smart bikers use.