MOTORCYCLE Insurance Policy
Believe it or not, there are many out there who don't know what motorbike insurance is. Do a search for motorbike insurance on Google, and you'll come up with this article from Trusted Choice Insurance that explains it in great detail. According to that article, motorcycle insurance is a type of insurance that provides financial protection against accidents, loss, theft or damage (or sometimes all of the above) as it relates to motorcycles. So in a nutshell, if your motorcycle is ever involved in a traffic accident, lost, stolen or otherwise damaged, your insurance policy will cover the cost of repairing or replacing your motorcycle.
Who Can Benefit From Motorbike Insurance?
Everyone who owns a motorcycle can benefit from motorbike insurance, even if they don't ever use it, and in most states, it's even a requirement that motorcycle riders carry some type of motorbike insurance, though the minimum coverage required varies by state. In fact, according to a 2009 article from insure.com, there are only three states that don't require motorbike insurance - Montana, Florida and Washington.
How Motorbike Insurance Works
Motorbike insurance works much like car insurance. There are different types of motorbike insurance, and each type of insurance covers against different things such as bodily injury (bodily injury liability coverage), damage to other peoples' property (personal property liability coverage), up to a certain amount. For example, if you have a $40,000 motorbike liability policy, you're covered for damage to up to $40,000 worth of damage done to other peoples' property, which can reduce your out-of-pocket expenses. Of course, you'll still have to pay for any damage done beyond that $40,000 policy out of your own pocket, so you might want to consider a bigger policy if you can fit it into your budget, but it does help in smaller accidents.
Types of Coverage
As I mentioned before, there are different types of motorbike insurance coverage in existence. Please be advised that these are separate types of coverage, and typically are not covered by any single policy unless you're willing to spend a bit more per month in premiums. Here are just a few of the different types of policies and what they cover:
Bodily injury liability - This type of coverage will pay the medical bills of the other driver if you're at fault in an accident, up to a certain amount determined by the policy.
Personal property damage liability - If you're at fault in an accident, this type of coverage will pay up to a certain amount for the other driver's property damages.
Medical - This pays for medical procedures that are needed as a result of an accident.
Uninsured/underinsured motorist - If an uninsured or underinsured motorist is at fault in an accident, this type of protection will pay your medical bills, up to a certain amount determined in the policy.
What Are the Major Benefits of Motorbike Coverage?
Some of the benefits of motorbike coverage include:
Your out-of-pocket expenses are reduced or eliminated altogether
You stay out of jail
Some policies also insure ATVs or golf carts
You sometimes get a safe driving award check, which means extra spending money
As you can see, the benefits of having motorbike insurance can help save money in the long run in the event of an accident. While most motorists technically will not use their policy, it's useful to have just for the peace of mind the policy provides, and your insurance policy can save you from financial ruin if you do have an accident. Besides, would you rather pay a few hundred dollars a month on an insurance policy, or tens of thousands of dollars on someone else's medical bills and personal property?