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Basics of Motorcycle Insurance
Motor cycles have a higher rate of accidents than cars. This is because many car drivers cannot see the smaller vehicles in the traffic stream.
The motor cycle is a big investment, one that is worth protecting. A smart insurance decision will protect you and your motorcycle. But choosing the right insurance policy for the bike is most important, which fits your lifestyle and budget.
. The insurance premiums are based on type of motorcycle,
driving history, age and location. Shop around for the best
rates for your policy. The key to find out which coverage
is best for you is to learn about all of the available options.
A majority of states in the US require you to carry a minimum
amount of liability coverage. All other types of coverage
are optional.
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In US most states require motorcyclists to carry a minimum amount of liability insurance in case of third party injuries. Liability insurance protects you if you injure, kill or damage property. Liability insurance also covers bodily injury and property damage caused to other people involved in an accident. However, it does not cover you and the motor cycle, but gives protection from a lawsuit. Check with the insurance company if it provides Guest Passenger Liability, which provides protection in the event of a passenger injury on the motorcycle.
Collision coverage is optional. Collision coverage pays for the damage of your motorcycle when there is an accident or collision. The collision coverage covers the costs to repair or replace your motorcycle, regardless of who is at fault. You choose a deductible, and once the deductible is met, the insurance company pays for the damages. Collision insurance covers the book value of the motorcycle before the loss occurred.
Comprehensive coverage pays for damages caused by theft, fire or vandalism. And it only covers the book value of the motorcycle.
The uninsured motorist coverage protects carriers who are injured by people who do not have insurance. If the uninsured motorist coverage includes property damage, then motorcycle would be covered- covering for damage to your motorcycle caused by someone who does not have insurance. Check with your insurance to see if property damage is included or needs to be purchased separately.
Underinsured motorist coverage covers your damages if you
are hit by someone who doesn't’t have enough insurance
to cover for all of your damages. This insurance is designed
to cover the gap between the other person’s liability
limits and the amount of your injury expenses.
Medical payments coverage pays for the cost of medical care
as a result of a motorcycle accident and can be used regardless
of who is at fault. This coverage is often limited. Check
with the insurance company for specific dollar amount and
the number of years they will cover after the accident.
Additional insurance coverage like Custom Parts and equipment and Roadside assistance are available for extra money. The other ways to get 10 to 15 percent discounts are to complete graduate training courses.