Tips to Help You Choose the Best Motorcycle Insurance

Try out these suggestions to help you get the right motorcycle coverage.

If you own a motorcycle, then you know how perilous the open road can be.  This is why it’s so important to secure the right motorcycle insurance to fall back on.  Interested in getting coverage, but sure where to start?  Then try out these suggestions to help you secure the right coverage to meet all your needs.

Find Out Your State’s Coverage Limits

Almost every state requires motorcycle owners to carry liability insurance.  This type of insurance is designed to pay for others’ injuries or damages in the event that you cause an accident.  Generally, motorcycle liability coverage limits are the same as auto liability minimums.  However, you should consider securing coverage that extends past your state’s limits.  This will ensure that you have enough coverage to cover your legal costs and protect your personal assets in the event that an affected party decides to sue you.

In addition to liability insurance, some states also require motorcycle owners to carry uninsured/underinsured motorist coverage.  This type of coverage will help you address the injuries and damages caused by an uninsured driver or a driver who is not carrying enough insurance.  So, make sure you know your state’s insurance laws to ensure that you have the right coverage in place.

Choose Your Settlement Type

If your bike is completely destroyed or stolen, then your motorcycle insurance will reimburse you for your loss with a settlement.  However, you do have some settlement options to consider.  For instance:

  • Actual cash value– Pays out the value of your bike, adjusted for depreciation.
  • Stated amount– Pays out the set amount that you selected when you first purchased your policy.
  • Agreed value– Pays the amount that you and your insurer agreed on when you bought the policy. This amount is not adjusted for depreciation or your deductible amount.

Ask About Insurance Lay-Up Periods

Many insurers offer “lay-up” insurance during winter when many motorcycle owners store their bikes away.  During a lay-up period, your insurer will still offer coverage to protect against theft and other damage events.  However, they will pause your collision and liability coverage as you will not be riding your bike on the road.  This will save you money on your annual insurance costs, so ask if your insurer offers this option.

Try out these suggestions to secure the right motorcycle insurance.  Do you have more questions about your motorcycle coverage?  If so, then contact the experts at Robert J. Los Insurance Agency in Hamburg, New York today.