Why Motorcycle Insurance is Important for Motorcyclists
Motorcyclists need motorcycle insurance just like drivers need auto insurance. Just because you’re on a motorcycle doesn’t mean you’re exempt from laws regarding insurance. Driving a motorcycle is dangerous, and there is a high rate of accidents among motorcyclists. So it’s true that motorcyclists need insurance.
The main reason to insure a motorcycle is to protect your investment. The average motorcycle usually costs $5,000 to $15,000. A specialty bike can cost even more than that. That’s a huge investment to put at risk by not having insurance. With coverage, your bike can have financial protection if any parts get lost, stolen or damaged. And after spending thousands of dollars on your bike, the last thing you want to spend money on is repairs. Motorcycle insurance protects an expensive investment.
There are various levels of coverage. Collision coverage covers damages caused by a collision with an automobile, another motorcycle or a person. Liability insurance covers injuries and property damage. And the motorcycle needs liability insurance in case of a lawsuit.
You must pay a monthly fee, but you usually have the option to increase or decrease the rates. Motorcyclists who are responsible with their riding and have few accidents are likely to get a good deal on insurance rates. Some insurance companies give motorcyclists discounts if they park their vehicles in garages.
Motorcycle insurance works like it does for any other vehicle. When an accident occurs, the first step is to file a claim. The claims adjuster reviews the details of the accident and decides how to proceed. If compensation is forthcoming, then the amount is calculated and awarded to the policyholder. Most of the damage is covered by the insurance company, but some costs are out of pocket.