Motorcycle Insurance Articles
What To Know About Adding Motorcycle Insurance Coverage
2011-01-16
Motorcycle insurance coverage differs across insurance companies. The extent of coverage needed is very individualistic and what suits one person may not be appropriate for another. If you already have motorcycle insurance here are some tips if you are thinking of adding coverage to your existing plan.
Liability Coverage
Liability coverage is the most basic coverage in any motorcycle insurance plan and it is mandatory to have this type of coverage irrespective of the plan you choose. Essentially this kind of coverage includes any injury or damage your bike would cause to other people or properties in an accident if you have been at fault. This kind of coverage does not include damages or injury to you or your bike. Certain policies provide motorcycle insurance coverage in the case of guest passengers but most of the time it is not a guaranteed coverage.
Other Forms of Coverage
While liability coverage is basic and often mandatory, there are other forms of coverage that are optional choices. These include underinsured collision and comprehensive coverage options. These represent additional choices for adding coverage to an existing motorcycle insurance plan. Collision insurance includes any damages to the motorcycle minus the deductible. This coverage is applicable even if you were at fault for the damages. Comprehensive coverage helps protect your motorcycle regarding any damages that are not accident-related. These include instances like theft, fire or any act of vandalism on the motorcycle. Underinsured coverage offers protection if you have suffered damages due to an accident caused by some other driver. This coverage would apply if this other driver has either inadequate or no insurance. Thus this coverage pays for damages loss of wages as well as medical expenses due to the fault of this other driver. In case the policy is inclusive of coverage for uninsured property then expenses towards the bike would also be paid for by the insurance company. Motorcycle insurance coverage exists in many different formats and the kind of coverage you require would depend on your budget affordability as well as extent of protection you are looking for.
Customized Policies
These days several insurance companies allow people the flexibility of adding coverage as and when they need it. This facilitates a more customized motorcycle insurance policy that will fit into your unique situation. The kind and extent of coverage would depend on the age of the individual motorcycle model and make budget constraints as well as the frequency of riding the bike. Many people make the mistake of opting for more coverage than what they really require. This can quickly add to the expenses. Only opt for coverage that your situation would require.