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Motorcycle Insurance and Stolen Vehicles


Most states require owners to insure their motorcycles, although two states have no mandatory insurance laws for motorcycles. Whether required by law or not, motorcycle insurance is available to owners in every state. In states with mandatory insurance laws, the minimum requirement is for liability coverage for injuries or damage to other persons or their property. Comprehensive and collision coverage is optional. If your motorcycle is financed, however, you will probably need to maintain a policy with motorcycle insurance benefits that include comprehensive and collision coverage.

Like insurance for an automobile, comprehensive coverage for a motorcycle insures against a loss of the vehicle if it is stolen, as well as against damage caused by hazards such as fire or vandalism (generally, a loss or damage not related to a collision). By adding optional comprehensive coverage, an owner will increase the overall cost of insuring the vehicle, but the additional motorcycle insurance benefits may be worth every penny if the vehicle is lost due to theft. Knowing how to shop for comprehensive coverage with stolen vehicle benefits, however, can keep premium costs in an affordable range for most motorcycle owners. It can also make replacing a stolen vehicle much easier.

Stolen vehicle benefits under a comprehensive policy will generally pay you fair market value for your motorcycle if it is lost due to theft. Keep in mind that this amount is not necessarily the same as the replacement value or the cost of a new motorcycle. Also, under most comprehensive policies, you will have to pay a deductible before your insurance company makes payment on your stolen vehicle. Typical deductibles are in the range of $250 to $1,000.

One way to make comprehensive coverage more affordable is to agree to a higher deductible. You must not forget, however, that if your motorcycle is stolen, the fair market value that your insurance company will pay to you will be reduced by the amount of your policy's deductible. Moreover, if your motorcycle is financed and the insurance payment does not completely cover the remaining amount on your loan, you will be responsible to the finance company for the difference.

Another way to offset the additional costs for comprehensive insurance is to ask about discounts. Your insurance company may offer discounts for such things as a good driving record or passing a certified driving course. There may also be discounts available if you insure your motorcycle with the same company that insures your automobile or home. Any discount will lower your overall premium, making comprehensive coverage with stolen vehicle benefits more affordable. Although such coverage is optional in most cases, take the time to consider how important it might be.

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