Motorcycle Insurance Articles
Types Of Motorcycle Coverage That Become More Expensive After Accidents
2010-11-23
Insurance is a necessity for all vehicles, whether you drive an SUV, van, pickup truck, compact car or motorcycle. Motorcycle insurance coverage is similar in many ways to other vehicle insurance, but it is also unique in its own way. There are different types of motorcycle insurance that are mandatory and some are optional coverages that some people choose to add and others decline to buy.
Liability insurance is a must for all motorcycles in most states. This coverage will protect the driver against any financial costs that can be incurred as a result of injuries or property damages sustained by a third party if the accident is deemed to be the driver's fault. Any other driver, passenger, or pedestrian who is injured can sue the responsible driver for medical expenses or funeral expenses. Personal injury protection, or PIP, will also cover medical and funeral expenses as well as loss of wages due to injuries sustained in an accident.
Physical damage coverages for motorcycles are usually optional, unless the motorcycle is being financed or leased through a financial institution or other lending company. This is because the company that loans the money would like to recover their finds should a motorcycle be involved in a collision and deemed a total loss.
The above types of motorcycle insurance coverage are more expensive than if you were to purchase a larger car or truck. This is due in part to the size of the motorcycle and the likelihood of the driver being injured in a crash. If a motorcycle and a car were involved in a motor vehicle collision together, the driver of the motorcycle would likely be injured more seriously than the occupants of the car. This is because the motorcycle driver has substantially less protection. The same applies for the motorcycle itself. A motorcycle will likely suffer more physical damages than a van or SUV. In most cases, if a motorcycle has been involved in an accident and the damages far outweigh the actual value of the motorcycle, then it will be deemed to be a total loss.
Once a motorcycle owner has been in an accident that they are responsible for, their motorcycle premiums will likely increase. This is due to the individual's driving record as well as the claim that the insurance company had to pay out.
If you are looking to purchase a new motorcycle and are shopping around for motorcycle insurance coverage, make sure that you compare several different quotes. Also, ensure that you fully understand how insurance companies determine premiums for motorcycles. This knowledge can greatly affect your decision to purchase certain types of motorcycle insurance.