Motorcycle Insurance Articles
What To Know About Legally Required Motorcycle Insurance
2011-03-29
Like any vehicle on the road, most states require motorcycles to carry insurance. Coverage for a motorcycle is necessary because they are easy to damage and are just as expensive to repair as automobiles. Motorcycle accidents are more likely to result in injuries and thorough coverage is often recommended for motorcyclists. The good news is that motorcycle insurance quotes are often lower than the cost of automobile insurance. By understanding basic insurance requirements and keeping a few motorcycle insurance tips in mind, it is possible to find a policy that keeps an individual protected.
How Motorcycle Insurance Works
Many states require motorcyclists to prove they have the ability to pay for the damages caused by an accident. Motorcyclists can satisfy this requirement by posting a surety bond or by purchasing insurance. A bond consists of a lump payment that is made up-front. Funds can be withdrawn from the bond to cover expenses after an accident. However, the purchase of insurance can also demonstrate the ability to pay for medical bills and property damage. Many motorcyclists opt for insurance because surety bonds require them to pay a large sum of money in advance. Insurance allows drivers to make smaller payments through premiums.
Motorcycle Coverage Requirements
While most states require some form of motorcycle insurance, the minimum levels of coverage vary from state to state. However, nearly every state requires motorcyclists to carry liability insurance. This type of insurance provides coverage for medical care and property damage caused by accidents. Liability insurance generally covers bodily injuries and property damage of the victim of the accident, not the driver. States that have no-fault laws often require personal injury protection as well. This covers the medical costs of the driver in case of an accident.
Because the minimum coverage rarely covers all of the costs associated with an accident, most drivers decide to purchase additional plans. The supplemental insurance plans that are most popular include comprehensive coverage, collision coverage, and medical coverage.
Tips on Motorcycle Insurance Rates
On average, liability insurance for a motorcycle costs between $100 and $400 per year. The monthly premiums payments for motorcycle insurance plans are typically lower than car insurance payments. However, insurance companies use similar criteria to determine auto and motorcycle insurance quotes. The value of the bike, the individual's age, and the area lived in will factor into the price one will pay for insurance. As a general rule of thumb, drivers who are eligible for low car insurance rates also qualify for low motorcycle rates.
Most states require an insurance plan that will cover damages caused by the motorcyclists. Motorcycle insurance tips will help individuals find an affordable plan that covers them and their bike.