Many people talk about motorcycle insurance, but they don’t really understand what it means. This article will attempt to make things more clear.
What is Motorcycle Insurance?
In most cases, motorcycle insurance refers to basic liability coverage. Additional coverage is a good idea, but liability insurance is just enough to handle most problems. You will have enough to cover repairs to the other driver’s vehicle in the event you are at fault for an accident.
Who Needs It?
Motorcycle insurance is mandatory for anyone who drives a motorcycle. The law requires all motorcycle drivers to at least have liability insurance, or risk losing their license. People without this insurance run the risk of having their license revoked, the bike seized or facing jail time.
Motorcycle insurance provides the policyholder with money for repairs and medical bills for another person, that is, if the policyholder is the cause of the accident. If the policyholder has additional coverage, then the insurance might pay the cost of repairs to the policyholder’s bike, or paying for expenses if the at-fault driver does not have insurance.
Liability is basic coverage. All motorcyclists should at least have this type of coverage. It provides for repair costs and medical bills of the other person so the policyholder doesn’t have to pay. Collision insurance is good to have as well, as it covers the policyholder’ vehicle in the event of an accident. It pays for the cost of repairs or replacement. Another option is comprehensive coverage, which covers the bike in the event of non-accident related damages, such as a garage fire. Uninsured motorist coverage comes into play when the policyholder has a collision with a driver who does not have insurance.
Motorcycle insurance allows the policyholder to legally ride their motorcycle. It also protects the policyholder from financial ruin in the event of an accident. With insurance helping pay the costs of repair, the policyholder will not suffer financially.