How to Insure Your Motorcycle … and Yourself

Every state requires car insurance to protect people against unexpected costs. Most states require you to carry insurance on your motorcycle as well.

The National Highway Transportation Safety Administration reports that based on the number of miles driven, bikers have 37 times greater risk of dying than a person driving a car. [1] The rate of injury crashes has increased steadily since the late 1990’s and jumped to 93,000 injuries in 2012, a 15 percent increase over the previous year. [2] According to NHTSA … “This trend has been so pronounced that motorcycle fatalities have for all practical purposes offset the gain in lives saved resulting from higher seat belt use and improved passenger vehicle safety. Motorcycle rider fatalities now account for 11 percent of total fatalities, and dramatically affect the Nation’s overall highway fatality rate.”

You’re not only physically at risk when you ride your bike. You’re at tremendous financial risk if you aren’t properly insured.

Whether you’re shopping for a new bike and want to understand your insurance options … or looking for a better policy than you have on your existing bike, you’ll find answers here. Let’s review a few basic facts that can lead you to the best coverage for your motorcycle at the least cost.

·         Does my auto insurance cover my motorcycle?

·         Is motorcycle insurance required by law?

·         Options for protecting yourself and your bike.

·         What discounts are available?

Does My Auto Insurance Cover My Motorcycle?

No. Your bike and your car or truck are two separate vehicles. You auto policy does not give you any protection for your bike. Some auto policies can be amended with endorsements or riders that give you limited coverage, however they are seldom enough to give you adequate coverage.

Is Motorcycle Insurance Required by Law?

Most states require you to carry liability insurance that pays for injury to others and damage to their property. Florida is an exception, however according to state law (and as explained in the Florida Motorcycle Handbook) [3] you must be financially responsible for any crash where you are at fault.

Buying a liability insurance policy is the easiest way to meet financial responsibility laws. Riding your bike without insurance could result in losing your license; loss of your tag and registration; demands for restitution and civil lawsuits.

Options for Protecting Yourself and Your Bike

You’re more exposed to injury and damage when you’re driving on two wheels. Carrying insurance on your bike and yourself just makes sense. In addition to the liability policy that pays for damages and injury to others when you cause a crash, other forms of insurance give you additional protection.

Collision – Motorcycles are expensive. You may have paid as much for your bike as for your car. Perhaps you’re making monthly payments to the bank that financed your purchase. Collision insurance pays for repairs to your bike after a crash. Banks and others who finance motorcycle purchases usually require you to carry collision insurance.

General Asset Protection “GAP” Insurance – As the market value of your bike depreciates you may find yourself “upside down” on your loan. If your bike is totalled you may owe more than your collision insurance pays. GAP insurance pays that difference and saves you from having to make payments on a bike you no longer have.

Comprehensive – This covers losses not due to a highway crash such as theft, vandalism, wind and weather damage, fire, hitting an animal on the highway and more. Most even cover damage to your bike if another driver hits it while it’s parked.

Uninsured/Under-insured Motorist Coverage (UM/UIM) – If another driver crashes into you but doesn’t carry liability insurance to pay for your medical bills and damage to your bike – or if the other driver has no insurance – UM/UIM coverage takes care of your expenses. With the much higher likelihood of being injured when driving a bike, and nearly one-third of drivers being under-insured or uninsured, this coverage may be one of the most important coverages you can have. Motorcycle injuries often need long term recovery and medical care. Let your UM/UIM coverage pay the bills for you should you be in a serious crash.

Medical Payments – After a crash this coverage pays your medical expenses including ambulance service, hospital fees, dental, surgery and other costs. This coverage pays no matter who is at fault.

After Market Protection – You may have customized your bike and added expensive after-market upgrades not initially installed by the manufacturer. Perhaps you’ve paid for an elaborate custom paint job or added a side-car. This coverage protects your investment in those extras. Some policies provide up to $30,000 of protection.

What Discounts Are Available? [4]

Every insurance carrier offers a surprising array of discounts. Our Quoteasy insurance professionals represent many carriers and it’s our specialty to find the best array of discounts and coverages for your bike. We’ll begin with several common discounts listed below … then look for more that fit your situation.

·         Multi-policy discounts apply when you have your motorcycle and other properties insured by the same carrier.

·         Multi-vehicle discounts – including cars, trucks, motorcycles, ATV’s and boats – can often save five to eight percent on your premium.

·         Safety courses such as those offered by the Motorcycle Safety Foundation [5] can bring you discounts.

·         Joining a riding association, such as the Harley Davidson Owner’s Group, may give you as much as 10 percent off your policy.

·         Anti-theft discounts are frequently available for riders who have GPS trackers or similar equipment professionally installed. This alone can save up to 20 percent with some carriers.

Need More Help?

Call Quoteasy Insurance at 305-587-2410 or click to get help. We’re here to help with your motorcycle insurance needs and commit to finding the best policy and the greatest discounts available among our many carriers. Whether you’re driving a three-wheeled trike, a scooter, a Gold Wing, a Harley or anything in between, we’re here to help you get the protection you need.

Source

(1) http://www.nhtsa.gov/DOT/NHTSA/Communication%20&%20Consumer%20Information/Articles/Associated%20Files/810887.pdf (2) http://www-nrd.nhtsa.dot.gov/Pubs/811856.pdf (3) http://www.flhsmv.gov/handbooks/EnglishMotorcycleHandbook.pdf (4) http://www.nationwide.com/motorcycle-insurance-discounts.jsp (5) http://online2.msf-usa.org/msf/Default.aspx#&panel1-2