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Riding a motorcycle can be thrilling, but there's more to it than the wind in your hair. Second only to wearing a helmet, carrying the right insurance is one of the best ways to protect yourself and your bike in the event of an accident.
Riding a motorcycle can be a thrilling way to travel from place to place, but there is more to it than the feel of the wind in your hair. If you are going to be riding your motorcycle, you need to have motorcycle insurance. Second only to wearing a helmet, carrying robust motorcycle insurance is one of the best ways to protect yourself and your bike in the event of an accident.
Do I need motorcycle insurance?
Everyone who rides a motorcycle needs to carry liability insurance. Whether or not the law in your state requires it, you need to carry insurance to protect yourself financially.
Motorcycle insurance is required by law in almost every state, with some states like Florida and Montana only encouraging you to carry a minimum amount of coverage. The state requirements for motorcycle insurance are often extremely low — some states require as little as $5,000 in property damage liability and $15,000 in bodily injury liability. Liability limits this low could leave you responsible for tens or even hundreds of thousands of dollars in damages if you are at fault for an accident, which is why Goosehead recommends carrying the highest limits available.
Typical Motorcycle Insurance Coverages
You can purchase many different coverages available for your motorcycle, including:
Full Coverage vs Liability Only Coverage For Motorcycles
Liability only coverage includes bodily injury and property damage liability, both of which pay for damages you cause to other people and their property. It is possible to cause significant damage, even on a motorcycle, which means it is important to carry levels of liability coverage that will protect you in a worst case scenario. What if you hit a Range Rover, or you cause an accident with a car that has three children in the back seat? You need to be prepared to pay for significant liability costs, which means choosing the highest level of liability coverage you can afford.
Full coverage includes liability insurance as well as comprehensive and collision coverage. These coverages will pay to repair or replace your motorcycle and any riding equipment and accessories that are damaged in the event of an accident, no matter who is at fault. This type of coverage is almost always required for people who have a loan on their motorcycle. Full coverage may also include roadside assistance or other benefits, depending on the details of the plan you choose. You can work with our experts at Goosehead Insurance to make sure your insurance includes the coverages best for you.
What States Require PIP or UM Motorcycle Coverage?
Each state has their own unique requirements when it comes to motorcycle insurance. Some states require motorcyclists to carry some amount of PIP coverage, while others require you to carry uninsured/underinsured motorist coverage. Some states require you to carry both coverages, while other states have no minimum coverage requirements for motorcyclists at all. Because regulations vary from state to state, it is important to keep up-to-date on the requirements for motorcyclists in your state.
Is it possible to get cheap motorcycle insurance?
While motorcycle insurance is typically cheaper than auto insurance, it can still be pricey, especially for sport bikes or young riders. Many companies offer a variety of discounts for motorcycle riders, including bundling discounts, responsible rider discounts, and pay in full discounts, all of which can help reduce your rates.
Article written by: Agent: James Bice
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