Motorcycle Insurance
Motorcycle insurance insures you and your motorcycle in many of the same ways that an automobile policy protects the driver. The most important considerations are whether or not you are going to be riding with a passenger, if there are after-market parts on your motorcycle, and where you keep your motorcycle garaged.
Many of the coverages are similar to an automobile insurance policy, such as:
Lease/Loan Gap Coverage – If you owe more on your motorcycle than it is worth and your bike is totaled in an accident, this coverage will keep you from losing your bike and owing money to the finance company. In most cases, this coverage can only be added to a new motorcycle (not a motorcycle purchased used) and having collision coverage on the motorcycle is required to keep the lease/loan gap coverage in effect.
Towing and Labor – If you are in an accident or even if your motorcycle breaks down, towing and labor coverage will get your motorcycle to the nearest repair shop.
Added or Optional Equipment – If you have a customized motorcycle or have added special or after-market parts or details to your motorcycle, this is what covers them in case of an accident or theft. Your basic motorcycle insurance policy covers the value of your bike as it was when you purchased it. After-market parts like handlebars, custom paint jobs, side cars, or a windshield require this coverage in order to be repaired or replaced by the insurance company in case of an accident or theft.
Bodily Injury Liability – This works the same way with a motorcycle as it does with a vehicle. The only difference is that with motorcycle insurance, liability coverage might be separate coverage. If you are going to have a passenger on your motorcycle, make sure they are covered in case of an accident.
There may be other specific motorcycle insurance policy coverages offered by your insurance company. You may find that your insurance company offers additional coverage for equipment you wear while riding your bike, such as helmet and gloves. Some policies also offer first-accident forgiveness. Ask your insurance agent for more information.
In states that have inclement weather in the winter, and the motorcycle will not be driven, it is still an annual policy and may not be canceled while the motorcycle is garaged. Whether you have a sport bike, trike conversion, or cruiser, there is an insurance policy out there that fits your specific motorcycle needs.
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