What You Need to Know About Motorcycle Insurance
May is Motorcycle Safety Awareness Month. And while riding a motorcycle can be an exhilarating way to travel, it also comes with significant safety risks.
In recent years, motorcycles have become more popular than ever in the U.S., with 8.32 million registered motorcycles on the roads today.1 If you are among the millions who own and operate a motorcycle, you likely know all there is to know about which helmets to wear, which gas to use, the state of your tires, and the best roads and routes to take. But how much do you know when it comes to motorcycle insurance?
Like auto insurance, motorcycle insurance is required by law. But as the most vulnerable motorist on the road, motorcyclists need to pay careful attention to how much and which types of insurance will offer the greatest level of protection. The sad truth is, motorcyclists are four times more likely to be injured than drivers and passengers of other types of vehicles.
With that harsh reality in mind, here’s what you need to know about the various types of motorcycle insurance coverage:
Liability: Required by most states, liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident. Bodily injury liability typically covers expenses incurred by the other driver or your passengers, such as medical bills, lost wages, and pain and suffering. Property damage liability typically covers the costs to repair damage to other people’s property, including vehicles, homes, fences, etc.
Collision: As the name would suggest, collision insurance covers the damages to your motorcycle (usually the book value of the motorcycle before the loss occurred), less the deductible.
Comprehensive: This type of coverage reimburses you for non-collision-related damages, such as fire, theft, or vandalism. Similar to collision insurance, a comprehensive policy will pay for damages less your deductible, and will cover only the book value of the motorcycle.
Uninsured/underinsured motorist: Uninsured/underinsured motorist insurance coverage covers damages to you and your property that’s caused by another driver who is uninsured or underinsured. Covered costs include medical treatment, lost wages, and other damages.
Optional equipment coverage: Ideal for anyone with a customized motorcycle that includes optional equipment above and beyond factory-standard parts, optional equipment coverage will cover the difference between the equipment’s value and the standard equipment that replaces it.
Hanson & Ryan: Your Motorcycle Insurance Experts
At Hanson and Ryan, we know that your motorcycle is your pride and joy. That is why we offer comprehensive and affordable insurance plans designed to protect your motorcycle while you ride with peace of mind.
Get a motorcycle insurance quote here or contact us at https://www.hansonryan.com/contact/ for more information.
* https://www.statista.com/statistics/191002/number-of-registered-motorcycles-in-the-us-by-state/
** https://www.motorcyclelegalfoundation.com/motorcycle-accident-statistics/
