Virtually every rider knows that protecting their new motorcycle is a wise move. These days, some type of insurance policies are required in most countries for two-wheeled motorized vehicles — but how does one choose the right policy?
While requirements may vary, there are a few key questions and fast facts YOU should consider if you’re looking into investing in coverage.
Motorcycle Insurance: Top Questions to Ask Brokers
The first step in getting a great motorcycle insurance plan, is knowing what’s included in one! Here are some top questions to ask your broker (or look for if you’re shopping online).
- Is theft of the vehicle covered?
- Is there an increased charge for storing the vehicle outside at night?
- Are modifications or gear costs included in the coverage, and if so, how much?
- Are personal injuries in the event of an accident covered, and if so, how much?
- Can you get a discount for things like taking classes, riding without incidents, or having an onboard camera like Ride Vision 1?
Motorcycle Insurance: Types of Coverage
While types of coverage can vary from region to region, there are a few main terms that you’ll most likely see, and want to be familiar with while you’re shopping:
Third-party, “liability” coverage: Third-party policies are designed to only compensate the other parties involved in an accident or collision. This means you will not be assisted with the costs of damage to your vehicle, or the cost of medical treatments for injuries you might have sustained.
Fire & theft coverage: Unfortunately motorcycle theft is a common occurrence, and a big problem all over the world. This type of insurance is designed to cover the cost of your motorcycle if it is stolen, or somehow damaged in a fire.
No-fault, or “Personal Injury Protection, (PIP)” coverage: This type of insurance helps to pay for the cost of any medical expenses you may have as a result of an accident. Unlike liability coverage, this type of plan typically pays out whether you are “at fault” for the incident or not.
Comprehensive, or “accident” coverage: Fully comprehensive typically offers total incident coverage for a motorcyclist. Depending on the insurance broker, this can include free legal cover, medical bills, repair costs, and even a courtesy bike if yours is in for repairs. The higher price of comprehensive coverage can be intimidating, but the potential for money to be saved in the event of an incident is enormous.
Check Your Requirements
When it comes to motorcycle insurance, it might be tempting to take out the cheapest policy possible! However, this may not be the best choice to protect yourself, your passengers, or your motorcycle.
For example, in German, Austria, Switzerland, and India— only third-party or “liability” insurance is legally required. And while the majority of the states in the U.S. require some type of insurance, most are at minimal levels. This means if you don’t opt for additional coverage or a comprehensive plan, you could be stuck with costly repairs or medical bills.
And there you have it! A quick and easy general guide to exploring motorcycle insurance. While the task might seem intimidating at first, brushing up on your knowledge and knowing what to look for is a great place to start.
While motorcycle insurance can seem like a costly investment, it’s one that’s sure to pay off not only in protection, but peace of mind as well. Check with your broker or local insurance regulations to see if there is any way you can reduce the cost of coverage. Many brokers will provide price breaks for a history of safe riding, taking riding safety classes, or even installing an onboard camera system like Ride Vision.
Stay safe out there!
