Important Motorcycle Coverage

FCIS Insurance Insurance & Claims, Recreation

It’s almost summertime and that means it’s time to get out some of our favorite toys, including motorcycles. Although motorcycle insurance is not required in all 50 states, it is a good idea to still have it to protect yourself financially. Motorcycle insurance protects you in case of an accident, theft, or damage to your bike. Here are some of the important motorcycle coverage options to consider when choosing what insurance will fit your needs and your wallet.

Liability Insurance. This type of insurance protects you if there is an accident, you are found at fault, and someone else’s property has been damaged or someone else has been injured. It will pay for medical bills, lost wages, and damages for someone else, but not you. 

Uninsured / Underinsured (UM/UIM) Coverage. This helps when in an accident with someone who doesn’t have insurance or doesn’t have adequate insurance. This coverage will pay for damages to you and your property caused by the other driver and will also typically pay for medical treatment and lost wages. 

Collision Coverage. This is often mandatory if you have a loan for your motorcycle as it covers bike damage from a collision with another vehicle or if you fall off your bike and it gets damaged by the road or another object. Your insurance company will pay for damages minus the deductible. 

Medical Payments Coverage (MedPay). This type of insurance is super important if you do not have health insurance or if you have a high-deductible health plan. It will pay for medical bills for you and your passenger when injured in an accident but doesn’t pay for lost wages or other costs. 

Comprehensive Coverage. This is what covers your bike if it is stolen or damaged in any way (fire or vandalism) other than through an accident with another vehicle. The insurance company will pay for damages minus your deductible.

Typical Add-On Options to Policies

  • Coverage for customized parts, gear, and accessories. Part of the appeal to owning a motorcycle is the ability to customize it, which can cost a lot of money and we would hate to see you lose by not having it insured properly. Check out The Top 10 Custom Motorcycles of 2019.
  • Roadside assistance, including towing and labor wage done at the site of a breakdown. 
  • Trip interruption coverage which pays for lodging, transportation, and food if your bike is damaged during a collision when you are far from home. 
  • Accessory coverage for your helmets, saddlebags, and other upgrades to your bike.

Ways to Save on Motorcycle Insurance

  • Maintain a clean driving record
  • Take a motorcycle training course, especially if under the age of 25
  • Belong to a motorcycle club or association
  • Insure more than one motorcycle with the same insurer
  • Have another policy for home or auto with the same insurance company
  • Ask for mature rider discount if over the age of 55
  • Utilize “lay-up periods” if you live in the northern United States and can’t ride your bike in the winter months
  • Purchase a bike that is older with a low value or a bike with a small engine, typically 600cc or lower

We offer many of the add-on options and give discounts for being a homeowner, taking safety classes, or being a member of motorcycle associations. So if you are looking to insure your bike before taking it out this season, contact us today.