You’ve just purchased your first motorcycle. Congratulations! Now it’s time to focus on your motorcycle insurance policy. Whether you add it to your auto insurance, recreational vehicles insurance, or create a separate policy, you need to think long and hard as you make sure you are covered while on the road. Riding a motorcycle involves more risks than a car or truck. It’s best to be prepared for any situation.
Motorcycle Insurance: The Ins and Outs
If you own a motorcycle, your bike will need to be insured. That’s a simple fact of life. Riding without insurance can lead to major fines and financial ruin in the event of an accident. Bike insurance is protection for you in the event that you are in an accident or your bike is damaged in some other way, such as by nature or vandalism. Your insurance policy typically will cover injuries and property damage. You’ll also have liability coverage, providing compensation to any other parties who have been injured in a mishap. You can opt for specialized coverage as well. For example, you may include collision, comprehensive, replacement in the event of a total loss, coverage for theft, coverage for your accessories, transport trailer coverage should something happen to your motorcycle during transportation, and roadside assistance.
How Motorcycle Insurance Works
Once you have purchased your motorcycle, you’ll need to notify your insurance broker and provide important information, such as the vehicle identification number. You’ll decide on the best coverage to suit your needs, considering the amount of your deductible as well. If misfortune should strike, whether a tree limb falls on your bike or you’ve been in an accident, you’ll need to file a claim. The insurance adjustor will evaluate the extent of the damages and expenses. From that point, a check will be issued by your insurance company for compensation. Your deductible will be subtracted from your check.