There’s no doubt about it: in the event of an accident, motorcycle insurance will help protect you from damage.
However, there are other reasons why motorcyclist insurance is important to have. Here are 11 of them:
1. Provides Personal Accident Insurance
If you are injured while riding your motorcycle, insurance will help pay medical bills and other costs. Any legal costs resulting from an accident will also be covered by your policy if you were not at fault for the accident
2. Gives Legal Protection
3. Covers Repair Costs for Damage While Riding Someone Else’s Motorcycle
If you have been riding someone else’s motorcycle and have been involved in an accident, insurance from your own bike can help with repair costs or the cost of replacing the motorcycle.
4. Provides Liability Coverage
Personal liability covers costs such as medical expenses and property damage arising from your motorcycle being involved in an accident that was not your fault. This type of coverage is important to have if you are considered at fault for an accident and ends up in a lawsuit against you.
5. Offers Uninsured/Underinsured Motorist Coverage
If you are injured in a motorcycle accident and the other party involved was not insured, uninsured/underinsured motorist coverage will help cover your costs. It is important to note that this type of insurance covers damage caused by a vehicle, so it is best to purchase this in addition to collision coverage.
6. Provides Replacement Coverage for Stolen Motorcycles
This coverage will help cover the costs of replacing your motorcycle if it is stolen. If you have this type of insurance, you can file a claim with your insurer and they will provide funds to purchase another bike of comparable value, customized to fit how you ride.
7. Pays for Costs Associated with Taking a Motorcycle Road Test
This type of coverage will pay the cost of taking a motorcycle road test if you need to do so in order to renew your license. If you live in another country, it may help cover the cost of requiring an M1 or M2 endorsement on your driver’s license.
8. Covers Costs for Riding in Another Motorcycle
This type of coverage will reimburse you for any costs associated with riding another motorcycle when yours is not currently operational. You can also purchase this insurance in case your bike needs to be towed following an accident.
9. Gives Coverage While Being Rented Out
If you’ve rented a motorcycle, your insurance will protect you for any damage done to the bike during a rental. This type of coverage may also cover injuries you sustain while operating the bike.
10. Protects You from Damage Caused by Riding on an Unpaved Road
If you use your motorcycle on unpaved roads, this type of insurance will help protect it from dirt and debris. This is an important type of coverage if you live in a rural area and commonly use unpaved roads.
11. Provides Additional Living Expenses Coverage for Rental Properties
If you rent your home, motorcycle insurance can help protect it from damage caused by renters who are insured under another policy. It will also cover any additional living expenses that may arise from lost wages if the property is not habitable following a covered incident.
When should I purchase motorcycle insurance?
It’s best to purchase motorcycle insurance before getting behind the wheel. Even if you’re planning to ride your bike for short distances or in low-risk situations, having this type of coverage could save you a significant amount of money down the road if something does happen.
What does comprehensive coverage protect you from?
Comprehensive coverage will help pay for damage to your motorcycle if it is stolen or vandalized, but it will also cover damages caused by natural disasters. This type of insurance may also reimburse you for the cost of repairing your bike after an accident that was not your fault.
What does uninsured/underinsured motorist coverage cover?
Uninsured/underinsured motorist coverage helps you recover damages if someone is responsible for causing an accident and they don’t have insurance, or their insurance doesn’t cover all of the costs associated with the accident. This type of policy can also help you pay for medical expenses if you are injured in an accident where another party’s insurance doesn’t cover all costs.
Does my state require me to purchase motorcycle insurance?
Because each state has different requirements regarding whether it’s mandatory for you to purchase motorcycle insurance, it’s best to review your state’s guidelines before purchasing a policy. If the guidelines aren’t clear or if your state doesn’t make any stipulations about whether you need this type of coverage, it may be worth speaking with an agent from a company like Goodall Insurance Agency.
To Wind Things Up
What do you think about motorcycle insurance? Do any of these 11 reasons resonate with your views on why it’s a good idea to invest in this coverage? Let us know in the comments below. We want to hear from you!