Motorcycle insurance is required by state laws. At the very least, they require motorcycle owners to buy a minimum amount of liability coverage. Motorcycle owners have two choices for insuring their bikes: adding a “miscellaneous type vehicle endorsement” to their auto policy, or buying a standalone motorcycle policy.We generally recommend a standalone motorcycle insurance policy because the miscellaneous type vehicle endorsement has several limitations. Unlike your personal auto policy, it does not cover you for liability for non-owned motorcycles, so if you take a friend’s motorcycle for a spin, you won’t have coverage. It also typically covers only the actual cash value of your bike, or the original price, less depreciation. If you have a rare or collectible bike, a customized bike or one with many add-ons, the endorsement is unlikely to provide enough coverage.
For many people, specialized standalone motorcycle insurance offers the best coverage. Its liability coverage applies in more situations and it provides better coverage for the damage or theft of a valuable or customized bike. When it comes to property damage claims, with some specialized motorcycle policies, you can get “agreed value coverage,” where you and the insurer set a price for the motorcycle when you buy the policy. If it is stolen or totally damaged, the policy will pay you this agreed amount, less any depreciation of tires, batteries, and engine parts. In addition to these standard liability and property features, here are some important additional coverages found in motorcycle insurance policies:
- Uninsured/Underinsured Motorists (UM/UIM): To protect you if you’re involved in an accident and the other driver is at fault but has no insurance or is underinsured and is legally liable but can’t pay your losses, such as medical care and lost wages.
- Medical Payments: Pays for medical care you require after an accident regardless of who was at fault. The limits provided are usually between $5000 and $25,000 and may be available only after other insurance has been applied.
- Customized Parts: Some policies provide additional limits to purchase customized parts not covered in the basic insurance agreement.
- Roadside Assistance: If your bike breaks down, it will be towed to the nearest repair shop. The cost of necessary labor at the breakdown site is usually also covered.
We provide insurance for many kinds of ATVs and bikes, including cruisers, limited production cruisers, street sports, high performance, touring, sport touring, mopeds, scooters, and trikes. We even offer motorcycle insurance for older bike models. Whatever your motorcycle insurance needs are, we can find the right policy for you.