About Motorcycle Insurance

What is Motorcycle Insurance?

Do you ride a motorcycle? If so, you’re required by law to carry specialized insurance coverage. Motorcycle insurance, like car insurance, may protect against legal liability in the case of an accident or help you if your motorcycle is stolen or damaged. Depending on the level of coverage you choose, motorcycle insurance may pay for repairs to your motorcycle, injury costs, repairs to personal property, and more. Most often, these kinds of policies are also used for scooters, mopeds, golf carts, and most ATVs.


Aside from the typical kinds of coverage – Bodily Injury and Property Damage Liability, Medical Pay, Collision, etc. – many insurance providers also offer additional coverages, such as Total Loss Replacement (typically only applies to motorcycles purchased new), Accessory Coverage, and Roadside Assistance. The types of specialized motorcycle coverage that insurance companies offer varies from provider to provider.


What are the benefits of Motorcycle Insurance

Aside from the fact that motorcycle insurance is required by law in all fifty states, having a good policy in place can save you money and have you back on the road quickly if you have the misfortune of getting into an accident. For example, if you have a full coverage insurance policy (i.e., bodily injury and property damage liability, uninsured motorist, personal injury protection, and physical damage) and another driver hits you, you will be eligible for assistance with any medical bills you may incur. Likewise, your insurance company will be there to help you get the money the at-fault driver’s insurer owes you. Of course, if you are at fault in a collision, having extensive coverage can shield you from a great deal of liability.


Motorcycle Insurance Statistics

Motorcycles have always been popular with Americans. According to the Department of Transportation, in 2009 there were more than 8 million motorcycles registered in the US. Unfortunately, more motorcycles on the roadways has meant an increase in motorcycle accidents. In 2009, there were nearly 106,000 collisions involving motorcycles1. Many of these accidents involved serious injuries and even fatalities.


Theft is another concern for any motorcycle owner. In 2009, thieves took 13,688 Honda motorcycles, making the Japanese brand the most commonly stolen bike in America. Worse still, the recovery rate for stolen motorcycles is quite low, with only 25-30 percent of riders ever seeing their stolen bikes again. Though motorcycle theft has been on the decline over the last several years, having a good insurance policy can protect you if thieves get your bike.


Your Motorcycle Insurance

If you own a motorcycle or plan on buying one, you’ll need a motorcycle insurance policy. In addition to being legally required to have insurance, having a good policy can protect you and your investment.

There are many companies that provide motorcycle insurance. Be sure to carefully consider the kinds of coverage you need, weigh your options, and choose a policy that meets your needs – both in terms of coverage and price.