In the past few years, motorbikes have become quite a popular sight on the road. For some, it is more of a luxury purchase than a necessity. For others, it is their mode of transportation. Regardless of the purpose and intention, it is imperative for bike riders to get motorcycle insurance coverage.
Due to the fact that motorbikes suit differing needs, its insurance coverage varies accordingly. The cost of insurance will be fixed based on the motorcycle, as well as other factors such as lender requirements, laws, limits of the policy, and coverages. The best way for you to make sure you get the best rates is by comparing the insurance coverage from different insurers. Click here to learn more about how you can get the lowest insurance rates.
When you purchase motorcycle insurance, you need to ensure your policy contains the below mentioned four coverages.
1. Collision Coverage
Generally, collision coverage is an obligatory requirement by insurers if the bike rider takes a loan to buy their motorbike. This coverage helps insure the motorbike in case if it is spoiled in a collision accident with other automobiles or even if the bike rider falls off his or her motorbike and it gets injured by an object or the road.
If the motorbike costs you more to insure as compared to its value in the market, you might not wish to spend your money on collision coverage. For this, you need to look for quotes from different companies offering collision coverage. It is recommended that motorcyclists keep comprehensive coverage to protect them against possibilities such as fire, vandalism, and theft.
2. Liability insurance
This insurance protects the bike rider if he or she is found in the wrong for an accident that resulted in the other person’s vehicle to get damaged, or the other person endures bodily injuries. It is the bike rider’s liability coverage that will help pay for the victim’s medical bills, damages and lost wages. It is important to note that the amount covered will only be paid according to the limits pre-decided on your policy.
3. Medical payments coverage
This is an optional insurance coverage that pays for essential medical treatment for the bike rider and for the passengers who are with the motorcyclist. However, there is a certain limit to the medical coverage.
Those who do not have health insurance, medical payment coverage can be extremely beneficial since it will cover their medical expenses.
4. Uninsured/underinsured coverage
This coverage delivers financial protection for the bike rider as well as the passengers travelling along. In case if the bike rider gets involved in a crash with an uninsured motorist, this uninsured/underinsured coverage will protect the bike rider. If you think there’s a fat chance a motorist can be uninsured, you’d be amazed to know that there are millions on the road driving uninsured. Underinsured coverage protects the bike rider against such drivers who do not have adequate liability limits to cover the damages of the bike rider.