Motorcycle Insurance: Four Kinds You Do Not Want To Be Without
Written by Nancy Hardy on July 30th, 2009
There are lots of different types of coverage insurance for motorcycles available for motorcycle riders and owners. The four main kinds of coverage are what we will be focusing on in this article. These four main types of insurance are: under insured coverage, uninsured coverage, motorcycle collision coverage and bodily injury liability coverage.
1. Under Insured Motorcycle Insurance Coverage:
Under insured motorcycle insurance coverage will pay for your expenses if the other rider party is at fault and the other party does not have sufficient insurance to cover the costs of the claim.
We suggest that every rider carries at least $100,000 per person or under insured coverage and $300,000 per accident. This is shown in the example that a rider has 100/300 under insured insurance coverage.
2. Uninsured Motorcycle Rider Coverage:
Having to cover the expenses of a completely uninsured rider is even worse than having to do so for an under insured rider. At least the under insured person did had some insurance. In the case of the uninsured, this person who caused the wreck had no insurance at all and most likely they have nothing that would make then a viable target for legal action.
This is why we highly recommend that you purchase uninsured motorcycle coverage. Insurance providers have different types of exclusions for this type of coverage so we recommend you talk with each potential provider individually to see what they cover.
3. Bodily Injury Insurance Coverage:
Bodily injury insurance is a required type of insurance in most states. This is the insurance that pays for injuries to others when the accident is your fault. It covers both bodily damage and property damage. The higher your bodily injury insurance is the better.
This type of insurance is organized in a 15/30/10 manner. This means that $15,000 can be paid out per person with not more than $30,000 per accident; the final number is the amount of property damage that will be paid out. In this case it is $10,000.
4. Collision Coverage:
This type of coverage covers the expense to you to repair or replace your motorcycle in the even that it is either damaged in an accident or stolen. In the case of collision coverage it usually does not matter who is at fault.
To collect on a claim for collision coverage it is necessary first for you to pay the deductible on your coverage. The higher your deductible is the lower will be your monthly payments and the lower your deductible the higher your monthly payments so choose your deductible carefully.
Final Conclusion:
Fining the proper motorcycle insurance for you can be a difficult process. We suggest that you take your time in looking. Get multiple quotes from the various companies and make sure when you are price checking, that you are comparing similar types of services from each provider.
Tags: Car Insurance, Finance, Home, Home and Family, Home Insurance, Insurance, Motorcycle Insurance, motorcycles
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