- Vehicle Insurance

Motorcycle Insurance

Motorcycle insurance is offered by both large insurance companies who provide a full range of insurance policies (including home, and auto) and also by specialized insurers who only offer motorcycle insurance. Policies are available for all types of motorcycles: cruisers, touring bikes, high performance bikes and scooters.

The purpose of motorcycle insurance is to give you financial protection in case of events such as accidents, theft, damage and injury associated with your motorcycle. If you are taking your motorcycle on the road, it is legally required that you insure it.

There is a wide range of coverage available, and the compulsory and optional elements vary between states. Collision coverage helps to pay for repairs or replacement of your motorcycle after an accident. If you are at fault in an accident and cause damage to others, liability coverage will pay for the damages, up to the limits set by your policy. If you have a passenger on your bike, then passenger liability coverage will protect you if they are injured. Uninsured/underinsured motorist coverage protects you for damage caused by drivers who are not insured or do not have sufficient insurance coverage. Medical payments coverage can help pay for necessary medical expenses caused by an accident. Some states also allow personal injury coverage which can protect against expenses resulting from an accident including: medical and hospital expenses, funeral expenses, child care expenses and loss of income. Not all claims are as a result of collisions. Comprehensive coverage helps protect you against damage to your motorcycle from other events, including: theft, vandalism, flood and wind. It is also possible to take out third party only coverage, which protects against claims for damage that you cause to another person’s vehicle or property, but not for damage to your own motorcycle.

Some insurers also offer additional coverage, usually for an additional premium, such as: breakdown coverage, added equipment coverage (for aftermarket items like custom seats, crash bars and saddlebags), rental reimbursement (to pay for the cost of renting a replacement vehicle), lease/loan gap coverage (for remaining payments on your lease or loan) and first accident waiver or no claims protection (to protect your no claims status for the first accident).

All coverage will be subject to limitations detailed in the insurance policy, so it is important to read the ‘fine print’. For example, some insurers will not insure modified bikes, and others may require that motorcycles be locked and stored between 10:00pm and 6:00am.

Rates will vary according to insurance company, type of motorcycle and usage and your place of residence. Many insurance companies will offer discounts if: you have a no claims record, are a mature rider, have taken or instructed a Motorcycle Safety Foundation or Military Safety course, transfer your motorcycle insurance from another insurance company, insure more than one motorcycle or have multiple insurance policies with that company.

When choosing an insurance company for your motorcycle insurance consider if they are financially stable and established, and their promptness and accuracy in settling claims.