All motorcycles on the road are required by law to have motorcycle insurance. Motorcycle insurance protects a motorcycle and its owner in the event of a loss. The term motorcycle policy encompasses motorcycles, scooters, mopeds, snowmobiles, ATVs, and golf carts. A homeowner's policy never covers physical damage on a motorcycle; however, endorsements are available on some policies for ATV's and golf carts but you will have to check with your carrier to find out if it is available. Motorcycle insurance has your typical coverage plus it has some specialized coverage that you may not be familiar with.
Standard Motorcycle CoveragesAside from the standard set of coverage on motorcycle policies, companies often offer specialized coverage. Specialized coverage can really come in handy at the time of loss. Things you may not think of prior to a claim such as accessory coverage and trip interruption can be costly if you do not have the coverage included on your motorcycle policy.
Specialized Coverages- Total loss replacement
- Accessory coverage
- Transport trailer coverage
- Trip Interruption
- Roadside Assistance
- Rental vehicle coverage
Total loss replacement is usually only available on previously untitled motorcycles up to one model year old. Other motorcycles are insured for agreed value or actual cash value. A claim can be difficult enough, make sure you know how your motorcycle insurance policy reads so you are not surprised at the time of a loss.
Accessory coverage is important for those motorcycle enthusiasts who love to accessorize their bikes. A standard policy usually comes with $1000 to $3000 of coverage. With the high price of accessories, it is easy to go over that limit, make sure if you are customizing your bike to keep track of how much you invest in accessories.
Transport trailer coverage covers the trailer used to transport a motorcycle. The coverage is for a non- motorized trailer to be towed on public roads. Usually the coverage is capped at $10,000. Trip interruption coincides with roadside assistance. If you are 100 miles or more away from home and your bike breaks down, this coverage kicks in to provide relief. It covers lodging, alternative transportation, and food while your motorcycle is being repaired. Check your policy for limits of coverage.
Roadside assistance covers towing for a disabled motorcycle.
Rental vehicle coverage is typically automatically included on a motorcycle policy. As long as you have comprehensive and collision on your insured motorcycle, the coverage will extend to a rented bike under a rental agreement.
Specialized coverages are just that, specialized. Nothing is wrong with insuring just the bike and opting out of all the extras. Make what you want clear to your agent when purchasing the policy so you are not paying extra for all the bells and whistles, although several are often automatically included at no additional charge.
Since motorcycle insurance is mandatory, you had better take the time to understand what you are buying. Get your motorcycle insurance in place before taking the bike for a spin. If an accident ever does occur, you will know what to expect of your motorcycle insurance policy. The one feeling that is better than riding on the open road is riding on the open road with the peace of mind of proper insurance.
