What About Motorcycle Insurance?
This type of insurance protection is not too different from normal car insurance and generally has two components: One is the offering of financial protection should the motorcyclist be involved in some type of an accident. It will pay out for costs due to being injured and also compensate for any property damage for which you are at fault. The second aspect protects the bike should an accident happen, regardless of fault, or in the event of theft or vandalism. Depending on the type of coverage one buys, the insurance company will compensate for total or partial damages sustained.
Keep in mind that one’s car insurance coverage will not apply to a motorcycle. Many wrongly believe that their motorbike is covered under an existing auto insurance plan but, in truth, one needs separate coverage for his or her motorbike.
Who Does It Help?
As is obvious, this kind of insurance coverage is tailored for motorcycle owners. Insurance for motorcycles is for all who own and ride a motorcycle; in some cases, riders will be mandated to carry this kind of insurance to cover themselves, their motorbike and others as well.
Kinds of Coverage
The first type of coverage for motorcycles, known as liability coverage, is what protects the policyholder should he or she be at fault for an accident. In such an instance, liability is what compensates for damages to another individual (physical and bodily damage) or property (like another’s vehicle or other property, such as a fence, should you, again, be responsible.
The second kind, known as collision coverage, is the kind that pays out to deal with the costs of repair or replacement of your motorcycle, regardless of fault. Should even the other driver be at fault, the insurance company will normally pay to replace or repair the policyholder’s bike to get him or her back on the road as soon as possible.
Finally, there’s comprehensive, which is what compensates a policyholder for losses to a motorcycle that are outside of a road accident. This includes vandalism, theft, severe weather and other forms of naturally destructive occurrences.
Arguably the biggest benefit to obtaining the best motorcycle insurance possible is the peace of mind in knowing that you are fully financially protected. Not having insurance means that you are more vulnerable and can leave you on the hook, out-of-pocket, for many costly expenses. Conveniently, most insurance companies will allow the policyholder to pay premiums monthly, bi-annually or yearly.