Motorcycle Insurance: Essential Coverage for Riders

Motorcycles aren’t like other vehicles. They come with their own uses and risks. That’s why there is motorcycle insurance, which is specifically designated for these types of vehicles. Here, you will see what type of coverage you can get for motorcycles, how the different types of motorcycle insurance work, policy costs, and ways to lower your rates.

What Types Of Motorcycle Insurance Coverage Can I Get From Secure Insurance Group?

Motorcycle insurance isn’t just a single policy. There are actually different policies you can get from Secure Insurance Group to account for the different facets of costs incurred following an accident or theft.

Motorcycle insurance policies include:

  • Personal injury protection – pays medical expenses for you and any passengers after getting involved in an accident
  • Collision – provides coverage for damages to your motorcycle
  • Liability – covers damages to the other driver’s vehicle, medical expenses for the other driver, and legal fees if you’re sued
  • Uninsured motorist – ensures you’ll be compensated for damages if you get involved in a collision with someone who doesn’t have insurance
  • Comprehensive – covers damages caused by events aside from collisions with other vehicles (e.g. storms, fire, and vandalism); also covers theft

There’s also insurance based on whether you only use your motorcycle during certain times of year. Those who live in colder states may choose to keep their motorcycles in storage during the winter. If you only use your motorcycle during part of the year, you should consider lay-up insurance. This will cover damages or theft if something happens to your motorcycle while it’s in storage during the lay-up period. However, if you wreck your motorcycle during the lay-up period, you won’t be covered for those damages.

What Should I Consider When Getting Coverage From Secure Insurance Group?

When you get motorcycle insurance from Secure Insurance Group, you should take the following into consideration when deciding on the amount of coverage you’ll need:

  • How often you ride your motorcycle
  • The expenses you want to cover
  • The type of compensation you want to receive

If you get a policy that includes a lay-up period, you can save money since the risk of filing an accident-related claim will be greatly reduced since you will only be using your motorcycle for certain times of year.

The expenses you want to cover affect your premiums. For the simplest, most basic and affordable coverage, you may just want coverage that meets your state’s minimum requirements for liability insurance. However, if you want an extra layer of financial protection, you’ll need to get other types of coverage and in higher amounts. This will cause premiums to be higher, but can give peace of mind.

How you’ll be compensated for damages to your vehicle will also impact your expenses. You can be compensated in the following ways:

  • Actual cash value – based on your motorcycle’s current market value and accounts for depreciation. This is the cheapest, but the compensation may be insufficient for paying for a replacement
  • Agreed value – this is a fixed disbursement amount. It is based on what you and your insurer agree your motorcycle is worth. This costs more, but it’s ideal for those who own more expensive motorcycles
  • Stated value – fixed amount you choose when you enroll in a policy

What Are Some Add-Ons To Consider?

You can get bonus coverage beyond what your policy offers, such as:

  • Roadside assistance – covers costs of vehicle towing and labor involved following an accident
  • Transport trailer – pays for damages to trailers attached the motorcycle, usually up to $7,500
  • Custom parts and accessories – additional compensation for parts added on to the motorcycle, allowing for a fairer reimbursement
  • Trip interruption – covers lodging and other temporary living expenses if your motorcycle accident occurs several miles away from your home

What Factors Influence How Much Motorcycle Insurance Costs?

Motorcycle insurance tends to be around $60 per month, but the exact amount you’ll pay for your policy will depend on certain factors, such as:

  • Your age – younger individuals pay more
  • Motorcycle riding experience – more experienced riders can enjoy lower rates
  • Credit score – those with bad credit will pay more due to the fact that bad credit scores are correlated with filing more claims
  • Motorcycle type – larger engines cost more to repair and replace, leading to higher rates of coverage; likewise, motorcycles engineered for faster performance cost more to insure due to a greater likelihood of accidents
  • Driving record – if you have a history of traffic violations, you can expect higher rates
  • Claims history – if you’ve had multiple accidents and insurance claims, your premiums will be higher
  • Location – you’ll pay more if you live in an area where accidents and theft occur more often
  • How much coverage you choose – the more coverage you opt for, the higher your insurance will be

How Can I Lower My Rates?

While there are certain aspects you can’t control when it comes to costs, there are some strategies you can use to ensure you get lower rates, including:

  • Maintaining a clean driving record
  • Bundling your policy with a different insurance policy from the same company
  • Taking a motorcycle safety course
  • Opting for a higher deductible
  • Getting coverage that strictly meets the bare-minimum insurance requirements set by your state

Some insurers offer other types of discounts as well. That’s why it is encouraged that you ask your insurer about other possible discounts you can get for your motorcycle insurance coverage. 

Find Your Motorcycle Insurance Policy Today

At Secure Insurance Group, we want you to be protected beyond the traditional safety measures. Anything can happen on the road, and we’re here to help you steer clear of any financial hardships that may follow after an accident. Get your coverage today by calling us at 877-871-732