Everything to Know About Motorcycle Insurance

Whether you’re seeking intense adventure or simply looking for a way to get around town, nothing quite compares to driving a motorcycle. Just like with a car, you’ll need insurance if you want to protect yourself, your passengers and your investment. Just as you’d want the best auto insurance, you’ll want the best insurance for your bike. Stay covered worldwide with a Motorcycle Insurance policy.

Most states require motorcycle owners to have liability insurance. The lowest amount of liability insurance you must purchase for your motorcycle is the same as your state’s car insurance minimum requirements. Consider buying extra liability beyond your state’s minimum requirements to protect your assets in the event a lawsuit arises. Minimum liability limits might not be enough to cover legal expenses.

Uninsured/underinsured motorist coverage requirements vary by state, which covers injuries resulting from an accident caused by a driver who’s uninsured or who doesn’t have enough insurance. 

Coverage Options

Speak to a worldwide motorcycle insurance agent to understand your options and specific coverage needs. Typically, these are the types of coverage that you will be offered:

  • Liability – Offers protection against claims for property damage and bodily injury to a third party caused accidentally by you or a member of your household while operating your bike. (Only applies if the driver is legally responsible for the damage).
  • Medical – Provides payment for reasonable medical treatment for you or another insured person following a covered accident, regardless of who caused the accident.
  • Uninsured Motorists – Covers injury expenses incurred if you and/or your passengers is involved in an accident with an uninsured motorist.
  • Underinsured Motorists – Pays for your claims that follow an accident with another driver who is found legally responsible but does not carry enough insurance to cover your expenses. This generally applies to payments for bodily injury only, but property damage coverage is available in some states.
  • Collision – Pays for damage to your bike caused by accidental impact with another vehicle or object.
  • Comprehensive – Protects your bike from damages caused by any mishap other than a collision, including broken glass, fallen objects, fire, theft, flood, and vandalism.
  • Towing and labor – Pays your towing and labor charges each time your motorcycle becomes disabled.
  • Rental reimbursement – Covers rental car charges when your motorcycle is damaged by a covered comprehensive or collision claim.

Destroyed/ Stolen Bikes

Make sure you understand how your motorcycle policy pays out if your bike is destroyed or stolen. Types of settlements include: 

  • Actual cash value – Pays out the cash value of what your bike is worth, minus depreciation and your deductible.
  • Stated amount – Pays the amount you selected when you bought the policy.
  • Agreed value – Pays the amount you agreed on when you bought the policy. The amount remains fixed, and no deductible is taken from a claim check

About Moody Insurance Worldwide

Moody Insurance Worldwide, a division of Moody & Associates that was founded in 1914, is a leading provider of risk management programs and insurance coverage to individuals and businesses across the East Coast. We write all sizes of businesses, with technical expertise in many key industry areas, and provide personal insurance programs for estates and high net worth individuals. Our licensed, experienced commercial account managers can work with you to determine the coverage that you need at a competitive rate. Contact us today at (855) 868-0170 to learn more about what we can do for you.