There are various reasons you might consider becoming a motorcyclist. Some people simply love to ride, they enjoy the freedom of the open road and the thrill of the wind whipping them at accelerated speeds. Others ride as a part of social activity, grouping with others and exploring the nation. Still, others choose to ride a motorcycle just to get from one point to the other, to or from work, school, etc, in a more fuel-efficient manner. Regardless of the reason that you became a rider, being covered when riding your bike is immensely important.
Without the right motorcycle coverage, you would be sidelined for a variety of reasons, many of which —with the right coverage— could have been avoided or at least provisions be made to correct or fix. Let’s explore the essential coverage every rider should have and why it is crucial.
Read through this list to identify any areas in which you might not have enough or adequate coverage and learn why changing that as soon as possible is important:
Liability Coverage: Protect Yourself and Others
This covers the cost if you’re at fault in an accident causing injury or property damage to others. It also safeguards against potential lawsuits and significant financial loss. It might surprise you to learn that the average settlement for a motorcycle accident is an astounding $80,000. Keep in mind this number does not include the damage to the bike itself but instead addresses the common amount that is allotted for a personal injury settlement related to an accident. Of course, some settlements are much more, and others are less. However, the large scope of this number gives you an idea of the kind of debt you would owe if you find yourself at fault for an accident that ends up causing injury or property damage. Therefore, you want to make sure that your bike has liability coverage to protect you against this all-too-common issue.
Uninsured or Underinsured Motorist Coverage: Filling the Gap
Another important policy that all cyclists should carry includes underinsured or uninsured coverage. This type of policy protects you, the rider if you are hit by an underinsured driver or one that is without any coverage. It ensures that all your medical bills and damages are covered, even if the party at fault lacks sufficient insurance. According to numbers by MoneyGeek, in 2021, there were 28 million uninsured drivers throughout the nation. To put it another way, 1 in 8 drivers do not have auto insurance. This is to say nothing of those that had inadequate coverage that simply didn’t pay out enough. Therefore, when making the decision to hit the roadways, whether in a car or on a bike, it’s important to protect yourself against others on the roadways without coverage by getting an underinsured or uninsured policy.
Collision Coverage: Safeguarding Your Bike
This aspect of motorcycle coverage is designed to address the damage done to a bike. As part of this coverage, your motorcycle will be replaced or repaired after a collision with either another vehicle or an object. Having this coverage ensures that you are back on the road again as soon as possible without taking a huge financial hit. Your bike is your baby. You have saved for it, improved it, worked on it, and more. The last thing you want is something to happen to your beloved bike without having any way to fix it. Unlike a large vehicle, even a seemingly minor collision can cause extensive damage to your bike. So, this is a type of coverage that all cyclists should consider necessary as part of their basic coverage.
Comprehensive Coverage: Beyond Collisions
This coverage protects against non-collision issues. For example, natural disasters, fire, vandalism, and theft can all damage or ruin a motorcycle, all of which have nothing to do with a collision or accident. Comprehensive coverage provides peace of mind for various non-riding or non-road-related risks as they protect the bike itself against damage. Don’t think only about roadway accidents as a way your bike can become damaged. After all, in 2020, there were 46,467 motorcycles stolen, according to the FBI, and that is just one way— in addition to natural disasters— that your bike can become damaged, lost, or destroyed.
Personal Injury Protection (PIP): Covering Medical Expenses
Finally, PIP coverage will ensure that all medical bills are paid, that lost wages are paid, and that you are able to recover after an accident, no matter if the accident was your fault or another person's. This coverage means that you are taken care of throughout the recovery process and are able to get back on your feet, or back on the road, as soon as possible. This last type of coverage is no less important than the others, as riding a motorcycle can be dangerous and medical bills can really pile up as a result of such an accident.
Have Fun, but Stay Safe
Having the right motorcycle insurance is crucial for every rider. With the right coverage, you can ride confidently, knowing that you are protected on each and every journey you make. Therefore, whether riding is your hobby or just a way to get from point A to point B, make sure you stay safe, stay insured, and embrace the thrill of the ride, all with the right insurance to protect you! 