Being in any kind of road accident is a very traumatic experience for all parties involved. It’s another added level of stress when you are the at-fault driver. “At-fault driver” means that you have caused the accident and are responsible for the damage, not only to your vehicle, but also to the vehicle of the other person involved. Most drivers rely on their car insurance to take care of things after an accident happens, but what would you do if you own a motorcycle?
There is a difference between a motorcycle and car insurance. Generally speaking, motorcycle insurance costs less than its car insurance counterpart since motorcycles are more affordable. If you get into an accident and your vehicle needs to be replaced, it will cost your insurance company thousands of dollars to replace a four-wheeled vehicle (car, trucks, SUV); on the other hand, replacing your motorcycle would typically cost under $1000, unless you own a high end motorcycle. Motorcycle insurance also costs less because the damage you can cause to other vehicles and people is significantly reduced.
You must also remember that if you own both a car and a motorcycle, this doesn’t automatically mean that your motorcycle is covered by your auto insurance unless you add it to your policy.
Here are a few things to consider about your motorcycle insurance:
1. Liability insurance. – This covers you in the event that you are the “at-fault” driver in an accident. Liability insurance covers both property damage and bodily injury, meaning that you insurance will help pay for any damage you cause to a property or person in an accident.
2. Collision coverage. – This coverage will pay for the cost of your motorcycle’s repair in case you get into an accident, however, you may still need to pay for part of the expense because of your deductible. For example your deductible is $500 dollars; your insurance company will only pay for the cost exceeding $500. So if the repair of your motorcycle amounted to $2500, the insurance company will cover $2000 of it.
3. Comprehensive coverage. – This coverage will pay for damage to your motorcycle that is not the result of an accident. This means that if someone stole or vandalized your motorcycle, or if the damage was caused by a natural disaster, your motorcycle is still covered by insurance.
4. Underinsured/uninsured coverage. – This coverage will pay for damages in case the other driver you were in an accident with has no car insurance or doesn’t carry enough insurance to cover you in the event of a major accident.
5. Guest passenger liability. – This is specific to motorcycles. This covers bodily injury suffered by passengers on the back of the motorcycle when the accident occurred.
6. “Lay-up” policy. – Many insurance providers may have this policy where you can put your insurance and payment on hold during the winter season since you will not be able to ride your motorcycle in the snow.
Knowing about motorcycle insurance is an important part of owning a motorcycle. Before signing a motorcycle insurance policy, make sure to ask advice from a lawyer.
Contact Hogan Injury for help in your insurance policy.
None of the content on Hoganinjury.com is legal advice nor is it a replacement for advice from a certified lawyer. Please consult a legal professional for further information.