You finally found the motorcycle for you and you’re ready to make the most of your time on the open road – and you won’t be alone. In fact, motorcycles have become more popular than ever in the U.S. with nearly 10.4 million American households owning a motorcycle – compared to 6.6 million households just 20 years ago.
And since motorcycles are made to suit different needs, the cost of motorcycle insurance varies according to your particular motorcycle, state laws, lender requirements, and the coverages and limits of your insurance policy.
We’ve addressed some frequently asked questions about motorcycle insurance to help you decide what coverage is best for you.
What does motorcycle insurance cover? A standard motorcycle insurance policy will cover some portion of the costs associated with damage to your bike. It will also provide compensation in the event that you cause harm to another person or their property or incur legal fees to pay for an accident. Here are some common motorcycle coverages:
Medical Payments Coverage: Medical payments coverage generally pays for medical costs if you or your passenger are injured in a motorcycle accident, regardless of who is found at fault.
Personal Injury Protection (PIP) Coverage: Motorcycle personal injury protection (PIP) coverage will pay a percentage of your medical bills and lost wages as defined by the terms of your policy.
Property Damage Liability Coverage: Property damage liability coverage protects you if you damage someone else’s property with your motorcycle. However, it covers property only; bodily injury coverage is usually covered by bodily injury liability coverage.
Bodily Injury (BI) Liability Coverage: Bodily injury (BI) liability coverage covers medical expenses, lost wages, and pain and suffering caused to other parties after a motorcycle-related accident, including injuries sustained by passengers.
How much motorcycle insurance do I need? When choosing what you want your motorcycle insurance to cover, find a balance between protecting yourself and what you can afford. The amount of motorcycle insurance that you need depends on the type of bike you own and how you plan to use it. For example, if you ride a bike capable of high speeds such as a racing bike, dirt bike or a supersport motorcycle, you may want to increase the amount of motorcycle liability insurance as well as your coverage for hospital and medical care. The minimum requirements for motorcycle insurance in Florida are as follows:
- $10,000 for one person for bodily injury liability;
- $20,000 for two or more people for bodily injury liability; and
- $10,000 per crash for property damage liability.
But Florida’s minimum motorcycle insurance requirements may not be enough – and that’s where additional coverages can help.
What kind of additional coverage should I consider?
Collision Coverage: Collision coverage will help to cover damage to your bike if you collide with another vehicle or object, like a tree. If you were to get into an accident, your insurance company would typically pay the cost to repair the damage, less any deductible.
Comprehensive Coverage: Comprehensive coverage will help to repair your bike when a mishap other than a collision takes place, such as fire, theft, vandalism and other similar scenarios.
Uninsured Motorists Coverage: Uninsured motorist coverage will help if you or your passengers are injured in a collision caused by a driver who has insufficient or no bodily injury liability insurance coverage.
If you have just purchased a motorcycle, or have owned one for a while and are reviewing your insurance options, you may have questions. Don’t wait until you’re in a scenario where you need insurance to make sure you have proper coverage. If you have been in a motorcycle accident, make sure you have an experienced motorcycle rider and attorney in your corner. Contact attorney John Castro anytime – day or night – for an experienced motorcycle attorney dedicated to ‘Representing Your Best Interests.’