Before you get your motor running and get out on the road, make sure you have the right motorcycle insurance coverage.
Forty-nine states require bikers to buy liability motorcycle insurance (yes, Virginia is included).
If you took out a loan to pay for your motorcycle, your lender may also require comprehensive and collision coverage.
You should also consider medical payments coverage, especially if you don’t have health insurance. Medical payments will cover the costs of treating you and any passenger on your motorcycle, even if the accident is your fault.
Be aware of this important stipulation: If you’ve added custom parts, you’ll need to purchase extra coverage to have them fully insured.
Motorcycles can be insured as either an endorsement on an existing policy or a stand-alone policy.
Stand-alone policies are generally a better option because endorsements to an auto policy generally don’t offer the specific coverage motorcyclists want and need.
Endorsements don’t always give insurance companies enough information to set accurate prices and that can limit their ability to offer competitive pricing.
An additional advantage is that when motorcycles are insured on stand-alone policies, extras can be added like custom parts, safety-riding apparel and extended coverage for custom-made motorcycles.
Insurance pricing looks at the model of motorcycle, climate (meaning where in the country you will be driving it primarily) and your personal driving record.
Let us help you determine if adding your motorcycle onto your existing policy or getting a stand-alone policy is best for you.
Insuring motorcycles can be expensive because of the high risk they pose. According to the National Highway Safety Administration, the fatality rate of motorcyclists is 6 times the rate of people in a car.
Uninsured motorist coverage is more expensive for a motorcycle than a car because if a person in a car is hit by an uninsured driver in another car, the occupants are protected by a steel cage.
If a motorcyclist is in an accident with an uninsured driver, injuries are generally much worse.
For those same reasons, medical payments coverage is also more expensive for a motorcycle than a car.
However, although there is increased risk with motorcycles, costs can be offset if you don’t ride your bike year-round.