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Motorcycle Insurance

Be Informed on Motorcycle Insurance

This type of insurance protection, which is not too different from typical car insurance, has two aspects: One offers financial protection should you, the motorcyclist, be involved in some kind of an accident. It will pay out for your costs if you’re injured and also compensate for any property damage for which you are deemed at fault. The second part safeguards your bike should an accident occur, regardless of fault or with theft or vandalism. Depending on the type of coverage purchased, the insurance company will pay for the total or partial amount of the damages sustained.

Remember that one’s normal auto insurance coverage will not apply to a motorcycle. Many falsely believe that their motorcycle will be covered under their existing auto insurance plan and this wrong as one needs a separate plan for his or her motorbike.

This type of insurance protection is tailored for owners of motorcycles. All who own and ride a motorcycle are well-served and, often, required to carry this type of insurance to cover themselves, their motorcycle and others too.

The first type of coverage for motorcycles, known as liability coverage, protects the policyholder should he or she be found responsible for an accident. In such a case, liability pays for damages to another individual (physical, bodily damage) or property (such as to the other vehicle or another’s property, like a mailbox for example, if the motorcyclist is deemed responsible.

The second kind is collision coverage. This type of protection pays out to cover the costs of repair or replacement of the motorcycle, regardless of fault. Should even the other driver be determined to be at fault, the insurance provider will normally still pay to replace or repair the covered bike to get you back on the road fast.

The third type of coverage is comprehensive. This is what pays a policyholder for losses to a motorcycle that fall outside the boundaries of a road accident. This would include such things as vandalism, theft, severe weather and other forms of naturally destructive events. (This coverage is often a requirement if one has a loan out on his or her bike.)

Arguably the biggest benefit to purchasing good motorcycle insurance is the relief in knowing that you are fully financially protected. This coverage protects you, your motorbike and even other people should the unexpected happen. Not carrying this coverage means that you are more vulnerable and, should the worst-case scenario occur, you can be on the hook for many out-of-pocket expenses. And, this coverage is relatively inexpensive and most insurance companies will allow the policyholder to pay premiums monthly, bi-annually or yearly.