Do warmer weather and rising fuel prices have you dreaming of a motorcycle or motorized scooter? Before you buy, check out the cost of the most essential piece of equipment for your two-wheeler: motorcycle insurance. Don’t leave the dealer’s lot or the driveway without it.
Motorcycle insurance works pretty much like auto or car insurance, with some exceptions.
Most notable is medical coverage. Some cheap motorcycle insurance policies may offer bare-bones medical coverage or no medical at all. If you own the bike outright, and depending on the state you live in, you may be legally required to carry only liability insurance – which covers damages to the other guy involved in an accident. But skipping medical coverage is not a smart place to economize on motorcycle insurance when even a 5 mph accident on a bike can land you in the ICU. You should also be aware that your liability coverage may not cover injuries to your passenger. Motorcycle insurance works pretty much like auto or car insurance, with some exceptions.
If you financed your motorcycle or own a very valuable vehicle, you’re going to need comprehensive and collision insurance to cover replacement of a wrecked or stolen bike. Either way, be sure your motorcycle insurance pays the cost to replace your bike if it’s wrecked rather than only paying depreciated value.
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