When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.
If you own a motorcycle, securing liability coverage is only the beginning. Safe and smart motorcycle owners understand that complete coverage entails much more. Whether this is your first time obtaining motorcycle insurance or you have only had liability coverage in the past, learn about some of the additional coverage options available.
Comprehensive Coverage
Damage to a motorcycle can arise in plenty of other ways outside of a vehicle accident. A tree could fall on a bike, someone could vandalize the bike, or even worse, a thief could steal the bike. Liability protection would not provide coverage in the event of either of these scenarios. Comprehensive coverage is necessary to protect your bike from any damage that results from a non-collision event.
Rental Reimbursement
If your motorcycle is your primary means of transportation, you would be without reliable transportation if you were involved in an accident and the bike needed repairs. Rental reimbursement is additional coverage you can include within your policy that allows you to rent a vehicle while your bike is inoperable. How much this reimbursement is and how long will depend on your policy specifics.
Gap Coverage
When a motorcycle is totaled, its assessed value does not always align with the loan's value. If you financed your motorcycle and still have a considerable balance, gap coverage would be applied to make up the difference between the assessed value of the motorcycle and the loan balance so that you can pay off the loan.
Transport Trailer Reimbursement
Motorcycle owners have the option to add transport trailer coverage to their policy. If, at the time of the accident, your motorcycle was inside of a trailer and both the bike and trailer were damaged, you could file a claim to help cover the losses for both. This coverage is very helpful if you are someone with an expensive transport trailer.
Uninsured or Underinsured Injury Coverage
If someone hits you and they do not have insurance or they do not have enough insurance, uninsured or underinsured injury coverage ensures that you do not have to come out of pocket to pay your medical expenses. Without this coverage, sadly, the accident victim would be found liable to pay their medical bills and would only be able to recoup payment for these bills by filing a lawsuit against the other party. This coverage add-on helps you avoid this process.
For more info, contact a local motorcycle insurance agency.
Share22 May 2023
