When Is It Worth It To Get Comprehensive Motorcycle Insurance?

When Is It Worth It To Get Comprehensive Motorcycle Insurance?
Like all insurance, motorcycle insurance is based on calculated risk, both from the insurer’s and the insured’s perspective. Thus, how much protection it’s worth it to you to buy depends on the likelihood and severity of particular types of covered losses, relative to the cost of coverage.
Sometimes, you may be better off simply finding ways to minimize your motorcycle insurance premiums as much as possible.

In other situations, however, it’s more worthwhile to invest in more coverage, despite the added cost. Here are 3 good reasons why you should invest in comprehensive motorcycle insurance to protect your bike.

3 Reasons To Invest In Comprehensive Motorcycle Insurance
The first reason to buy comprehensive cover for your motorcycle is simply because you don’t own your bike yet full-out, and your lender requires you to. In order to get the loan, you had to agree to buy comprehensive.

The second reason is to protect a high value bike against theft, which is quite common with many high-end bikes, and against non-collision caused damage such as from a weather event, a falling tree branch, or a host of other unforeseen events.

Comprehensive will also protect you against collisions with animals, which regular motorcycle insurance typically won’t cover.

The third sensible motivation for buying comprehensive cover for your bike is heavy use. If you are going to be traveling cross country and/or putting heavy mileage on the bike through daily commuting or other travel, your risks go up substantially simply because of more time spent on the road.

Other Coverage To Add Along With Comprehensive
Typically, you don’t just add comprehensive without also including collision coverage. Collision pays for damage to your bike due to accidents (collisions), whereas, comprehensive generally pays for damage springing from most other causes.

Remember that comprehensive and collision are “twins” and virtually always go together – because they complement each other.

Also realize that a deductible will apply to both comprehensive and collision, and the higher your deductible, the lower your premiums. It’s a balancing act, where you need to make your policy both sufficiently protective and yet still affordable.

Next, it usually makes sense to increase your liability coverage if you’re going comprehensive (or even if you’re not) because the $10,000 minimum required by the state of Florida is often not enough if you become liable for bodily injury and property damage following an accident.

Five other add-ons you may wish to include in your comprehensive motorcycle insurance policy are as follows:

  1. UM & UIM. Un- and underinsured motorist insurance costs very little to add on and protects you against the many un/underinsured drivers out on Florida highways.
  2. Lay up insurance. Lay-up coverage adds extra protection against motorcycle theft while your bike is laid up in storage (usually for the winter.)
  3. Custom parts/accessories coverage. This is included in most comprehensive policies anyway, giving your customized parts and accessories needful cover, but you can increase the amount.
  4. Trip interruption cover. This pays for extra expenses incurred if your bike breaks down 100 miles or more from home.
  5. Transport trailer insurance. If you haul your bike by trailer when you go on vacation, this is a great add-on.

Knowing when and how much comprehensive insurance and motorcycle insurance add-ons to invest in can be tricky. To learn more, or for a free quote, contact Flagler County Insurance Agency today!