Why Is Motorcycle Insurance So Critically Important?

Why Is Motorcycle Insurance So Critically Important?
There are many reasons why motorcycle insurance is extremely critical to bike owners, even more important in some ways than auto insurance is to car owners. At least some form and amount of motorcycle insurance is required by law in every state, and staying legal is the most obvious and unavoidable reason to get your bike covered.
In Florida, motorcycle coverage rules are very lenient. You only need $10,000 of coverage, which can be in any form or even just part of your health insurance policy. But due to Florida’s financial responsibility rule, you virtually have to make the $10,000 coverage be in the form of bodily injury protection (liability coverage).

What Does Basic Motorcycle Insurance Cover You Against?
Besides matters of legality, the next critical reason to get your motorcycle insured is to protect yourself financially against the possibility of a crash. And the chances of a fatal crash is 35 times higher when riding a motorcycle versus a passenger vehicle.

Plus, motorcyclists are exposed to much higher risks of non-fatal but debilitating accidents and of all accidents in general at every severity level. Both personal injuries and property damage are more likely, and that works both ways: for the motorcyclist and the other driver.

Thus, basic motorcycle coverage includes medical bills for the motorcycle rider and property damage to your bike, whether it be in a collision, a matter of “mere” dents and dings, or a case of theft/vandalism.

On that last point (theft), it’s true that motorcycle theft rates have declined slightly in recent years despite spikes in sales; but it’s also true that such rates are much higher than for automobiles. Plus, Florida has one of the highest motorcycle theft rates in the US.

And bodily injury coverage is also normally included, to cover liability for injury to others. While the cyclist themselves are most likely to suffer injury, a passenger vehicle driver, another biker, or a pedestrian could still be injured.

Collision cover, covering damage to others’ property in accidents where you were at fault, is the final major element. Again, even if your own bike is most likely to suffer most of the damage, you still want to protect yourself in case of damage to the other vehicle.

What About Comprehensive Motorcycle Coverage?
While a relatively “basic” motorcycle insurance policy offers a fairly wide range of coverage types; the degree to which it will pay for each item will vary. The more you are willing to pay in premiums, the lower you can get your deductible and the lower your co-pay.

But what really defines a comprehensive policy, more than anything else, in regard to motorcycle insurance at least, is total loss coverage. That means that if your bike is totaled, it can be replaced in full. You can set this up as replacement value, actual cash value (taking into account depreciation), or a stated set value. You just have to discuss the details with your insurer and have the bike appraised.

Since a motorcycle is much more likely to be totaled in a crash, it arguably makes even more sense to invest in comprehensive coverage for your bike than it does for your car.

To learn more about motorcycle risks and the way motorcycle insurance can answer them, or for a free quick quote, contact Flagler County Insurance Agency today!