Motorcycle Archives - Zacharko Insurance Agency

Best Motorcycle Insurance Raleigh

Buying a motorcycle not only requires an understanding of road safety and traffic rules. You must also be aware of the responsibility of owning one. For instance, your auto insurance does not cover your motorbike or other two-wheel vehicles unless it’s explicitly itemized. Therefore, you need motorcycle insurance to enjoy complete protection if something happens.

Below are some frequently asked questions agents regularly encounter regarding motorcycle insurance.

Is motorcycle insurance required?

You are legally mandated to secure motorcycle insurance except when residing in Florida. This document is a prerequisite when registering your motorbike and securing a plate. However, you don’t pay a fixed amount to buy insurance. Each state has its own rules and premiums, so you could end up paying higher or lower depending on where you are.

Best Motorcycle Insurance Raleigh

Most states follow the 25/50/10 practice. This means your insurance must cover $25,000 in injury payments, $50,000 per incident, and $10,000 in property damage. Floridians, meanwhile, are not legally required to show insurance before getting their motorcycles registered. Unless you have money to burn, you could decide to get insurance to cover the costs in case you are at fault.

How to know if my auto insurance covers my bike?

The easiest way to know is to ask your insurer. You can look for an endorsement or a “rider” on your policy if you don’t want to talk to an agent. However, there’s no room for flexibility when you depend on your auto insurance. For example, if your policy limit is $50,000, it would be split between your car and your bike. But you don’t really have to worry about it. As standard practice, your auto insurance usually doesn’t cover your two-wheel ride.

Is motorcycle insurance expensive?

The insurance company will consider multiple factors when computing the cost of your premium. For instance, the insurer will look at the state where you live and the motorcycle you want to be insured. If you live in California, prepare to pay over $150 per month. Compare that to North Dakota, which averages $28 monthly.

The motorcycle model also matters in the cost. Of course, when you are driving luxury BMW motorbikes, you would pay exorbitant premiums. On average, motorbike riders pay between $600 and $700 yearly. But then again, you cannot place value on peace of mind.

What are the inclusions and exclusions in my motorcycle insurance?

It depends on what type of insurance you secure. State-obligated liability insurance is quite affordable, but the coverage is minimal. It will not cover the entire repair or parts replacement for your bike, but only for bodily injuries, property damage to another party, and personal injury protection. Meanwhile, comprehensive insurance will reimburse you up to the current market value of your motorcycle if it’s totaled in a crash.

Best Motorcycle Insurance Raleigh

Theoretically, you can purchase a new bike with the insurance payment. It will also cover third-party bodily injury and property damage, including injuries you sustain. You can also use your policy to pay for legal costs if you face a lawsuit courtesy of the other party.

As to the exclusions, your insurance usually does not cover accessories unless your policy specifies it. Some insurers will include a ceiling amount to cover accessory damage or replacement.

Best Motorcycle Insurance Raleigh

Meanwhile, the insurance company will not honor collisions resulting from drunken driving or speeding.

Other inclusions include:

  • Mechanical failure
  • Replacement of misplaced keys
  • Wear and tear
  • Lending your bike to someone else
  • Riding someone else’s bike
  • Invalid driver’s license/lack of license
  • Non-wearing of helmet
  • Acts of terrorism or war
  • Rider’s injury resulting from natural calamities
  • Motorcycle damage if you use it to transport someone for a fee or delivery

If you have a passenger, your insurance may or may not cover medical expenses, depending on the policy you purchased. So, you better talk to your agent to understand your insurance policy’s nuances.

Do I have to pay a share if I am at fault in a road collision?

You may have to pay out-of-pocket, depending on your policy’s limits. For instance, if you have a $500 deductible and the total damage is $2,000, your insurance will cover the $1,500 balance once you have paid your share. However, you won’t receive compensation if the damage is less than $500.

In addition, you can opt to customize your policy by paying a higher premium, which cuts your deductible amount. But you don’t have to worry about all these if you are not at fault since the other party will cover the damage.

Contact an Agent for More Questions About Motorcycle Insurance

It’s best to contact an agent for more questions and concerns. Do some helpful research and gather more information about motorcycle insurance. This will shape your decision on which insurance company to choose.