Beat the System When You Buy Your Motorcycle Insurance With These Tips
To beat the system, you need to know the rules. Knowing those rules can save you money and make sure you’re properly protected by your coverage in a worst-case scenario, so check out our helpful hints on how you can get the most bang for your buck when you talk to your insurer.
Buying motorcycle insurance is complicated, and the rules are different from state to state. The critical elements of buying a policy vary widely, so rule number on is knowing what you’re buying.
With that in mind, here’s a short list of things you need to know about motorcycle insurance, and if the worst ever happens, you’ll be glad you read this article and followed our advice.
Mistakes You Can Make When Buying Motorcycle Insurance
The biggest mistake that you can make is not buying enough insurance, period.
Saving what you think are a few dollars on your policy can cost you big money and aggravation if you’re involved in an accident.
The consequences of motorcycle accidents can be devastating; you’re traveling virtually unprotected at a high rate of speed and accidents can cause problems ranging from simple road rash and broken bones to spinal injury and major head trauma. Any accident can leave you facing a long hospital stay, and with the average week in the hospital costing over $50,000, your insurance can run out long before you’re fully healed and ready to ride again.
Don’t make this most elemental of mistakes; we recommend that you purchase as much insurance as you can afford and disregard the minimum amounts that state laws require when you make your calculations of acceptable risk.
Another Mistake You Can Make When Buying Motorcycle Insurance
The second biggest mistake that you can make is to purchase motorcycle insurance without understanding your policy and the laws of the state in which you live.
Here are some insurance terms you need to understand in order to make an informed decision.
Full Tort vs. Limited Tort
Full Tort coverage relates to your ability to receive compensation from someone who may be legally responsible for any injuries you might suffer in an accident. Some states, like Pennsylvania, don’t require you to pay extra for full tort motorcycle insurance. If you live in New Jersey, you’re required to select what’s called a No Limitation on Lawsuit option if you want to have any hope of being compensated for pain and suffering you might have caused by the negligence of other drivers.
The lesson here is clear, where you live is critical to your understanding of what you actually get when buying motorcycle insurance.
Bodily Injury Liability Coverage
Bodily Injury Liability coverage will give you payments to cover claims against your assets if you’re found legally responsible for causing an accident.
Pay for as much as you can reasonably afford, you won’t be sorry.
Medical Expense Benefits Coverage
This is the most important coverage decision you’ll make, and it typically pays medical, hospital, lost-income and disability expenses on your behalf if you’re in an accident. Replacing your motorcycle is relatively cheap, but a hospital stay of any duration can ruin your financial future, so make this decision on your policy with great care.
UM/UIM Coverage Is A Must Have
Uninsured Motorist coverage protects you if you’re injured by a driver who carries no insurance, and in some metropolitan areas in the United State, nearly a third of all drivers are uninsured. Underinsured Motorist coverage protects you should you be injured by a driver who has inadequate insurance to pay claims you make make against them as a result of their negligence, and nearly all drivers are likely to be underinsured to some extent, so don’t skimp here wither.
Our Recommendations For How Much Coverage You Should Purchase
- Liability Coverage – We suggest that you purchase the maximum limit of 100/300.
- Medical Coverage – Don’t risk running out of coverage. Purchase as much Medical Expense Benefits Coverage as you are able to. Motorcycle accidents typically result in more than $34,000 in medical costs.
- Uninsured Motorist and Underinsured Motorist Coverage – If the “other guy” makes this mistake, you pay the price. Carry at least 100/300.
- Bodily Injury Liability Coverage – Purchase the maximum of 100/300.
- Medical Expense Benefits Coverage – Go big or go home here. Not carrying sufficient medical expense benefits means you risk running out of coverage, and you don’t want that.
Bad things can happen to you and your bike, and your insurance needs can get complicated.