How To Buy Motor Bike Insurance
Anyone who rides a motor bike or any motorized vehicle on public streets needs motorcycle insurance
. Of course, it is required by law almost everywhere, but beyond that you need to be covered if something happens. You'll just get the minimum mandated by law if you call insurance companies and select the one with the best price.. That may be what you wish, but you should evaluate your alternatives first. Here are the key components of motorcycle insurance.Medical Coverage for You and Your Passenger
You can buy a policy that will cover repair or replacement of your motorbike if it's damaged or destroyed. You need to look at traffic accidents and damage from other sources as well. Many motorcycle insurance policies only cover damage from traffic accidents. If you are at fault, or if the other party is uninsured, your liability insurance won't cover damage to your property unless you have comprehensive and collision. Your bike could also sustain damage from something other than a traffic accident, like a flood, fire or vandalism. Find out under what conditions your motorcycle would be covered.
Do you need a policy that covers passengers on your bike? What if you loan out your bike and someone else is riding it? You also might want to check your regular health insurance. If you're covered under that, it might make a difference in whether you choose to address the issue in your motorcycle insurance policy.
Insurance for Your Motorcycle
Motorbike insurance can cover repair or replacement of your motorbike if it's damaged or destroyed. You need to look at traffic accidents and damage from other sources as well. Many motorcycle insurance policies only cover damage from traffic accidents. If you are at fault, or if the other party is uninsured, your liability insurance won't cover damage to your property unless you have comprehensive and collision. Your bike could also sustain damage from something other than a traffic accident, like a flood, fire or vandalism. Find out under what conditions your motorcycle would be covered.
The holder of any loans against your motorcycle will probably require you to carry full coverage - to protect their investment. On the other hand, if your bike is not worth very much, you may find that it's not worth it to purchase this type of coverage at all.
Liability
You will be held legally responsible if you cause damage to someone's property or to their person. This means that they could sue you for the cost of repair or replacement of their property or for medical bills. You could end up paying out of your future earnings if you don't have the funds on hand. The law requires you to carry liability insurance. The state sets the minimum amounts. California requires $15,000 for death or injury of any one person, $30,000 for all injuries in a single accident, and $5,000 property damage. That's only adequate to cover a fender bender. It would barely begin to cover the costs of a major accident with injuries.
How much liability insurance should you get? You personal financial situation will play a role. Would people view you as having deep pockets? You are more likely to be sued if you have money, even if it's in the form of assets like real estate. Future income can be a target too, so if you're on your way to a promising career, someone might sue you if your insurance doesn't cover the damages.
When you're planning to buy motorbike insurance, it's always a good idea to get several bids. Be sure to decide ahead of time which risks you want to insure against, and compare prices of policies that offer similar coverage.
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