Insurance Shield For The Two-wheelers
If a four-wheeler is regarded as risky, a two-wheeler is considered to be more so
. As a result, if an automobile owner needs auto insurance protection, a motorcycle owner needs insurance all the more.What does motorcycle insurance cover?
Motorcycle insurance offers coverage to the two-wheeled vehicles like motorcycles, scooters, mopeds, touring bicycles and the high performing sports type motorcycles. It includes liability protection for the other party, if he/she gets injured, along with necessary coverage for the policy holders and their damaged motorcycles. The coverage may also include accessories like helmets, backrests etc.
What are the different forms of available coverage?
The necessary insurance coverage for motorcycles include:
Liability coverage - In case you're at-fault during an accident, the liability coverage pays for the third party property damages, losses and bodily injuries. Thus, this form of insurance protection is vital for the motorcycle owners.
Collision coverage -This form of insurance coverage pays for the damages to the insured motorcycle, both when the policyholder is at-fault during the accident and the when the other party is. Collision coverage is especially required to pay for your motorcycle losses and damages.
Comprehensive coverage -Pays for the damages that are not directly related to an accident. The damages or losses may have been caused by other perils like fire, theft, vandalism etc.
Uninsured/Underinsured motorist coverage- Protects against the irresponsible drivers who don't carry insurance coverage or for those individuals, whose insurance coverage is inadequate to pay for your damages.
Apart from the necessary insurance coverage as mentioned above, a motorcycle owner can also opt for the personal injury protection to pay for the accidental injuries and the consequent medical expenses. Coverage for roadside assistance is another coverage that comes in handy at times. Motorcycle insurance may also offer insurance coverage for the passengers. However, that depends on the terms of the policy and the insurer.
Is it mandatory?
Auto insurance coverage is mandatory in most of the US states. It not only protects the automobile owners, but also pays for the third party damages and injuries after an accident. Motorcycle insurance also serves in the same way, apart from the fact that it ensures financial backing to the motorcycle owners. The law requirements for motorcycle coverage are also similar to the limits specified according to the state auto insurance laws.
The cost for motorcycle insurance
Motorcycles are believed to be more prone to accidents, and are thus considered to be more of a risk by the insurers. These aspects consequently affect the insurance rates as well. Generally, the premiums charged for motorcycle insurance are expensive. The costs are even higher if the rider is a teenager. Older individuals are generally considered more responsible and can get a comparatively cheap deal for motorcycle insurance. Besides the purpose for which the motorcycle is used also affects its insurance rates. A sports-bike will apparently cost more to insure, due to the high-risk factor associated with it. The type and age of your bike, the miles driven per year, and how it's stored affects the rates for motorcycle insurance.
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