Insuring Your Motorcycle
Since we’ve made it out of the usual unpredictable Wisconsin winter, it is time to take your motorcycle out of storage for the summer. You might assume that insuring a motorcycle is just like insuring a car. While the concept is the same, there are several key points that every cyclist should be aware of.
Now let’s see if you know as much as you think you do about motorcycle insurance.
When it comes to coverages and deductibles, a motorcycle policy looks very similar to an auto policy. However, with cycle policies, certain coverages may be looked at differently.
Let’s start with medical payments coverage or “med pay”. Med pay provides coverage, up to the stated amount, for any injuries that occur to you or any passenger in your vehicle during an accident.
Usually, this coverage covers deductibles and co-pays for your health insurance, among other out-of-pocket medical expenses. Once that limit is exhausted, your health insurance would kick in. As you can imagine, this coverage is more expensive for motorcycles than for cars.
An option for cyclists is to either reduce their medical payments coverage to a lower limit or waive the coverage entirely. The benefit of waiving med pay is a lower premium, however, the downside is you would be handling any out-of-pocket medical expenses yourself.
Another very important coverage to take a look at is uninsured and underinsured motorist coverage.
Pretty self-explanatory, but uninsured and underinsured motorist covers you against drivers who either do not have enough insurance or none at all. It also covers you if you are the victim of a hit and run.
Most motorcycle crashes occur when the driver of another vehicle does not see the cyclist. Drivers are often unaware there is a motorcycle beside them and they end up colliding with the cyclist or even running them off the road.
Now, what happens when the other driver does not stop? Having adequate uninsured and underinsured motorist coverage is extremely important to make sure you are covered properly in this situation.
Having adequate uninsured and underinsured motorist coverage is extremely important to make sure your injuries are covered properly in this situation.
Due to the climate we live in, insurance carriers rate for the off-season for motorcycle riders. Odds are your motorcycle is parked in a garage or kept in some sort of storage facility for roughly 7-8 months of the year.
To accommodate this, and to keep riders from forgetting to put coverage back on their bikes, insurance carriers reduce motorcycle premiums due to the shorter riding season.
So, if Wisconsin gives a random warm day in the fall or winter, all you should be concerned with is getting your cycle on the road.
A common coverage that motorcycle insurers throw in for free is a stated amount of accessories coverage. This covers most modifications to the motorcycle that did not originate on the cycle.
Accessories coverage can include saddlebags, fairings, chrome, and most other accessories and equipment that weren’t put on by the factory. Be sure your agent knows the value of the added accessories because if this coverage needs to be increased, we can do so.
Give us a shout
If you would like to discuss your motorcycle policy further, be sure to have a conversation with your agent. We are always open to provide advice unique to your situation, to assure your cycle is insured appropriately.
You purchase a motorcycle for the joy of riding it and showing it off, let us handle insuring it properly. So, get out and ride with the peace of mind of a CRG agent on your side.
If you know of someone who could benefit from the services of a CRG agent, forward this to them!
If there is a specific topic or insurance-related question you would like discussed/answered in a future newsletter, please reply to this email with your inquiry!