What to Know About Motorcycle Insurance

What to Know About Motorcycle Insurance

If you’re a motorcyclist, you know the importance of having safety gear, such as a protective helmet, but what about the importance of insurance? By purchasing motorcycle insurance, you gain many benefits that help to maintain your financial health if you are ever in an accident. In Florida you can purchase, liability, property, PIP, UM/UIM and comprehensive and collision. Each of these covers different events but all are very important especially UM/UIM coverage.

Liability coverage covers you if you cause and accident. It covers the injuries, pain and suffering and lost wages of the other party.

Property coverage covers damage to property from an accident that you caused with your motorcycle.

PIP coverage covers your medical bills up to the first $10,000 assuming you receive medical treatment within 14 days of the accident regardless of who caused the accident.

UM/UIM coverage is Uninsured Motorist or Underinsured Motorist coverage which covers you if you’re in an accident that is not your fault and the at fault party doesn’t have coverage or not enough coverage to pay for all of your damages that the other party caused.

Comprehensive and Collison covers your motorcycle if it’s in an accident, stolen or in a fire.   

Why You Need Motorcycle Insurance

Most states require motorcycle insurance, but Florida and Washington do not. If you lease a motorcycle or get a loan, the lender will require you to have insurance. If you own the motorcycle you are not required to have insurance, but if you ride the motorcycle you are required to have insurance or furnish proof of financial responsibility. Buying motorcycle insurance is a smart financial move.

Insurance offers financial protection if you are ever in a motorcycle accident. With insurance you can get your bike repaired if it’s damaged or replaced if it’s totaled or stolen. With insurance, your out-of-pocket costs are lower than if you didn’t have insurance.

Although Florida doesn’t require motorcycle Insurance, it does require liability coverage. This coverage is especially helpful if you’re responsible for an accident. If you’ve caused bodily injuries to people, the liability insurance pays for their medical expenses and lost wages. Property damage coverage helps to repair or replace the damaged property.

As a motorcyclist, it’s more likely you are the victim of an accident. The most important factor is whether your injuries are minor or serious. If medical bills are high and you are unable to work, you may think about suing the driver who hit you. With motorcycle insurance, you won’t have to worry about losing your home. If you are injured in a motorcycle accident, the insurance also pays for your medical bills, and lost wages.

Riding a motorcycle is exciting, but it’s also dangerous. Almost five times as many motorcyclists are in fatal accidents than car drivers. For motorcyclists, the most dangerous situation is when a car makes a left-turn and collides with a motorcycle. Every year there are about 5,000 motorcycle fatalities.

Where to Get Motorcycle Insurance

As with car insurance, you have many options for buying motorcycle insurance.

Many large insurance companies allow you to bundle motorcycle insurance with your homeowners, renters or auto insurance. This can help to cut down on your premium costs. Your premium depends on factors such as your location, the amount of your coverage and your deductible, your credit score and your driving history.

The quotes you get for your motorcycle insurance vary widely. It’s always smart to do comparison shopping to get the best deal. You should also get more coverage than the minimum required by your state. Additional coverage is useful if you have many assets you want to protect. Optional insurance includes comprehensive coverage that covers most situations not related to an accident but could have a detrimental effect on your motorcycle, such as flooding or fire.

Do You Need an Attorney on Your Side?

Motorcycle insurance will decrease your risk of financial loss if you are ever in an accident. Even if you aren’t a litigious person, it’s a good idea to speak with a personal injury lawyer if only to know and protect your rights. An experienced attorney can advocate for you with insurance companies as well. Please contact Armando Personal Injury Law Firm today at (813) 538-1589 to schedule an appointment.