Like all other vehicle operators, motorcycle owners have to carry insurance. Policies should reflect the needs of the owner, the equipment, as well as the risks of the road.
Getting the right coverage means asking questions about how best to insure your bike. When looking for motorcycle insurance, start by asking yourself these five questions.
1. What coverage do I have to carry?
All drivers, including bikers, usually have to carry a minimum amount of insurance coverage. Minimum coverage requirements usually include a degree of liability coverage. However, some states may also require personal injury protection, collision coverage or other specifications.
It's important to always get the required coverage levels. However, it can also be a good idea to purchase additional coverage. Minimum levels might not offer adequate protection for every hazard you come across
2. How much can I afford to pay for coverage?
Policy rates vary based on how much coverage you buy. If you get an advanced level of coverage, you might wind up paying more than you can realistically afford. You want to strike a balance. Your coverage levels should adequately protect you financially in the event of an accident. However, it shouldn't drain your financial reserves.
Talk to your agent about your budget. They might be able to help you choose effective coverage that is still affordable. Also keep in mind that many insurance companies offer discounts to help customers get lower prices.
3. Do I have the assets to withstand an accident?
Before determining your coverage levels, look at your financial assets. Insurance can help you afford repairs if your motorcycle is damaged. But if you can shoulder some of the costs yourself, you might be able to reduce your coverage levels. Doing this can reduce your premiums.
However, you should never underestimate your assets. If you can't foot most of the repair bills yourself, you may need to increase your coverage levels.
It's also important to consider the implications of a lawsuit. If you're involved in a wreck, another party could sue you for damages. Can your personal finances withstand a lawsuit? If not, consider raising your coverage to an appropriate level.
4. Can I get a higher deductible?
Your deductible is your financial responsibility for a claim. You pay the cost of the deductible. After that, your insurance should cover most or all of the remaining costs. If you increase your deductible, it lowers the financial burden on your insurer. As a result, your insurance company may discount your coverage.
Got questions about coverage? We've got answers. Call Raymond Preston & Reed, LLC at (615) 866-2728 or contact us online to learn more.