What is Motorcycle Insurance?
All owners of motorcycles need to obtain motorcycle insurance. Similar to other insurance products, Motorcycle Insurance is a service purchased (typically in advance) to provide financial coverage in the event of an accident, theft or any incident that inflicts some sort of damage on the vehicle or the owner. If a situation arises where the owner incurs a financial or punitive damage, the motorcycle insurance holder will file a claim with their respective insurance company to receive financial compensation or to help cover the costs associated with repair.
All owners of any two or three-wheeled motorized vehicles will need to obtain motorcycle insurance—the underlying vehicle must be legally rated for road and highway use in the United States to be approved for motorcycle insurance. The aforementioned classification includes all scooters, mopeds, motorcycles and spyder roadsters.
What does a Motorcycle Insurance Policy Provide?
A motorcycle insurance policy provides coverage for both the policy holder and all users or operators of the vehicle. When purchased, a motorcycle insurance policy will provide funding for medical treatment (if necessary following an accident), repairs to the vehicle, as well as all compensatory repairs associated with all public and private property that may have been damaged as a result of the accident.
What is Liability Coverage?
Liability coverage is a portion of motorcycle insurance that provides reimbursement or cost recovery in situations where the rider of the vehicle or the policyholder is liable or found at fault for the accident. Liability coverage will cover damages that occurred due to an accident or any situation where the driver was deemed responsible. That being said, repairs to the holder’s motorcycle are not covered in this aspect of motorcycle insurance—only damages sustained to property or other people are partially protected by liability coverage.
How do I Pay for Motorcycle Insurance?