Why Do You Need Motorcycle Insurance?
The purchase of a motorcycle is always a big deal and significant investment. Just like other large purchases, the total cost is going to add up to a lot more than the actual price of the bike itself. You will need to factor in the dealer and delivery fees, sales tax, riding gear, title transfers and much more.
Another expense that you need to plan for is the motorcycle insurance. It is the law in the state of California and 46 others that you have to have insurance, and it will also give you an added piece of mind while you are exploring the various riding spots throughout the state.
Motorcycle Insurance Requirements:
Most of the states in the United States requires that a motorcycle owner has their bike insured, and they need to show proof of insurance to register the bike. You will need to register the motorcycle to get a license place, or you will be considered to be driving illegally, which will be costly. Depending on the state that you live in and the policies, the cost of the premiums could be above or below the United States average.
Out of the 50 states in the country, 47 require motorcycles insurance. But not every state is going to require the same coverage amount. Each will have minimum requirements regarding property damage and bodily injury liability, the amount that the policy holder's motorcycle insurance provider will cover. In many states, the motorcyclists will have a minimum of $25,000 bodily injury protection/person, $50,000/accident, and also $10,000 property damage coverage. These three limits will usually be displayed with slashes, example: (25/50/10).
Motorcycle Insurance Costs:
The premium varies depending on your bike engine size, model, driving history, credit history, age to name a few. On an average, an 18-year old pays more than $600 a year for motorcycle insurance which is quite expensive. The drivers under 25 years old are considered as high-risk clients. Usually, people in the age group 25 to 40 pay lowest if other factors are decent.
What About Uninsured/Underinsured Coverage?
If you can afford it, you may want to invest in uninsured/underinsured motorist insurance (UM/UIM) for your motorcycle. This will protect you finally should you be involved in a collision where the person at fault either as inadequate or no insurance coverage.
In an ideal situation, the other driver's liability insurance would cover the repairs to your bike, medical expenses and any other costs involved if that driver is found to be at fault. Roughly 4.1 million California drivers choose to drive without mandatory insurance, which could mean you will need to cover theses costs on your own. A good UM/UIM insurance policy will allow you to be fully reimbursed for such expenses through your insurance provider should you be victimized from a crash that was caused by a motorist that was uninsured or underinsured.
Do You Need Insurance for Mopeds?
It goes without saying that a scooter or moped is going to be a convenient, cost efficient alternative to a car. They will offer rapid mobility even when you are in a busy town or a congested area. Because they will often come with a low-powered engine, they will also be very cost effective to run and have the potential for being safer for any younger motorist. Before you take a scooter or moped out for a spin, you need to be sure that you meet all of the legal requirements for insurance.
Even in some states, when you have a low-powered scooter, you will have to have motorcycle insurance that includes liability coverage. Even if it is not state mandated, you will want to think about insurance that will ensure financial security should you be in an accident, which will allow for coverage of damages and medical bills
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