Five Benefits of Buying Motorcycle Insurance This Summer

Even though most bikers must stay closer to home these days, the necessity for motorcycle insurance has not gone away. Though you might not ride as much, you still need coverage on the bike, even in your own driveway. Georgia law requires all bikers to have a motorcycle policy. However, requirements aside, there are a host of benefits to having coverage, namely the fact that you will protect yourself if accidents occur. Consider five important ways that motorcycle insurance will help you protect yourself whenever and wherever you ride.

Perk 1: Insured Bikers Remain Legal Operators

Not only do you have to have the appropriate training and licensing to own a motorcycle, but you must also have motorcycle insurance. Under Georgia insurance law, private motorcycle riders must carry at least the following coverage:

$25,000 Bodily Injury Liability Insurance per Person

$50,000 Bodily Injury Liability Insurance per Accident
$25,000 Property Damage Liability Insurance per Accident

Liability insurance pays if an accident is the insured biker's fault. It will help the insured repay other parties for their property damage or injuries. It might cover damage to other motorists, pedestrians or third-party property. It will not apply to damage to the insured biker's own property or if a passenger on your bike gets injured.

The bodily injury coverage will pay up to $25,000 if one person gets hurt in a wreck. Under its split limits, it will pay up to $50,000 if more than one person gets hurt. Property damage coverage can pay up to $25,000 for both structure and vehicle damage of other parties.

Perk 2: Coverage Compensates Others if You Cause Accidents

Bikers must have the minimum liability insurance limits to legally ride. Still, there is no restriction if someone wants to increase their coverage.

If you choose to increase these limits, then you might do yourself a favor. You cannot predict how much damage you cause someone else in an at-fault wreck. Even if you have liability insurance, someone could make a claim that exceeds its limits. As a result, you might still have to pay out of pocket for this person’s claims. The policy might pay up to the limit, but you might have to cover the rest.

There are a couple of solutions in this scenario. First, consider increasing your liability coverage to the policy’s largest available limits. By increasing these limits, you’ll have more help available in case of a claim. There might be an increase in your premium, but the benefits usually far outweigh the costs.

Yet, if you want even more protection, then consider buying umbrella liability insurance. Umbrella policies are separate insurance policies from car insurance. They add extra liability coverage on top of your standard policy’s limits. If you max out your standard liability benefits, then you might be able to make a claim on your umbrella coverage for more help.

Perk 3: Use Coverage to Repair Damage to the Bike

One thing that liability insurance will not cover is damage to your own motorcycle. However, many insurers offer optional coverage called physical damage insurance. If you have a bike that you have financed with a lender, then you might have a requirement to buy coverage. Most policies offer a couple of different types of coverage:

Collision insurance pays for damage to the bike following a wreck.
Comprehensive damage insurance covers bike damage that is not related to wrecks. For example, damage from fires, theft, vandalism, weather and more might have coverage.

When filing a claim for bike damage, you will likely have to pay a deductible towards the damage cost. The policy will then pay the remainder of your repair costs. However, if you total your bike, most policies pay the bike’s actual cash value (ACV) minus any deductibles. An ACV settlement is the cost of a used bike at the time of the wreck.

Perk 4: Extra Coverage Can Protect Your Belongings and Accessories

Your physical damage insurance will apply to most original features on the bike. However, it might limit how much it will pay for custom parts or accessories like saddle bags or chrome plating. However, since these items add value to the bike, you will want to protect them. Ask your agent if you can buy customized equipment insurance to add to your coverage.

Perk 5: Policies Can Cover the Costs of Your Injuries

Motorcycles require special care and precision to ride. Therefore, bikers usually face higher accident risks as opposed to other motorists. As a result, bikers might face higher injury risks. This is particularly true since they don’t have protection from the airbags, sides or walls of a vehicle.

As a result, motorcycle insurance will usually offer policyholders medical payments coverage or personal injury protection (PIP coverage). Medical payment coverage can pay many of their injury costs. PIP coverage is more expansive and will cover various recovery costs beyond medical bills.

Ask your insurance agent what you can do to help yourself get the most wide-reaching bike insurance for your own needs. They can help you determine where you can augment required coverage with extended options.

ALSO READ: What Are the Different Types of Motorcycle Insurance

Five Benefits of Buying Motorcycle Insurance This Summer

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