To cover the cost of expenses a motorcycle owner may incur if they are involved in an accident, most insurance providers offer special motorcycle insurance. If you haven’t looked into motorcycle insurance just yet, you may be wondering how it differs from a typical car insurance plan, if at all.
Motorcycle insurance policies provide specialized coverage and add-on options that are tailored to the needs of bikers.
THE COST OF COVERAGE
One of the most significant ways in which motorcycle and car insurance differs is in the cost of coverage. By default, motorcycle insurance policies are almost always more expensive. The price of all vehicle insurance is, on a base level, decided on according to the policyholder’s likelihood of being involved in an accident. To determine their customer’s probability of a collision, insurance companies look at several factors: The accident rates where the customer lives, their statistical possibility of being injured in a collision based on demographics, their driving history, and more. Another element that insurance companies examine is the type of vehicle the policyholder owns — some vehicles are simply involved in accidents more often than others, and motorcycles are one of those vehicles. Just by owning a motorcycle, a person is more likely to be injured in an accident, and therefore, the insurance company is more likely to pay their claim. The higher likelihood of motorcycle accidents means higher costs, and greater protections for insured riders.
BASIC MOTORCYCLE INSURANCE
The most basic motorcycle insurance policies are similar to car insurance — they usually provide liability protection, or a form of personal injury protection to cover the expenses following an accident. The coverage provided by motorcycle insurance can be more comprehensive because of the higher chance of a motorcyclist being involved in an accident, and the more severe injuries that usually result.
Depending on what is included in the baseline policy, insurance customers may need to opt for additional coverage choices.
Motorcyclists often ride alone, so additional coverage may need to be purchased if the policyholder plans to ride with a passenger. Passenger insurance provides added protections if a second rider is injured.
Some insurance companies offer an add-on coverage plan that is meant to cover the costs of incidents that may occur when a motorcycle is not in use, an issue that cars generally do not present. In the winter, a rider may not have to worry about getting in an accident, but could still want their bike to be covered against theft or damage.