As the weather warms up and the days grow longer, many riders are eager to get back on the road. The freedom and excitement of motorcycle riding are unparalleled, but it's important to remember that with that freedom comes responsibility. If you're planning to ride this spring, it's essential to ensure that your motorcycle insurance is up-to-date and provides the protection you need. Here’s a guide to help you review your coverage options and stay safe on the road.
Reducing Risk for Riders: Why Motorcycle Insurance Matters
Motorcycle insurance is not just a legal requirement, it is an important tool to protect you, your passengers, and your assets. Even if you've taken a break during the colder months, now is the time to review your insurance coverage to ensure it meets your needs. Here are the key types of motorcycle insurance coverage to consider as you prepare for the riding season.
Liability Insurance Coverage: A Requirement for All Riders
Liability insurance is required in most states, and for good reason. It helps cover the costs if you're responsible for injuring someone or damaging their property in an accident. While the exact requirements vary by state, liability insurance generally includes two important components:
In many states, the minimum required limits for bodily injury liability are often $25,000 per person and $50,000 per accident, while property damage liability might be set at $25,000. It’s important to check the specific requirements for your state.
Collision Insurance Coverage: Protecting Your Motorcycle
Collision insurance provides coverage for damages to your motorcycle when you're involved in an accident, regardless of fault. This coverage will help repair or replace your bike, minus your deductible. Keep in mind, however, that collision insurance typically only covers the book value of your motorcycle—meaning the amount it’s worth at the time of the loss, not the replacement value.
Comprehensive Insurance Coverage: Protection Beyond Collisions
Comprehensive insurance goes beyond collision-related damages. It covers losses due to non-collision events such as theft, vandalism, fire, or damage from a natural disaster. Like collision coverage, comprehensive coverage will help repair or replace your bike, after deducting your deductible, and it generally covers the book value of your motorcycle.
Uninsured/Underinsured Motorist Coverage: Protection from Other Drivers
Uninsured or underinsured motorist coverage can be a lifesaver if you're involved in an accident with a driver who doesn't have enough insurance to cover your medical bills, property damage, or other costs. This coverage will help pay for medical treatment, lost wages, and other expenses resulting from the accident.
Optional Equipment Coverage: Insuring Custom Parts
If you've made custom modifications to your motorcycle, you’ll want to ensure those additions are fully covered in the event of damage or theft. Standard collision and comprehensive insurance may not cover custom parts, so it's important to consider optional equipment coverage to protect the value of your modifications. This coverage is typically added to your existing policy and helps ensure you're reimbursed for the full value of your custom equipment.
Is a "Lay-Up" Policy Right for You?
If you don’t plan to ride your motorcycle year-round, especially during the off-season, you might want to consider a lay-up policy. A lay-up policy suspends all coverage except for comprehensive insurance during the months when your bike is in storage. This can be an affordable way to maintain coverage against risks like theft, fire, or vandalism while your bike is not in use.
It's important to note that not all insurers offer lay-up policies, and coverage options may vary.
Reinstating Your Motorcycle Insurance: A Step You Can't Skip
Before you hit the road this spring, make sure your motorcycle insurance is reinstated and fully covers your needs. Review your coverage options, assess any changes in your riding habits, and call your Chalmers Account Manager to discuss any updates or adjustments you might need to make. This will ensure you're well prepared for a safe and enjoyable riding season.
At Chalmers Insurance Group, we are here to help you navigate your insurance options and ensure you have the protection you need. Call us today at 800-360-3000 to learn more about our motorcycle insurance options and how we can assist you in keeping your ride safe this season.
