Choosing the right insurance policy is much like choosing the right bike. You want it to fit your needs and lifestyle, but at the same time be within your budget. Although most states require you to carry a minimum amount of liability coverage, other types of coverage are usually optional. Always ask your insurance representative about which laws apply in your state.
The key to finding which coverage is best for you involves learning about all the options available.
Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident. It doesn't cover you or your motorcycle. Find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. Whether or not this is included depends on the laws of your state and the company issuing the policy.
Collision insurance covers damage to your motorcycle if you are involved in an accident. Your insurance company pays for damages, minus your deductible, caused when you collide with another vehicle or object. Collision insurance usually covers the book value of the motorcycle before the loss occurred.
Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision coverage, your insurance company will pay for damages, minus your deductible, and cover only the book value of the motorcycle.
Keep in mind most comprehensive and collision coverages will only cover the factory standard parts on your bike. If you decide to add on any additional optional accessories such as chrome parts, a custom paint job, trailers or sidecars, you need to look into obtaining additional equipment coverage.
Uninsured motorist coverage
Uninsured motorist coverage pays for medical treatment, lost wages and other damages if a driver who has no insurance hits you. If your uninsured motorist coverage includes property damage, then your cycle would also be covered under the same circumstances. Check with your insurance professional to see if property damage is included or needs to be purchased separately.
Underinsured Motorist Coverage
Underinsured motorist coverage is similar to uninsured motorist coverage, except it applies when the other party has lower coverage limits than you do and damages exceed the other party's limits.
Tips for the cost-conscious rider
Many factors can play a role in determining what your insurance costs will be, such as being a graduate of a rider-training course, your age, your driving record, where you live and the type of motorcycle you own.
Choose the agent or company that's right for you. Otherwise, ask friends, relatives, and co-workers where they bought their car or motorcycle insurance. Your local cycle shop may also have a company they refer customers to.
Most companies provide limited coverage for property damage for small boats such as canoes and small sail boats or small power boats with less than 25 per hour horse power under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10% of property coverage. Check with your insurance representative to find out if your boat is covered and what the limits are.
For other boats, you will need to purchase separate insurance. The size, type, value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.
Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect you and your water vehicle in the event of an accident.
The personal watercraft policy covers:
Liability limits start at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments.
Additional coverage can also be purchased for trailers and other accessories. Please contact us about the type of coverage that would best suit your needs.
Insurance coverages to consider:
Remember, since every boat is unique please make sure you check with us to see if you need any additional coverages or would be eligible for additional discounts.