Whether you own a motorcycle for personal use or simply ride one for your business, motorcycle insurance protects you and your bike. And insuring a motorcycle for commercial use— including a fleet of motorcycles — is basically the same as insuring one for private use.
Required Motorcycle Insurance
If a motorcycle accident is your fault, you could be held responsible legally for damage or injury caused by an accident. Required by law, there are two types of motorcycle coverage you’ll need to have: Bodily Injury Liability and Property Damage Liability. These components are built-in to any motorcycle policy you purchase.
- Bodily Injury Liability Coverage – This portion protects you from having to pay loss of income, medical expenses, or funeral/burial costs of other people who are injured as a result of the accident. It should be noted that bodily injury to another passenger is separately covered under Passenger Liability in some states. Additional, Bodily Liability Coverage can be applied to passengers by paying an additional premium.
- Property Damage Liability Coverage – This component provides coverage for the replacement or repair of another motorist’s vehicle. It also includes coverage for another motorist’s property, including other vehicles or homes.
In many states, guests riding your motorcycle are covered under motorcycle insurance. However, this coverage is optional in some states.
Other Motorcycle Insurance Options and Considerations:
Uninsured/Underinsured Motorist Coverage – There are a fair number of motorists driving who may not have insurance. If one of them hits you, what you do? If you had Uninsured/Underinsured Motorist Insurance, your coverage would help pay for applicable medical expenses if you are injured by a motorist who doesn’t have insurance.
If your bike is damaged in a motorcycle accident, your motorcycle insurance can pick up the covered costs to repair and replace it. There are two primary types of motorcycle damage insurance:
- Collision Coverage – While riding on your motorcycle, you collide with another vehicle or some other stationary object, such as a fence, guard rail, or parked vehicle, then collision coverage would pay for the damage to your bike. Similarly, collision coverage would pay for your motorcycle’s damage should someone else hit your parked bike causing damage. All coverage is subject to a deductible
- Comprehensive Coverage – Should something other than a collision like vandalism, fire, windstorm, theft, or even striking an animal occur, comprehensive coverage would pay for damage or loss for repair or replacement of your motorcycle. All coverage is subject to a deductible.
- Rental Reimbursement Coverage – While your motorcycle is being repaired as a result of an accident, rental reimbursement coverage will pay for your rental while your bike is being repaired for the number of days listed on your Policy Declarations.