Motorcycle insurance is usually required by law if you own a motorcycle. This helps protect the motorcyclist pay for damage or injuries in the case of an accident. Motorcycle insurance rates typically depend on the type of motorcycle you own and how the vehicle is used.
Several factors come into play when choosing motorcycle insurance to purchase. You must first understand what influences the rates that you pay or the cost of your policy. Here are three important considerations that might help you choose the best coverage at lower costs to meet your needs.
Types of Coverage
- Liability Insurance: a low-cost option; it helps cover damages to another party’s vehicle, or injuries they incurred during an accident where you were at fault. It will not cover damage to your own motorcycle, though.
- Uninsured Motorist Coverage: this coverage helps pay for your medical bills in the case of a hit and run, or if the person who hit you doesn’t have enough insurance to cover your medical bills.
- Medical Liability: this type of coverage may reduce your liabilities like necessary medical expenses when you or your passenger gets injured after an accident.
Mode of Payment
Even though this can be quite a pesky detail, you have to choose a payment schedule as this keeps your insurance policy in force. Since premiums are usually paid on a modal basis (annual, semi-annual, quarterly, monthly), the more frequent you pay your premiums, the more expensive your insurance policy typically is. Many companies will give you a discount for paying in full or setting up auto-pay.
This is also referred to as personal injury protection, where if you are injured in an accident, your healthcare provider has to accept whatever insurance information you have regardless of fault in the accident.
Fault will still be determined in the accident, so it doesn’t mean you can cause accidents and not have consequences. If you are in an accident where you are not at fault but your insurance company pays your medical bills, your company will then get their money back from the at fault party?s insurance company through a process known as subrogation.
Velox Insurance aims to provide competitive rates and superior customer service to meet your insurance needs. Let us know how we can help you by calling us at 770-293-0623 or visit our office today. Get a free quote from us by clicking here.