Full-coverage motorcycle insurance is a comprehensive policy that includes liability insurance, as well as comprehensive and collision coverages. While the term „full coverage“ may suggest that it covers everything, it actually refers to a policy that goes beyond the minimum liability requirements set by the state. Liability coverage protects you in case of an accident where you injure someone else or damage their property, but it does not protect your own bike. By adding comprehensive and collision coverage to your policy, you ensure that your bike is protected in the event of damage, theft, or a total loss.
Liability insurance is a crucial component of full-coverage motorcycle insurance, providing coverage for bodily injury and property damage. State-required minimum coverage limits vary by state, with three numbers representing the maximum amount your insurer will pay following an accident. Increasing your liability coverage also increases your bodily injury and property damage limits. Full-coverage policies often have higher liability limits than the state minimum requirements.
Collision coverage pays for damages to your motorcycle resulting from a covered accident or collision, while comprehensive coverage covers damages from incidents outside of collisions, such as theft, vandalism, or natural disasters. However, a full-coverage policy does not automatically cover medical bills in case of injury, riding gear, personal property, upgrades to your bike, or a trailer used to transport your motorcycle. Additional optional coverages must be added to ensure these items are protected.
The cost of full-coverage motorcycle insurance varies based on factors such as age, location, driving record, and the type of motorcycle. Full-coverage policies are more expensive than minimum-liability policies, with prices ranging from $245 to $2,534 per year for policies with higher liability limits. It is important to consider the value of your motorcycle, how you use it, where you live, and your financial situation when deciding if full-coverage insurance is necessary.
Recommended full-coverage motorcycle insurance providers include Geico and Progressive, both offering a range of coverage options at competitive prices. Geico’s policies start at $100 per year for minimum coverage, while Progressive provides coverage for various types of bikes and offers a wide selection of coverage options.
In conclusion, full-coverage motorcycle insurance provides more protection for your bike than minimum-liability policies. It is worth considering if you want to ensure your bike is protected in case of damage, theft, or accidents. When deciding on the type of insurance you need, consider factors such as the value of your motorcycle, how you use it, where you live, and your financial situation. Researching and comparing quotes from different insurance providers can help you find the best coverage for your needs.