How to Choose Motorcycle Insurance Coverage

motorcycle_father_and_sonOwning a motorcycle can be a big responsibility. Motorcyclists tasked with operating their bikes safely in order to share the road with much larger cars and truck, and they're also responsible for maintaining insurance on their motorcycles in case they're involved in an accident.

As most motorcyclists well know, due to the lack of a steely exterior, when a crash does occur, a rider often sustains devastating injuries, which makes having the right insurance coverage more important than ever.

While some motorcyclists hope they can squeak by with the minimum insurance coverage mandated by the state, others find this doesn't provide the benefits they need after a serious accident.

If you're shopping for insurance coverage for your motorcycle, here's what you need to know.

Indiana Motorcycle Insurance Minimum Requirements

Indiana law requires motorcyclists to have a minimum of $25,000 bodily injury coverage per person and $50,000 total bodily injury coverage per accident. Motorcyclists must also carry a minimum of $10,000 in property damage coverage.

While that may sound like a lot of money, after a motorcycle accident, that coverage doesn't always stretch as far as one might expect. The property damage and medical costs associated with motorcycle crashes can easily exceed these mandated minimums. Carrying extra motorcycle insurance can help motorcyclists avoid getting stuck with huge out-of-pocket costs while recovering from an accident.

In contrast to these mandated minimums, motorcycle attorney and longtime motorcycle enthusiast Randy Sevenish recommends that motorcyclists carry coverage of $250,000 per person and $500,000 per accident.

Types of Motorcycle Insurance

There's a motorcycle insurance policy to fit every need, budget, and lifestyle. Understanding the different types of motorcycle insurance options can help ensure that riders find the coverage that's right for them.

  • Liability coverage: This option covers the injuries and property damage caused to others (to the specified coverage amount), but doesn't cover the cost of treatment for the rider's injuries or damage to the motorcycle.
  • Collision coverage: Collision insurance covers the damage to the motorcycle, minus the deductible, when a motorcyclist collides with another vehicle or object.
  • Comprehensive coverage: This insurance covers non-collision-related damage, such as vandalism or theft.
  • Uninsured/underinsured motorist coverage: Uninsured/underinsured motorist insurance covers property damage, medical costs, lost wages, and other damages caused by motorists who either don't have insurance or whose insurance is insufficient to cover the damages sustained. Sevenish recommends that motorcyclists carry a minimum of $1 million in uninsured/underinsured coverage.
  • Medical coverage: This non-fault-based coverage pays the medical bill of injured riders. Sevenish recommends carrying at least $25,000 in medical payment coverage.

Tips for Shopping for Motorcycle Insurance

  • Motorcyclists with clean driving records can often find insurance policies with lower premiums.
  • Some insurance companies offer discounts to graduates of certain motorcycle safety training courses.
  • Most regular motorcycle insurance policies don't cover custom parts. Motorcyclists who've made enhancements to their bikes should seek supplemental coverage up to the cost of replacement.
  • Get quotes from at least three different insurance companies, as the cost of coverage can vary by as much as half.
  • Motorcyclists seeking insurance coverage from the same company that ensures their homes and other vehicles may be entitled to a discounted rate.
  • Some insurance companies offer discounted rates for motorcyclists age 55 and older.
  • Motorcyclists can sometimes secure discounted insurance rates for storing their bikes in a garage, rather than on the street or in a driveway.

Do You Have the Right Motorcycle Insurance Coverage?

Having the right insurance coverage can make all the difference after a motorcycle accident. Don't wait until it's too late to find out if you have the coverage you need. Randy Sevenish of Sevenish Law can go over your motorcycle insurance policy to determine if it provides sufficient protection.

Contact us today to schedule your free, no-obligation motorcycle insurance audit. In the meantime, request a copy of our free ebook, Indiana Motorcyclist Guide: Protecting the Biker 101, for more information.