A motorcycle is a significant investment. Before you run your motor and head out on the highway this season, you owe it to yourself to ensure your insurance is up-to-date and you’re adequately covered.
“Just as riding a motorcycle is much different than driving a car, riders should know that their motorcycle insurance needs are different, too,” said Rick Stern, motorcycle product manager, The Progressive Group of Insurance Companies.
Here are some tips:
Consider additional liability coverage.
If you have significant assets, it may be to your benefit to carry a higher limit just in case you are involved in an accident that causes injury to someone else or property damage.
Update your policy.
Verify that all your coverages are still in force. Be aware that some companies have a winter layaway period during which some coverages are restricted.
Check with your insurance company to see if you have any limited coverage.
Note any changes, such as additional riders or a new garaging address. A quick call to your independent agent or insurance company will ensure coverage that reflects your current needs.
Look into medical payments coverage.
Medical payments coverage pays your medical bills and your passenger’s and is available in limits up to $25,000 in most states.
Make sure custom parts and equipment are covered.
Additional parts such as chrome plating, a custom paint job, saddlebags, or special rims usually increase the value of your motorcycle and may not be covered. If you’ve added any custom parts or equipment, you’ll want to check your policy or call your independent agent to ensure they’re covered.
Know your options.
Rates can vary, so shop around to see if another company offers you a better rate or if you qualify for any discounts. If you have comprehensive and collision coverage, consider raising your deductibles. Doing so can help to lower the cost of your policy.
Don Westerfeld has been active in the field of Insurance and Financial Planning since 1997. Don grew up in Indiana later moving to Lakeland Florida where he continues to reside with his wife and children. When he’s not in the office you can find him enjoying the great outdoors. He has served on several charitable business and non-profit organizations and continues to provide guidance, advice and support to local charities.
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