Insuring your motorcycle before you get on the road is not only a good idea—it is the law. This is not a step to skip and most people know that, but it is a step that too often gets rushed, without adequate thought being put into the decision. It is very easy to waste hundreds of dollars on coverage you don’t need, just as it is easy to be underinsured if you’re on a budget. This is particularly true when motorcyclists forget to insure themselves or take out bodily injury coverage. Taking the time to figure out the proper amount of coverage for your motorcycle, as well as for yourself, is well worth it in the long run.
Insuring your Motorcycle
When buying insurance for your motorcycle, you should first consider exactly how much you want to insure it for. The exact amount it is worth? Just what is necessary? If your motorcycle is worth $10,000 (or more), most likely you’ll want full coverage to protect your investment and to avoid missing even one day of riding! But it’s more complicated than that. Motorcycles can break easily with something as simple as a tip over. We then need parts to replace it and get it back on the road. If you are relying on insurance to immediately replace the parts and pay the bill, don’t expect it. It can take months for
claims to go through, and even then, depending on the circumstances, they might not be approved in the amount you need. Put simply: You will likely be the one to pay for new parts and get them put on quickly if you don’t want to miss a day of riding.
Step back from your motorcycle for a moment. You’ll want to put yourself and your family in the picture, as well. You are not replaceable but your motorcycle is. Your first priority should be protecting yourself. It is very easy to get full coverage for your motorcycle then ride off without getting adequate coverage for yourself, and this step is often overlooked. Your greatest asset is your ability to be there for your family and generate income. The insured value of your motorcycle is a very small amount in comparison.
Individual disability insurance covers you if you are unable to work. Quite often, your group benefits plan at the company you work for may have you covered. Go over the details of this policy and see how adequate it is. If it is not adequate, look into getting your own policy. This is where a Financial Advisor or an Insurance Advisor comes in handy. Their advice is free and they get paid only if you decide to sign up for an insurance policy. $100 spent insuring yourself is better than money spent on insuring your motorcycle. Keep the big picture in mind!
The Cost of Motorcycle Repairs
Most motorcycles can be fixed for a lot less than you would think. With a little bit of searching, you’ll find well-priced replacement parts. EBay is great for finding the parts you need. Motorcycle-specific forums will point you in the right direction. There are also OEM online websites that are just like ordering it from the dealer but at less cost. Since most damage on a motorcycle is likely to be cosmetic, you’ll be able to replace the parts on your own with simple tools. If you can do this, you will not be faced with higher insurance rates next year.
Edited by Tonya T.