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Is it time for you to buy motorcycle insurance? You should not be on your bike without insurance. You are at high risk for financial loss. Do you know what the minimum requirements are? There are several types of motorcycle insurance. These are the Bodily Injury coverage, Comprehensive coverage, Uninsured and Underinsured motorist coverage, Collision coverage.

This motorcycle insurance is set in a 15/30/10 system. $15,000 is the amount to pay to an aggrieved person per accident. The amount shall not exceed more than $30,000. $10,000 is the maximum amount that the insurance company will pay for property damage.

The legal minimum amount for bodily injury is $10,000. But most experts recommend buying an insurance policy that is three times higher than the State’s requirement. The Comprehensive insurance allows you to pay for the cost of repair or replacement of the motorcycle, if it is damaged during an accident. It does not matter who is at fault with this coverage.

In collision coverage, the insurance company pays for the motorcycle repairs. But, the repair is limited only to factory parts. It does not cover the accessories such as chrome on the wheels.

The custom parts and equipment coverage is included when you buy physical damage liability coverage. If you choose another type of insurance, it is useful in shouldering the expenses for accessories, equipment, enhancers and devices that are not originally part of the motorcycle.

On the other hand, the roadside assistance coverage provides services like towing your motorcycle, if it becomes inoperable. It also covers repair services, if the motorbike cannot operate due to a dead battery, mechanical breakdown, and poor road conditions. If you experience a flat tire or your bike is damage on the road, the expenses for repair are also covered.

The property damage liability helps at-fault motorbike drivers to pay for replacement or repair of damaged property. To help them cover the medical expenses and loss of wages of the guest passenger, they can buy a guest passenger liability rider for their motorcycle insurance.

If it is your first time to own and register your motorcycle, it is best if you take time studying the types of motorcycle insurance. Also, consider your needs and the value of your motorbike.

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