Types of Insurance that Cover Motorcycle Damage
Damage to your motorcycle can be a stressful thing following an accident. Your motorcycle is not only a form of transportation, but personal important to you. You want to be sure that when an accident occurs, you are able to obtain the right repairs, with minimal financial obligations.
There are usually three types of insurance that could potentially repair damage to your motorcycle in the event of a crash, assuming the coverage exists.
Property Damage Liability Coverage – Property damage insurance covers damage to someone else’s vehicle if you are liable for an accident. So after an accident, if you were not to blame for the wreck, you can attempt to seek repairs from the insurance company of the other driver by way of that driver’s property damage coverage.
Collision Coverage – Collision insurance is optional in many states. This type of insurance covers a person involved in an accident regardless of who was at fault. If you’re involved in an accident with a driver who does not have insurance or if you were at fault in an accident, you can use your own collision insurance to cover any repairs to your motorcycle, subject to a deductible in your policy. You can also use this coverage even when someone else is at fault. Many people elect to use this coverage in such situations when the at-fault drivers' carrier is taking too long to accept responsibility for the accident. Additionally, even if you pay a deductible, if the other driver has valid coverage and there are no problems with liability, you can usually obtain a refund of your deductible, when your insurance company pursues reimbursement against the at-fault driver's insurance carrier through a process called subrogation.
Comprehensive Coverage – Comprehensive insurance covers repairs that might be necessary for your motorcycle because of events outside of a vehicle wreck, such as weather-related damage, fire, vandalism, or theft of your motorcycle.
Uninsured/Underinsured Motorist (UM/UIM) Coverage - If you are involved in an accident caused by a driver who either does not have insurance or enough insurance to pay for the damage to your vehicle, you can make a UM/UIM claim with your own motorcycle insurance carrier, assuming you have such coverage. Most often, such coverage does not require that you pay a deductible and for insurance company that do, the deductible is usually lower than that for collision coverage.
You should read your insurance policy carefully to understand what situations it covers, and be sure to ask questions of your agent if you are unsure whether you have enough insurance for every situation. If you made additions to your bike, make sure you can itemize their costs.
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