Unfortunately, motorcycles are a target for thieves. This is because compared to automobiles, bikes are much easier to sell and often the parts have a high resale value. If you have recently purchased a motorcycle or are preparing to, you may be shopping around for motorcycle insurance. You may have many questions about motorcycle insurance and whether it protects you and your bike in case of theft. Here are a few of the questions you may have and the answers.
Does Motorcycle Insurance Cover Your Bike If It is Stolen?
By law, motorcyclists are required to carry collision coverage in order to register their motorcycle. If you just have this minimum coverage, your motorcycle is not insured against theft. In order for your motorcycle to be insured and protected in the event the bike itself, or certain parts on the bike, are stolen, you will need to carry comprehensive insurance. The amount of the coverage for comprehensive insurance should total the full value of your motorcycle, less any deductible you have.
Will Motorcycle Insurance Cover Aftermarket Parts?
Aftermarket parts can jazz up the look of your motorcycle and increase its value. Unfortunately, these parts are not covered by comprehensive insurance should they get stolen or should the bike as a whole be stolen. If you have purchased or intend on purchasing pricey aftermarket parts for your motorcycle, you will want to look into custom parts and equipment coverage. This is an add-on option to your motorcycle insurance policy. Each custom part and piece of equipment must be listed on this particular section of the policy, or the item will not be covered by your insurance policy.
Are Accessories Covered By Motorcycle Insurance?
Once again, comprehensive motorcycle insurance will not cover any of your accessories, including saddle bags. Comprehensive insurance will only cover factory authorized parts. If you have accessories on your bike that are costly, you will want to purchase motorcycle accessory coverage. Some insurance companies will bundle custom part and equipment coverage with accessory coverage to provide you with a policy that covers everything that you add on to the bike. Other companies will list parts and accessories separately and require you to purchase two separate add-ons to your insurance policy.
Having the right insurance helps to ensure that your motorcycle, custom or aftermarket parts and your accessories are all covered if your motorcycle is stolen by a thief. Learning about various types of motorcycle insurance products will help you select the ones that you need to fully protect your new bike. Contact an agency, like Allstar Insurance, for more help.
Share23 October 2017
I still remember the first time I had to chose an insurance policy; I was 17 years old and had just saved up enough money to afford my very first car. I was so excited to begin driving, but overwhelmed with all of the different auto insurance options. My father helped me chose a full-coverage policy that would cover the cost of my car if it were to become damaged in an accident. When I inevitably caused a small fender-bender as a new driver, my insurance company paid for my car repairs, so it sure was the best policy for me! Now that I am older and have learned a lot about home insurance and other types of insurance, I thought I would make a blog to help others who need insurance advice, like what my dad gave me. I hope I can help you make wise insurance decisions!