Since motorcycle insurance is often a hobby, people tend to view it in a different light than car insurance. They don’t take it as seriously as they should because they may only ride their motorcycles during their evenings or weekends. Consequently, instead of getting the best possible coverage, they decide to skimp and save on motorcycle insurance. They often do this by buying the cheapest insurance possible.
Even worse, they may decide to choose to go without it at all, hoping to avoid traffic police and accidents by riding on back roads most of the time.
Taking Motorcycle Insurance Seriously
When you think about it, being uninsured or underinsured makes little sense even if you don’t ride your motorcycle as often as you ride your car. After all, statistically, as a motorcyclist you have a higher risk of both accidents and injury than motorists. Accidents don’t just happen during working commutes. Basically, what this means is that when you are not covered with the right protection, your hobby can be a source of huge health costs and other financial problems in the future.
However, this cognitive bias is not supported statistically.
In a comparison between motorcycle accidents and car accidents, a National Highway Traffic Safety report found that in 2012, there were 8.5 million motorcycles on the road, and 4,968 people died from crashes while 93,000 people were injured. Additionally, per vehicle mile, motorcyclists were 26 times more likely to be killed in a fatal accident and five times more likely to be hurt in an accident.
Insurance is essential for motorcyclists, and comprehensive insurance is your best choice. Just as you need a safety helmet to protect your head, you need insurance to protect your health and finances. If you ride your motorcycle without a helmet or go without insurance, the cost of brain injury or financial loss can ruin your life.
Let’s take a closer look at the difference between various types of motorcycle insurance: no insurance, basic motorcycle insurance and comprehensive insurance.
Different states have different laws about what happens if you get pulled over for riding without a license. Generally speaking, this is often treated by the law in much the same way as if you were driving a car without a license. The law does not care that you only use your motorcycle for recreational activities. You’ll be cited and if found guilty, you’ll be fined. In some states, too, your motorcycle may be impounded.
However, if you get into an accident, things are much worse. According to AllLaw.com “a rider who does not have the appropriate coverage will be limited with regard to their options after an accident occurs, especially in states that follow no-fault insurance rules. And even in states that don’t follow no-fault, if it turns out that there is no one else to hold legally liable for your accident, or that the at-fault driver has no insurance and nothing in the way of assets, you could find yourself on the hook for medical bills, repair bills and other losses, if you don’t have the right insurance coverage.”
Basic Motorcycle Liability Coverage
This insurance is legally required if you ride a motorcycle. Basic motorcycle liability coverage will cover the expenses of the other party if you’re at fault. This includes property damage, medical expenses, and any other expenses they incur as a result of the accident.
Motorcycle Comprehensive and Collision
This is your best option. Besides covering your expenses after an accident, you can also cover for loss from vandalism, fire, and theft.
One reason people often decide against this insurance is because it costs more. However, you can reduce your monthly expenses by getting a higher deductible. Additionally, discounts are also available for military personnel, safety-course certificate holders, and experienced drivers.
Finally, you can get specialized coverage for the following:
· Uninsured motorists.
· Underinsured motorists.
· Medical payments.
· Roadside assistance.
Often people who love motorcycles tend to underestimate the dangers of riding and overestimate their ability to avoid accidents. Yet accidents are part of the reality of life on the road, even if you happen to take every possible precaution and even if you only ride your motorcycle as a hobby, commuting by car and only ride your motorcycle occasionally, it makes no sense to not get insurance, and while basic insurance is better than none at all, spending money on comprehensive insurance is the best way to not ruin your life because of the huge economic and non-economic costs associated with an accident.