It’s solid advice to get a motorcycle insurance quote and it’s even better to know if it actually protects you when you need it to – in the ways you need it to!
As a motorcyclist, you should be aware that having good motorcycle insurance coverage places you in a better position to enjoy your ride. Plus, it will give you the confidence that, in the event of any unfortunate incident, it will provide protection. Asking how much is motorcycle insurance may not get you as much as asking how much of what is important to me is covered in my insurance policy?
For example, in the event of an accident, having motorcycle insurance guarantees you the opportunity to receive the compensation that you need to get back on your feet. Essentially, a motorcycle insurance policy contains various fundamental aspects that you need to be fully conversant with, hopefully, you are when you get your motorcycle insurance quote but if not, we can help you do a review to ensure it does!
For instance, you need to know the kind of protection that you’ll need your insurance agency to provide for you and that should be laid out in your motorcycle insurance quote. Additionally, it’s vital to comprehend the scope of the financial risks that you might encounter in the unfortunate event of an accident, which not all motorcycle insurance quotes are clear about. These financial risks could include major medical bills if you’re severely injured in an accident.
In the same vein, what model or type of bike do your own? The type of bike that you ride plays a big part in defining how your insurance agency will provide protection for your asset.
Therefore, it matters that you develop a deep comprehension of motorcycle insurance coverage and look at a few motorcycle insurance quotes. This will allow you to know how your agency will provide protection for you and your bike.
Have a look at this and then dig in below to see if you are covered in the way you want and need to be:
What Does Your Motorcycle Insurance Quote Cover?
Fundamentally, a typical motorcycle insurance quote covers protection for your bike by offering to cover some of the costs related to damages after a particular incident.
Furthermore, a standard insurance policy offers compensation in case you cause harm to another party or damage property belonging to them. Additionally, normal motorcycle insurance takes care of any legal fees that will be needed in the event of an accident.
In other words, if you’re at fault in an accident, your insurance agency takes care of the liabilities facing you. By paying for the expenses of liability claims and legal charges that ensue following an accident, your motorcycle insurance company will provide protection.
Better still, you can modify your insurance coverage to include more than just the above-mentioned. For example, you can have your policy cover the full replacement of your motorcycle in case it’s beyond repair.
Additionally, you can choose to have comprehensive coverage. This caters for any loss or damage resulting from other causes apart from collisions. Plus, you might need to cater to your medical costs after being involved in an accident.
The medical expenses might be so high that they become a financial burden to you. The good news is that your motorcycle insurance will provide protection to you in this regard. This is especially important if you’re laid up for some time and unable to work after your accident.
Therefore, it’s important to do some research. This will allow you to understand the various policies on offer to know which one serves you best.
To What Extent Do I Need Motorcycle Insurance Coverage?
The extent to which you’ll need to provide protection for your bike will depend on the specific type and how you intend to use it. For example, if you own a sports bike you’ll have to pay a higher premium to have it protected. This is because it’s more expensive than standard bikes, which cost less.
Also, a motorcycle that has a high horsepower-to-weight ratio has a higher speed compared to other bikes. Thus, motorcyclists tend to ride them faster. This attracts higher risks of accidents, injuries, and damages and you should see that reflected in your motorcycle insurance quote.
For this reason, motorcycle insurance companies charge higher premiums to policyholders who own such bikes. If you don’t want to pay higher premiums, you should consider owning a less expensive bike. Plus, you need to make sure that it’s safer to ride than other bikes.
Motorcycle insurance companies will demand cheaper premiums from you if the level of risk associated with your bike is less. In essence, the more the risk of injury and damage, the more insurance coverage you’ll need.
Also, you may need a higher motorcycle liability insurance cover as well as an increase in your medical care coverage. Therefore, you’ll need a higher insurance cover to provide protection to you.
Does your Motorcycle Insurance Quote a Policy that Works To Provide the coverage you need?
Motorcycle insurance policies provide protection the same way car insurance does. For example, if you have bodily injury and liability coverage, in the event that you cause damage to another person’s property when riding your bike, it’s your insurance policy that covers the damages.
It’s however imperative to note that the damages are covered according to the limits of your policy. Moreover, if an injured person files a claim against you, your liability coverage will take care of some of the legal fees.
It’s worth noting, that the amount that your agency will cover for the legal fees will depend on the limits of your insurance policy. What this implies is, if the total cost of the claims is more than what your policy can cover, you’ll have to settle the damages and legal fees through other sources. This is asking “how much does motorcycle insurance cost” is not the best question when seeking insurance that will cover you when it has to.
More importantly, depending on the type of insurance coverage you buy, you can also have your insurance agency cover your medical costs. Having adequate knowledge on how your insurance policy works will help you to understand how much protection you have.
Different Types Of Motorcycle Insurance Options In Illinois
No one insurance policy will suit everyone. There are different options you should ask for in motorcycle insurance quotes to show those options.
As mentioned above, basic liability insurance in Illinois will cover any injuries or damages you cause, up to the policy limits. Additional covers are optional, but you should definitely consider getting them because of the greater protection that they provide. What are some of these additional insurance coverage options?
If you opt for Personal Injury Protection, you’ll have cover for medical expenses, lost wages, and any damages that you sustained in an accident. If you opt for comprehensive insurance, you’ll also be covered in the event of vandalism, theft, or damage to your motorcycle caused by natural phenomena such as storms.
In simple terms, this means that should your motorcycle be stolen or vandalized, this type of insurance would cover your losses. Having collision insurance will cover you if your motorcycle suffers damages following a collision with a person, stationary object, or another vehicle.
The last type of additional coverage that is available is uninsured and under-insured driver cover. This policy will cover your expenses in an accident if the other driver as at fault and lacks sufficient insurance. This type of coverage is beneficial for riders who want to protect themselves from other drivers that may not be able to pay for injuries and damages that they cause you.
How Much Coverage Do You Need To Provide Protection For You And Your Bike?
If you go by the guidelines set forth by the Illinois Department of Motor Vehicles, you’re required by law to have the following coverage:
- $15,000 worth of property damage coverage in the event of an accident
- $20,000 of bodily injury or death to a single person following an accident
- $40,000 worth of bodily injury or death if more than one person dies in an accident
The amounts listed above are the minimum amounts that riders in the state of Illinois must have. However, it’s important that all riders have coverage that surpasses these minimum limits. Having an insurance policy that gives you additional coverage will also give you peace of mind so request the additional coverage when asking for a motorcycle insurance quote.
What Factors Influence Your Motorcycle Insurance Rates In Illinois?
Several factors can influence your motorcycle insurance rates in the state of Illinois. One factor that heavily influences your rates is the type of motorcycle you ride. If you ride an expensive motorcycle, your insurance rates will be higher. But, if you ride a cheaper motorcycle your rates will be lower.
What can you do to lower your rates? If you take a motorcycle safety course your insurer may be willing to offer you better rates. This is because your risk of being in an accident is lower. A more prominent factor is whether or not you’re an experienced rider. An experienced rider with a good record will get better rates than an inexperienced one.
Understanding The Different Classifications Of Insurance For Motorcycles
To help you make the correct decision, here are the different classifications of insurance that you should be aware of.
This is the standard motorcycle insurance that motorcyclists should have in order to be adequately protected from the liabilities that they may face. Most of the states in the US require motorcycle owners to be holders of this classification of insurance.
Legally, in a state like Illinois, if you fail to purchase a liability insurance policy, yet you continue to ride your motorcycle, you’re breaking the law. Liability insurance offers compensation in case you’re at fault of causing bodily injury or property damage after an accident.
Any legal fees involved as a result of the accident are also catered by the insurance company. It’s worth pointing out that the coverage only caters for liability claims and legal charges to the extent of your policy’s limit.
If the liabilities demand more compensation than your policy is able to pay, you’ll have to pay the extra costs from your personal finances.
Consequently, liability insurance is vital since it allows you to have peace of mind. This is because you have coverage for any injuries or damages when you’re at fault in a motorcycle accident.
Comprehensive insurance is the highest level of insurance classification that you can have for your motorcycle. With this insurance classification, you’re able to insure yourself and your bike in the event of an accident.
Even if you were the one at fault in an accident, this coverage pays for any damages to your bike. In case there’s a need for a replacement, the coverage will also pay for it.
Moreover, comprehensive insurance covers incidences like fire, vandalism, theft, or natural occurrences that might warrant the replacement or repair of your motorcycle.
If for instance, your bike is stolen or has damage from a natural phenomenon like a storm, your insurance company should compensate you accordingly. Especially, if you have comprehensive insurance coverage.
Therefore, you should consider having this classification of insurance if you want to have a broader insurance plan. Fundamentally, you’ll be able to protect both you and your motorbike. However, this is not the case if you just have liability insurance.
Basically, collision insurance pays for the repair or replacement of your bike after being involved in an accident with a car, motorcycle, or any other object. Any damage to your motorcycle gets compensated through this insurance policy. Read any motorcycle insurance quote you get to ensure you have coverage enough to meet your needs.
Therefore, if your bike hits a stationary object like a tree or a fence, your collision insurance cover should compensate you for any repairs or replacement needed.
However, it’s important to note that there are situations where collision insurance does not cover you including:
(1) any damage to your motorcycle that does not have a relation to riding. For example, in cases of theft or vandalism
(2) damage to another person’s motorcycle or vehicle
(3) medical expenses
Personal Accident Cover
Personal accident coverage is another classification of insurance for motorcycles that you should have a good understanding of. This coverage involves an extra cost and should be reflected in your motorcycle insurance quote. This should cover injuries that you or the passengers you carry sustain in the unfortunate event of an accident.
The policy covers the medical expenses to treat the injuries that you and the passengers you were carrying incurred during the accident.
Another significant feature of personal accident cover is that it compensates your family in case you’re in a fatal accident. Even if you were the one at fault in the accident, your family will still be compensated accordingly.
However, you should take note that there are situations that you cannot be compensated for through this coverage. Some of these situations include:
(1) if you willingly put yourself at risk
(2) if the injuries you sustain are self-inflicted
(3) if you sustain injuries when under the influence of drugs or alcohol
Uninsured/Underinsured Motorcycle Insurance quote Coverage
The uninsured/ under-insured motorist coverage classification covers compensation when the other party at fault in an accident is either uninsured or under-insured.
Therefore, if the party at fault does not have enough insurance, the insurance policy takes care of the difference. In the same vein, if the one at fault does not have any insurance, this policy will cover the compensation required.
Thus, this insurance classification ensures that irrespective of the insurance status of the at-fault party, you’re able to receive compensation for the damages you incur in an accident.
Understanding How Full Coverage Motorcycle Insurance Works
Virtually every state in the US requires motorcycle owners to have insurance to legally ride. The exceptions to this are Florida and Washington. But, just because you aren’t required to have motorcycle insurance doesn’t mean you should avoid buying a policy. In the event of an accident, in addition to the severe injuries you risk, you may also be liable for property damage and for medical bills for the other driver. That’s why you need motorcycle insurance, the only question being, do you need standard or full coverage motorcycle insurance?
One thing that most states have in common is that riders have to have liability coverage if they want to ride a motorcycle. While liability is the minimum, there are other types of insurance. These provide more protection with the caveat that they cost a little more money.
For example, if you decide that you want more coverage, you can add comprehensive and collision coverage to your policy. Basically, this approach gives you the equivalent of full coverage insurance but, at a lower price point.
With a higher level of coverage such as this, you’ll have more financial protection in the event of an accident. Limiting your liability should be your main goal here. This is because the damages that could be levied against you from a single accident can easily end up in the ranges of well over ten thousand dollars.
Here’s a quick rundown of what is included in full coverage insurance and how these features protect you.
How Collision And Comprehensive Coverage Works
Full coverage motorcycle insurance includes collision and comprehensive coverage. These are first-party type covers that compensate you for the repairs or replacement of your motorcycle in the event of an accident.
What collision coverage does is pay for the replacement or repair of your motorcycle if you’re hit by another car or if you hit an object. This coverage is there to protect you for times when the at-fault driver either lacks insurance or has insufficient coverage. This type of insurance also protects you in the event of a hit and run accident.
What does comprehensive insurance cover? It covers the repair or replacement of your motorcycle if something happens to it that is not the result of an accident. For example, if someone vandalizes your bike or steals it, comprehensive insurance would provide you with the cover you need.
Comprehensive insurance will also provide you with coverage in the event of fire damage, hail damage, or any other type of accidental damage not related to a street accident.
One important thing to keep in mind is that if you need to file a claim to repair your bike, collision and comprehensive coverage will only pay for the cost of factory or standard motorcycle parts. Simply put, if you have additional parts added to your bike, you won’t be covered. This is unless you have an insurance policy that specifically covers these items.
How Bodily Injury And Property Damage Liability Protect You
One of the major components of full coverage motorcycle insurance is bodily injury and property damage cover. These types of coverage will protect you if you’re at fault in an accident. Especially if it results in the injury of another person or damage to someone else’s property.
Why is this type of coverage so important? Let’s say that you’re at fault in an accident and the other driver is injured. If this happens, this type of coverage would pay for their injuries. This policy will also pay for damages to property. With bodily injury and property damage coverage, you don’t have to worry about being financially liable if you’re at fault in an accident.
Except for Florida and Washington, bodily injury and property damage liability coverage is mandated by state law. While it may not be mandatory to have this type of coverage in these two states, riders in these states should still obtain it.
Did you know that if you’re the at-fault party in an accident your assets could be at risk? With liability coverage, you don’t have to worry about someone filing a lawsuit that can cost you money or assets. In an accident where you lack proper insurance coverage, things can get very expensive very quickly for you. This is why a full coverage policy is the best option for you.
How Uninsured Or Under-Insured Coverage Protects You
Having full coverage insurance also protects you if you’re in an accident with an uninsured or under-insured driver. When you have this coverage you have protection from losses when the other driver lacks sufficient insurance to pay for your damages.
What is especially useful about this coverage is that it covers both bodily injury as well as property damage. It works in the same manner as liability insurance. So, if you suffer injuries in an accident and your motorcycle has damage as well, this coverage will pay for both.
But, this policy only applies if the motorist who struck you is not able to pay for your medical bills and damages. It’s important to point out that in some states, this type of coverage is mandatory.
Some of the states that require this coverage are Minnesota and New York. Whether or not you have to obtain full coverage protection, it’s still a good idea to have it. This way you can protect yourself from drivers that lack sufficient insurance.
How Personal Injury Protection Protects You
What is personal injury protection? It refers to the protection that covers your medical expenses following an accident. On top of that, this insurance also covers any lost wages resulting from your accident.
It’s important to note here that personal injury protection pays for your expenses. This is regardless of who was at fault in your accident. The difference between them is that the insurer will not pay out a claim unless someone is at fault in the accident.
So, if you have no-fault coverage, you can get your medical bills paid more quickly than if you simply had liability insurance. This is a big perk and it’s a big reason why having this type of cover is beneficial to riders. Because of the benefits you receive and the additional protection, all riders should strongly consider getting this coverage.