You are eager to take your new motorcycle for a ride. The safety gear is in place, but you are forgetting the most crucial protective gear – insurance. Motorcycle insurance in NY is a requirement by traffic law. Nearly all states require that you get minimum liability coverage in order to register your bike.
Although it costs a lot, motorcycle insurance can take care of your hospital bills, damage caused by vandalism and theft. It can protect you in case you cause damage to property or personal injury to another person. If you have a lease or loan, the lending institution will have you get coverage for the motorcycle itself.
Here are some of the essential basics of motorcycle insurance:
Liability coverage
Liability coverage is a legal requirement for motorcycle owners. It is available in two categories including
Property damage liability–This is motorcycle insurance NYcoverage for any damage you cause to another person’s property. It will pay for repair and replacement of the other party’s property such as car, telephone pole, billboard, lamp post, animal, fence, and more. The property damage liability coverage will also cover the costs for your defense in case you are sued for an accident you caused.
Bodily injury liability–Also known as personal injury claim, this category covers damage caused to another person. When you run into someone while riding your motorcycle, it will take care of all the legal responsibilities to the other person. It will pay the medical expenses, pain and suffering, and the loss of income for the victims. This coverage will also pay for your legal fees in case you are sued for causing the accident. Whether you are entirely or partly at fault for causing bodily injury, you will have to shoulder these expenses.
Point to note:
Comprehensive insurance
Comprehensive coverage is a less expensive policy in motorcycle insurance NYCbut does not apply in all situations of motorcycle accidents. The insurance company will pay for any damage to the bike that is not related to an accident. Such damages include fire, theft, flood, animal collisions, and vandalism, among others.
Comprehensive coverage comes with exclusions for things such as tools, clothes, and other custom items. Helmets are considered as part of the coverage, and insurance firms will pay for any damage to your helmet.
Uninsured and underinsured motorist coverage
Uninsured and underinsured motorist coverage benefits the motorist. Other motorist drivers whose vehicles are not insured or are partially insured can hit you and damage your motorcycle or injure you.
This type of motorcycle insurance NY will shoulder the expenses for medical bills, pain, and suffering and lost income. It will also protect your riders (if you have any) and the rest of the people covered by the policy in case they are injured while traveling in other vehicles or when walking on the road.
The uninsured and underinsured motorist coverage also takes care of the damage caused by another motorist to the motorcycle or its contents (property damage coverage). Under this coverage, the deductible is limited. It can also be applied as an addition to collision coverage.
Collision coverage
The collision component of motorcycle insurance NYCcovers the repair and replacement of your motorcycle if it is damaged during an accident. With this coverage, it does not matter who is at fault. If you have a loan with a lender on your motorcycle, the lender may require that you get enough collision coverage that can help you pay off the loan if the bike is wrecked.
Collision coverage does not include accidents caused by hitting animals. But if you buy both collision and comprehensive coverage, animal accidents can be included.
Personal injury protection or medical payment coverage
Personal injury protection pays for funeral and burial expenses, medical bills, income continuation, and service loss incurred from an accident by the motorist, riders and other people covered by the policy. This is a no-fault motorcycle insurance in NY– it does not matter who caused the accident
Firms that offer auto insurance policies also provide personal injury protection coverage to their clients with benefit limits, including:
- Funeral expense benefits
- Medical and hospital benefits
- Income continuation benefits
- Loss of services benefits
Motorcycle insurance in NY also offers other small coverages that are cheap and mostly overlooked. They include:
Towing & storage coverage – This coverage pays for towing and storage charges of the motorcycle after the accident. It also covers fuel delivery and minor repairs when the bike runs out of fluids, gets stuck or breaks down.
Accessory coverage – It pays for loss of accessories or any damage caused to them. The accessories include safety equipment, modifications, custom paint, and wheels, among others.
Trailer coverage – Trailer coverage pays for the trailer that transports the bike when it has broken down.
Rental coverage – This coverage covers the expenses used to rent a replacement motorcycle after an accident.
Trip interruption coverage – Trip coverage pays for expenses incurred when the motorcycle breaks down far from home. They include food, lodging, and transport.
Important note:
Conclusion
Plenty of insurance policies are available to cover a motorcycle and its accessories on an agreed value. However, there is no full coverage policy in motorcycle insurance in NY– there will always be limits.
Some coverages depend on how much you will lose if you don’t purchase them. But if your motorcycle, your paycheck, your house, and your driving license are that important, you should protect them against any losses.
A lot of insurance firms and agents understand the right policies that can benefit you and the bike. Do your homework to understand yours and your motorcycle’s needs.
The important thing is that you protect yourself with the best motorcycle insurance NY to avoid the worries of what may happen if your day does not go well.
