As we gear up for the upcoming motorcycle season, we would like to discuss some important insurance topics to consider before you purchase the best motorcycle insurance you can in NC.
When it comes to protecting yourself and your property, there are few policies more crucial to get right than motorcycle insurance. There are several similarities to auto insurance but a few crucial differences. You want to cover your bike, but more importantly, you need to consider your bodily injury if you are in an accident.
We highly recommend choosing a higher bodily injury limit with matching un/uninsured motorist coverage. If you are in an accident in an auto, you certainly have a risk of sustaining serious injury or death. On a bike, your risk is significantly higher.
We recommend choosing at least a limit of $100,000 bodily injury each person and $300,000 each accident. If you hit another rider on a bike, you want to protect yourself with the highest limit possible to prevent yourself from being sued where your limits stop. The current state required limits in NC are $30,000 each person and $60,000 each accident. These limits can easily be exhausted very quickly if a rider is thrown from their bike and you are liable.
UNINSURED AND UNDERINSURED MOTORIST COVERAGE
Be sure to choose the highest limit you can here. I can think of a couple of incidents where we have had clients with this coverage, at our recommendation, and have been extremely happy these limits were chosen. There is a high number of drivers on the road that carry minimum limits of liability, or worse, are driving uninsured. If this happens, then you want to make sure your limits kick in and pay where the other driver’s limits leave off.
COMPREHENSIVE AND COLLISION COVERAGE
This coverage is very similar to auto insurance. One area worth mentioning is comprehensive coverage though. Especially with sport bikes, theft is a major cause of loss. Make sure that you are protected with the proper comprehensive coverage to protect you if your bike is stolen.
You may also have a concern that your bike is not being covered for the value you have in it. Most policies only cover the NADA value which includes depreciation. We have companies that offer the true replacement of your bike. This can include additional aftermarket alterations made to your bike at a limit you choose. This is especially important with custom motorcycles.
Some of our carriers offer coverage for your personal items from being damaged or stolen. This can include helmets, jackets, or other personal items.
A lot of companies may not offer coverage for your medical payments. It is important that you choose a company that will offer you this coverage if this is important to you. The medical payment limit covers both you and your passengers at the amount chosen.
This option is currently offered through Progressive Insurance, one of our more popular and competitive carriers. They offer a 25% annual decrease in your initial chosen deductible. This can be a nice surprise if you have an unexpected claim after a few claim free years.
There are quite a few options for discounts on motorcycle policies. We have a list of several examples below. Make sure you are getting credit for all that apply.
-Motorcycle endorsement on your license
-Prior cycle or auto insurance
-Claim free discount
-Safe driver discount
Riding on the open road is an exhilarating feeling. It is important that you can rest easy that you are adequately insured in the event of an accident or claim. Please don’t wait until it is too late to consider these important coverage options.