Motorcycle insurance, like car insurance, is designed to financially protect both the operator and other motorists on the road in the event of an accident. If you have recently purchased a motorcycle, it’s important to familiarize yourself with the insurance requirements. Below, you'll find an introduction to the ins and outs of motorcycle insurance.

A Beginner's Guide to Motorcycle Insurance

What Does Motorcycle Insurance Cover?

Motorcycle coverage is similar to car insurance in that it offers a number of coverage types. Liability coverage pays for damages and injuries you cause to others, while collision coverage pays for collision damages occurring to your own vehicle as a result of an incident deemed your fault. It also covers non-collision issues, such as flooding, fire, vandalism, and theft.  Other coverage types include roadside assistance and uninsured motorist protection. Particularly important for motorcyclists is medical payments coverage, which pays for medical care and hospital stays after an accident. This is an optional coverage, so be sure to ask your insurance agency if it is available.

What Coverage Is Required?

As with car insurance, New York State requires cyclists to purchase minimum amounts of liability insurance. For motorcycles, operators must buy at least $25,000 of bodily injury liability coverage per person with a per-accident maximum of $50,000. You must also buy $10,000 worth of property damage coverage to pay for damages you accidentally cause to other vehicles. Liability coverage also pays for any legal costs related to a collision, including lawyer fees, court costs, and judgment or settlement amounts. Note that these minimums are only for bikes that ride on public roads. If you ride a dirt bike solely on trails, you are exempt from the state requirements. Nevertheless, you should still protect yourself and your investment; also, a lender may require full coverage if you have an outstanding loan amount.

What Factors Affect Price?

The amount you pay for motorcycle insurance premiums varies based on the age and model of the bike. A newer, more expensive vehicle will cost less to insure than a 20-year-old entry-level bike. Your personal characteristics, such as age, sex, and marital status, also affect the price. Men, singles, and teenagers tend to pay the most. Also, the number of miles you ride—as well as the purpose of your driving—can affect rates. Finally, insurers look at your driving history—including previous accidents and tickets—and your credit score.

When you want to protect your motorcycle, contact Consolidated Agency in Monroe County, NY. They are an experienced, independent insurance agency that has served the Upstate region since 1988. In addition to motorcycle and car insurance, they also specialize in homeowners, liability, and business insurance policies. Check out their website for a map and business hours, or call (585) 467-4110 to request a free motorcycle insurance quote.