The new motorcycle you bought probably cost a pretty penny, so protect it. Not only is purchasing motorcycle insurance in Iowa required, but it’s also wise. Below are some of the reasons why.

Why You Should Purchase Motorcycle Insurance

1. Repair Damages

Motorcycle insurance policies contain components that protect you and your equipment. Collision coverage pays for damages caused during an accident, while comprehensive coverage pays for losses due to fire, floods, vandalism, and theft. Additionally, medical payment coverage pays for necessary medical treatment if you or a passenger are injured while on the road. All of these keep you from paying out-of-pocket—beyond your deductible—if something unfortunate should occur.

2. Guard Against Liability

Liability coverage protects you financially if you should injure someone or damage their property. It pays for repairs and hospital care as well as covers legal bills if you should be sued over the incident. These include lawyer fees, court costs, and judgment or settlement costs approved by your insurer.

3. Comply With the Law

Iowa law requires bikers to maintain $20,000 of bodily injury liability to a per-accident maximum of $40,000. It also requires $15,000 of property damage liability in case you should damage a car, building, or another piece of property. Moreover, if you financed the purchase with a loan, your lender will almost certainly require you to protect their investment. If the bike becomes totaled, they would no longer have any security for the loan. Therefore, the claims payout of a motorcycle policy pays them off as the lienholder first.

For expert assistance designing a policy that protects you and your bike, contact Blum & Leonard Insurance and Real Estate in Estherville, IA. They have served clients seeking coverage and buying or selling real estate since 1975. In addition to auto and motorcycle insurance, they also specialize in crop, farm, business, renters, and homeowners insurance. Call (712) 362-7272 to discuss your needs with a friendly agent, or request a quote through their website.