Motorcycle insurance comes in two main types: liability and collision. Liability coverage would cater for your lost wages, damaged motorcycle, and medical costs if you caused the crash. Collision insurance protects your motorcycle, and it is typically required if your bike has a value above a certain threshold.
It caters to the cost of repairing or replacing your bike if you are at fault in a crash. Most policies also offer some level of uninsured/underinsured motorist protection. Talk to Marino Agency Inc. in Mt. Ephraim, NJ to know the various insurance policies available.
Know More About Motorcycle Insurance
Some companies categorize motorcycle insurance as bodily injury and property damage. Bodily injury caters to medical costs and other expenses if you’re involved in an accident, or another person is hurt. Property damage coverage pays for costs if you damage someone else’s property.
Many policies also offer a few other types of coverage, such as medical expenses if you’re in an accident and injure yourself. They also cater for stolen or damaged bikes and cover uninsured or underinsured persons.
You can also buy an extra policy called gap coverage, which will pay for the difference between the amount your insurance company pays and the amount of repairing your bike if it’s destroyed in an accident.
Other companies classify motorcycle insurance as liability and non-liability. Liability insurance is typically required by law and covers costs incurred by others due to your actions. It’s vital to maintain liability coverage on your motorcycle.
Non-liability insurance is optional and typically covers costs incurred due to circumstances beyond your control (e.g., weather conditions, mechanical issues, etc.).
Most motorcycle policies also have other coverage options, such as uninsured/underinsured motorist coverage, roadside assistance, and rideshare/comprehensive coverage.
Motorcycle insurance comes in several different types, each offering coverage for various risks.
Bottomline
When you shop for motorcycle insurance, you will likely come across these types: compulsory, liability, voluntary, extended, and endorsement. Compulsory coverage is required by law, and you will be ticketed if you do not have it.
Endorsement is something you can add to your policy, which usually increases the cost of your insurance. You can add voluntary coverage to your policy, which generally decreases the cost of your insurance. For a consultation, call Marino Agency Inc., a firm serving at Mt. Ephraim, NJ.
