What is it
Motorcycle Insurance provides coverage for a street legal recreational vehicle which includes motorcycles, scooters, mopeds, and Segway’s. A Motorcycle Insurance Policy will help to protect you from claims for bodily injury, theft and/or property damage.
why do i need it
Most states require you to carry a minimum amount of liability coverage, however, other types of coverage are usually optional. To find out what motorcycle insurance coverage is best for you, it is important to understand all the available options. Also, banks will require you to carry physical damage coverage for your motorcycle.
Who needs it
Owning a motorcycle can be exhilarating, but it does come with some bumps in the road. Motorcycle operators shouldn’t risk not being properly insured. Protect your motorcycle and yourself from the pitfalls of inadequate insurance coverage.
Compulsory coverage - Mandated by law
Bodily injury to others: protects you against legal liability for the accidental injury or death of others caused by the operation of your motorcycle, but only if the accident occurs in Massachusetts. You will be covered up to the basic limit of $20,000 per person and $40,000 per accident. Injuries to the driver or passengers on your motorcycle are not covered under this part. If you drive outside of Massachusetts or in places where the public has no right of access, or if you drive with guests on your motorcycle, please see optional bodily injury to others, for coverage that will protect you in such situations. You could be sued for more than the required ($20,000/$40,000) limits for bodily injury to others. Buying higher limits under the optional bodily injury to others coverage may protect you from large losses.
Personal injury protection (PIP): pays up to $8,000 for medical expenses, replacement services and 75% of any lost wages. PIP will pay these expenses to you or anyone you let drive your motorcycle, anyone living in your household, passengers and pedestrians, no matter who causes the accident. Your PIP coverage pays for medical expenses in excess of $2,000 that are not reimbursed by your health insurance only after these expenses have been submitted to your health insurer to determine what it will and will not pay.
Bodily injury caused by an uninsured auto: protects you, anyone you let drive your motorcycle, household members and passengers (unless covered by another Massachusetts policy with similar coverage) against losses caused by an uninsured or unidentified (“hit and run”) driver. A minimum limit of $20,000 per person and $40,000 per accident is required. This coverage does not pay for property damage or damage to your auto.
Damage to someone else’s property: This coverage pays for damage to another person’s property when you, a household member or another authorized driver cause an accident. A minimum limit of $5,000 is required. Compulsory insurance is the minimum amount of coverage required by state law. Accidents can often result in damage that exceeds these limits. Depending on your individual needs, you may wish to purchase increased limits on these coverages or additional types of coverages such as those listed in the optional coverage section. You should consult with an agent or other insurance professional for help in determining what types and how much coverage you need.
Optional coverage - Chosen by you
Optional bodily injury to others: extends your liability protection under above the mandatory limits required by the Commonwealth. This option provides coverage for accidents beyond Massachusetts to anywhere in the United States, its territories or possessions, or Canada. It also provides coverage for bodily injuries suffered by guests in your auto.
Medical payments: Optional medical payments coverage pays for medical expenses for you, your household members and passengers, over and above amounts covered by personal injury protection (PIP) no matter who caused the accident.
Collision coverage: pays for damage to your motorcycle, less any deductible, no matter who causes the accident. Personal property is not covered unless it is permanently installed on your motorcycle. If your motorcycle is financed, your lender may require collision coverage. Waiver of deductible: for an additional premium, you may purchase a “waiver of deductible.” With this waiver, your collision deductible will not apply when an accident is caused by an identifiable driver.
Limited collision coverage: pays for collision damage to your motorcycle if you are no more than 50% at-fault for the accident and the owner of the other vehicle is identifiable.
Comprehensive coverage: pays for damage to or loss of your motorcycle, less any deductible, resulting from events such as fire, theft, vandalism, and striking an animal, but not collision. Personal property such as a stereo is not covered unless it is permanently installed on your motorcycle. If your motorcycle is financed, your lender may require this coverage. If your automobile is stolen you must report it to the police and your insurance company. You will be reimbursed for transportation costs after the first 48 hours following the report. Selecting your deductible: your deductible will be set at $500 unless you select a different amount. You can always save on your premium by choosing a larger deductible where one is offered. In determining the right deductible for you, decide how much you can afford to pay out of your own pocket in the event of an accident or loss in which you are at fault, or the other driver is unidentified.
Substitute transportation coverage: reimburses up to the limit purchased for car rental or transportation costs including taxi, bus, and train fare while your motorcycle is undergoing collision or covered repairs.
Optional medical payments coverage: pays for medical expenses for you, your household members and passengers, over and above amounts covered by personal injury protection (PIP) no matter who caused the accident.
Towing and labor coverage: pays up to the limit purchased for towing and labor charges each time your motorcycle breaks down whether or not there is an accident involved. You are covered only for the on-site labor costs at the breakdown site needed to get your motorcycle running again. Parts are not covered.
Bodily injury caused by an underinsured auto: This optional coverage pays if you are injured by a motorist with liability limits less than the amount of the damages you are entitled to recover. The other motorist’s policy pays its limits first and then yours pays any remaining losses up to the amount purchased. This coverage will not pay for damage to property.
Other coverages: All insurers offer the optional parts listed above. In addition to these common coverages, insurers are free to offer other coverages or policy features in order to compete for customers. Some of the additional features you may find include: roadside assistance, accident forgiveness, auto loan\lease coverage, multiple deductible options for collision and comprehensive, pet coverage
How much does motorcycle insurance cost?
There are a lot of variables that play into the cost of motorcycle insurance such as driving record, the year, make and model of your bike as well as how you store it in the off-season. The great news is that LoPriore insurance agency is able to work with many insurance companies to get you the best rate possible. You can rest assured that when we offer you a quote, we have both your coverage and your cost of coverage in mind. We welcome the opportunity to discuss your personal needs in detail.
Do I need to cancel my motorcycle insurance each winter?
Your motorcycle is a cherished possession and we want to make sure that you are protecting that asset according to your lifestyle. Our policies are based on an annual premium. However, with the abbreviated riding season in the Northeast you can always reduce coverage during the winter months. That said, there are some myths stating there is coverage for your motorcycle while in storage via your homeowners policy, which is not the case. The homeowners policy excludes coverage to motorized vehicles.
What does motorcycle insurance cover?
Insurance for your motorcycle is not that different than coverage for your standard automobile. Depending on your elected coverage options, the opportunity to protect your investment and yourself in the same manner as you would on four wheels exists. If you would really like to dig into the details of either your current coverage or if you are looking to establish an entirely new policy, we can guide you through the process and develop a policy that is tailored to meet all your needs.