Here’s what you should know:
- Liability coverage helps pay for injuries to others and damage to their property.
- It’s required by law in nearly all states.
- Collision coverage helps pay to repair or replace your bike if it is damaged in an accident.
- Comprehensive coverage covers your bike for theft, fire, acts of nature and more.
Q: I have insurance on my cars and house — do I need it on my motorcycle too?
David Stansfield is a Farmers Insurance® agent in Fort Collins, Colorado. He explains how motorcycle insurance helps you cover your risk.
A: Insuring your motorcycle is no less important than insuring your car. In fact, virtually all states require riders to carry liability insurance, which covers injuries to others and damage to their property.
But remember, liability insurance covers the other guy — not you. You may want collision coverage on your policy to cover your bike if your bike is damaged in an accident. Otherwise, you’ll have to pay to repair or replace it out of your own pocket. Who wants to face a sudden expense like that? If you have a loan on your bike, your lender will probably require collision coverage until it’s paid off.
The third type of coverage is called comprehensive. It covers losses caused by certain risks other than a collision, like theft, fire, weather, vandalism and animals.
Having liability, collision and comprehensive on your motorcycle is what we call full coverage — this type of policy will cover you and others for a wide range of potential losses.
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