Motorcycle insurance is as essential as the helmet you put on before hitting the open road. It provides financial protection if you experience an accident, theft, or damage.
But how do you know which policy is right for you? Let’s look at the different types of motorcycle insurance and why you might need them.
- Liability Insurance. Liability insurance is the minimum requirement for North Carolina motorcycle owners. This type of motorcycle insurance covers bodily injury and property damage you might cause to another driver during a vehicle crash. However, if you are injured or your motorcycle is damaged, these costs are not covered by liability insurance.
- Collision Coverage. If you’re involved in an accident, collision coverage comes into play. This type of motorcycle insurance covers repairs or replacement costs for your motorcycle, no matter how the crash happened. It’s particularly good to have if you own a newer model or a high-end motorcycle.
- Comprehensive Coverage. As the name suggests, comprehensive coverage provides a broader level of protection. It covers damage to your motorcycle from other incidents besides vehicle incidents. Theft, vandalism, fire, or natural disasters are usually covered. Comprehensive coverage can be a wise choice if your motorcycle is parked most of the time, or if you live in an area prone to severe weather conditions or high crime rates.
- Medical Payments Coverage. Medical bills can pile up quickly if you or someone else is injured. Medical payment coverage can alleviate the costs of hospital visits, surgeries, and other medical treatments for you and your passenger, no matter whose fault the accident was.
- Uninsured/Underinsured Motorist Coverage. Unfortunately, not everyone on the road carries adequate insurance. If you’re in an accident where the other party is at fault and doesn’t have enough insurance, uninsured/underinsured motorist coverage can help cover your costs.
The right motorcycle insurance for you depends on various factors, including your financial situation, the value of your motorcycle, and your risk tolerance. It’s crucial to assess your needs and understand each coverage type before deciding. At The Catawba River Insurance Group, we can help you find the best policy for your needs. Contact us today.