Irmo Motorcycle Insurance Experts
What Is Motorcycle Insurance?
They say that motorcycles are more accident-prone than any four-wheeled vehicle. This is because motorcycles are relatively lighter than automobiles and are more exposed to what is going on in its surroundings because it has neither hood nor door to protect the riders in it. If car owners experience accidents while driving, what more are motorcycle riders?
This is where the motorcycle insurance comes in. Motorcycle insurance is a contract entered into by the owner of the motorcycle and an insurance company. The former agrees to pay a premium (which is the amount of money paid for the services of the insurance company) while the latter agrees to cover the owner for the damages they paid when they get into an accident or when their motorbike has been damaged or stolen. More than anything, this insurance protects you from accidents that can happen both to you and a third party and it also reimburses you for the damages caused by external factors.
There are three most common types of motorcycle insurance: third party only or TPO, third party fire and theft or TPFT, and comprehensive. A TPO, based on its name, pays for the damages done to a third party when a collision to the motorcycle owner occurs. The coverage includes the property damage, meaning, when there are dents and major repairs needed for the third party’s motorbike, your insurance company pays for it. It also covers medical expenses for the injuries received by the third part. Another kind of TPO is called the “uninsured or underinsured motorists coverage”. This motorcycle insurance coverage pays you for damages done to your motorcycle and for your medical expenses in case of injuries when the third party does not have any motorcycle insurance or whose insurance cannot cover your expenses.
Another type of motorcycle insurance is the TPFT. This insurance coverage reimburses you for the repair of your motorcycle when it was destroyed or broken by fire or natural calamities. Moreover, when your motorcycle is stolen, your insurance company might replace it with a new one or might give you the equivalent value in money, however, this still depends on the insurance policy and the premiums you pay.
On the other hand, the comprehensive motorcycle insurance coverage pays for any damage on your motorcycle caused by any event except by collision with another motorcycle. These events could be vandalism or damages done by animals.
What was not mentioned yet from the three types of motorcycle insurance is your personal motorcycle coverage. This can be in the form of medical payments, personal injury protection, and collision coverage. Medical payments and personal injury protection are similar because they both cover your medical bills as well as those of your family members or anyone who was riding with you on your motorcycle during the time of the accident.
Again, depending on your insurance policy, it can cover surgery expenses, x-rays, ambulance rides, and even funeral expenses. Conversely, a collision insurance coverage covers repairs to your motorcycle much like the uninsured or underinsured motorists coverage. They just differ when it comes to who is at fault because the collision insurance applies when it is your fault and the other is when it is the third-party’s.
The need for motorcycle insurance cannot be stressed enough. As said earlier, motorcycles are more prone to accidents especially since the rider is immediately exposed to its surroundings. It is best to keep yourself and the people who ride with you safe even if accidents cannot be prevented. Also, a motorcycle insurance policy helps protect you from being sued by a third party. For example, a third party gets injured by a collision with your motorcycle and he or she decides to file a lawsuit. Your insurance company can protect you in this situation. Think of it as a shield. When you are already in for a complaint, just file a report to your insurance company and they will already deal with the situation. This saves you not just a day in court and legal fees, but also the inconvenience such incidents bring.
When you do decide to get a motorcycle insurance regardless of whether it is required by law or not, do not forget to look for the right insurance policy for your motorcycle. Insurances differ when it comes to the type of motorcycle you ride and its use to you. Make sure that you get these specifics done for you to be able to avail the perfect motorcycle insurance. Call us today for a free quote!