Motorcycle Insurance- More Than Just "Toy Insurance"

So you just got a new motorcycle and of course you can’t wait to get on the road. If you’re like many folks, you bought your motorcycle insurance at the same place you bought the bike. From our experience, that’s often not a good thing.

The challenge with buying motorcycle insurance at the bike shop is that focus can be on minimizing your cost & getting you on your way. Many riders believe that because they’ll be cautious & will only be riding infrequently, their coverage needs are minimal. That can be a big mistake. While the bike is often your favorite "toy", the last thing you want is "toy insurance."

Couple reasons:

• If you’re in a serious accident & for whatever reason you’re at fault, you need liability coverage that is going to protect what the attorney for the other is coming after – namely, your savings & investments, equity in your home and other properties, equity in your business & potentially a portion of your future earnings. Uh-oh.
• Higher-end bikes often carry nice upgrades (think chrome). Normally these upgrades are not automatically covered on most motorcycle insurance policies. Fixing or replacing your bike can cost quite bit more than your coverage affords. Who makes up the difference? You do. Oops.
• Taking your spouse or friend for a ride on your bike. Are you sure that your passenger has coverage? Be careful, not all NJ insurers offer this coverage. Without it who is responsible? Yikes, you are!

Here are some coverage options available to New Jersey motorcyclists:

• Collision Coverage - covers damages to your bike that result from a collision with another object
• Comprehensive Coverage - covers your bike if it’s damaged by any other reason that doesn’t involve a crash with another vehicle.
• Medical Payments Coverage - helps to take care of the medical expenses that result of any injury to the bike operator
• Property Damage Liability - covers damages to another person’s property when you are at fault in an accident
• Bodily Injury Liability - covers damages that result from injury or death of another driver if you are at fault in the accident
• Pedestrian PIP & Guest Liability - protects pedestrians on the street and passengers on your bike
• Uninsured/Underinsured Motorist Bodily Injury - covers damages that result from the injury or death of you or a passenger on your motorcycle caused by an uninsured or underinsured driver if the accident is not your fault

Anyone operating any type of vehicle should never overlook or underestimate the need for insurance. The number of potential risks greatly outweighs the price or simple process of getting insurance.

When shopping around for the best motorcycle coverage, it’s really important to find an insurance agent that understands your overall situation so they can craft a policy that protects your lifestyle. Remember, just because you have insurance doesn’t mean you are protected. Take the time to find the right coverage for you and your bike.