Serving Clients Throughout Michigan
Regardless of the kind of bike you ride, where you ride it, and why you ride it, it’s universally agreed upon that there’s no experience quite like riding a motorcycle. In fact, there are few commonalities between motorcycles and cars. While riding a bike and driving a car don’t have that much in common, the one they do s a need for insurance. On that front, the advisors of Doyle & Ogden take great pride in being able to offer Michigan residents the best coverage at the right price. Allow us to provide peace of mind so that you can focus on enjoying the road.
Motorcycle Insurance Basics
While shopping for motorcycle insurance, it’s important to have a firm grasp of how motorcycle insurance works and why you need it. The more you know about motorcycle insurance, the easier it will be to select the right provider and the right coverage options.
Why Do You Need Motorcycle Insurance?
Motorcycle insurance may be required by law if you own and operate a motorcycle, but that’s not the only reason to want or need insurance. Bikes are expensive, especially if you’ve added a number of upgrades and custom parts/equipment. Insurance can protect the investment you’ve made in your bike, so be sure to tell our agents all about them. Insurance can also help you deal with medical bills, litigation expenses, and more in the event an accident occurs. Having insurance provides riders with peace of mind, knowing they’re financially protected when the unexpected occurs.
Basic Motorcycle Insurance Terms
A premium is the amount a rider pays to maintain an insurance policy. Motorcycle premiums can vary depending on a number of factors. Location, vehicle usage, age, accident history, type of bike, and coverage selections can all impact premium payments.
Liability within the context of motorcycle insurance is the degree of responsibility you hold in the event of an accident. If you caused an accident, you can he held liable for that accident.
A motorcycle insurance deductible is the amount of money an insured individual is required to pay out-of-pocket in order for insurance coverage to kick in. A deductible is an essential component in any insurance agreement. The insured individual will agree to pay for a certain amount of risk with the insurance company covering the remainder.
Limit of Liability
Limit of liability is the maximum amount an insurance company can pay for coverage in accordance with your insurance policy. Your limit of liability can be found within your insurance contract.
What Are The Requirements For Motorcycle Insurance In Michigan
It’s important to understand that motorcycle insurance is entirely separate from the insurance required under Michigan No Fault law for cars, because motorcycles aren’t considered motor vehicles under No Fault law in the state of Michigan. That being said, the state still has minimum insurance requirements all motorcycle riders must meet. The required minimum is liability insurance with at least the following amounts:
- $20,000 in bodily injury per person
- $40,000 in bodily injury per incident
- $10,000 in property damage per incident
While riders must secure insurance coverage that meets the state’s minimum requirements, it’s always recommended that riders obtain coverage beyond what is minimally required by law. The more coverage you have, the more protected you’ll be in the event of a serious accident.
Types of Motorcycle Insurance Coverage
Just as there are many different types of motorcycles for riders to choose from, there are also many different types of insurance coverage for motorcycles. Riders are likely already familiar with liability insurance, but liability coverage isn’t the only type of coverage riders should consider.
Liability insurance is the only form of insurance to be required by law for motorcycles. Liability coverage helps shield you from having to pay medical bills or repair costs for others injured in an accident that you were involved in.
Uninsured/Underinsured Motorist Coverage
If you’ve ever been involved in an accident with a driver that either did not have insurance coverage, or did not have enough insurance coverage, you likely already know how frustrating an accident under those circumstances can be to deal with. Uninsured/underinsured motorist coverage will ensure you receive the compensation you need after an accident, regardless of whether or not the at-fault party has the proper insurance.
Comprehensive & Collision Coverage
Comprehensive and collision coverage provides protection for your motorcycle in the event that it is damaged or stolen as a result of a covered accident. Car crashes, animal collisions, natural disasters, theft, and more are all typically covered under comprehensive and collision coverage.
Custom Parts, Equipment, & Accessories Coverage
For many bike owners, part of the lure of owning a bike is getting to customize their ride to reflect their style. Comprehensive and collision coverage will usually cover repair or replacement for custom parts up to a certain threshold (typically $3,000). However, custom equipment for motorcycles is not cheap and it’s very easy to exceed the threshold in damages.
For bike owners with highly customized bikes, custom parts, equipment, and accessories coverage is a necessity. Purchasing this type of insurance will normally get you an additional $30,000 in coverage.
There can also be an option to provide a stated value for your bike based on your customizations. This is something you want to discuss upfront and as you continue to make upgrades to your bike.
Trip Interruption Coverage
When the weekends bring good weather, many riders like to go for longer road trips. This is especially true for those that have nice touring bikes. Trip interruption coverage can be extremely helpful in these situations. This type of insurance provides coverage for lodging, food, and transportation if your bike is disabled in a collision far away from home (usually defined as 100 miles away or more from your home).
Towing & Labor Coverage
Towing and labor coverage will kick in if your bike breaks down and you need to hire a tow service. Labor costs can also be recovered if the bike breaks down due to a reason covered in the policy (typically low fluid, a dead battery, a flat tire, etc).
How To Save Money On Motorcycle Insurance
Even though motorcycle insurance is significantly cheaper than auto insurance, the added expense can still be worrisome for some riders. Fortunately, motorcycle insurance doesn’t have to break the bank. Riders can save on insurance by bundling policies. Many insurance companies will also offer discounts for taking an approved driver safety class. You can learn new things and save some money while you do by signing up for a safety class.
Why Choose Doyle & Ogden As Your Motorcycle Insurance Provider
The motorcycle insurance advisors at Doyle & Ogden take great pride in being a local, independent, reliable, and trustworthy insurance agency. With over 10 companies to choose from, our advisors are confident we can find you the best coverage for the right price. Contact Doyle & Ogden today to speak with an advisor by calling (616) 949-9000 or filling out an online contact form.