You own a motorcycle and you haven’t bought any insurance for it? Don’t you know how much trouble that can bring you? I know it isn’t required in Florida, but it is needed in almost every other state. Maybe you just don’t know how insurance works. And at least buy liability insurance so you have yourself covered if you have an accident with another motorcycle or auto and it is your fault.
Perhaps you just don’t understand how insurance on your motorcycle works because if you did you would have insurance. It is just as important to understand how your insurance coverage works as it is to make sure that you have insurance coverage. Let’s say that you have custom motorcycle insurance. Your insurance coverage includes comprehensive, collision as well as liability coverage. Most insurance coverage plans today, no matter what type of insurance being provided, has a deductible. Oh, new word – you don’t know what deductible means.
Liability coverage is used for the damages to another driver and not for repairs to your own motorcycle. So, the deductible only applies to comprehensive coverage and collision coverage claims. Most common motorcycle or automobile insurance deductibles are either $250 to$500– plus the higher the deductible is, the lower your monthly premium usually is. If your motorcycle is repairable, insurance company writes you a check for the repairs after they subtract the deductible. If your motorcycle was totalled, insurance will pay you the value of the motorcycle with the deductible subtracted out.
Basically, a deductible is the amount you are responsible for paying before your insurance will pay their financial obligation. There is a misconception that is common about insurance deductibles that you must fully pay for your deductible prior to your insurance company paying anything. You need to remember that your financial responsibility for the deductible is paid to the company who is repairing your motorcycle, not to the insurance company. Your insurance plan with a deductible affects it by reducing the amount of money your insurance is paying you. You can do what you want with that money, repair your motorcycle or put a down payment on a new car.
So, perhaps you need to get some insurance?
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