Motorcycle Insurance & Accident Coverage

Choosing the right insurance policy is much like choosing the right bike. You want it to fit your needs and lifestyle, but at the same time be within your budget.

Many motorcycle accident victims have placed themselves in a precarious financial position because they do not understand motorcycle insurance. Many individuals BELIEVE THEY HAVE FULL COVERAGE WHEN THEY DO NOT, and others do not realize the major differences in various insurance coverages available to them. You should review your insurance coverage options regularly, and ask your insurance agent any questions you may have.

New York Motorcycle Insurance Laws

Information from Insurance Information Institute, Inc.

Liability coverage
Liability insurance covers bodily injury and property damage that you may cause to other people involved in an accident. It doesn't cover you or your motorcycle. Find out if your coverage includes Guest Passenger Liability, which provides protection in the event that a passenger is injured on the motorcycle. Whether or not this is included depends on the laws of your state and the company issuing the policy.

Collision coverage
Collision insurance covers damage to your motorcycle if you are involved in an accident. Your insurance company pays for damages, minus your deductible, caused when you collide with another vehicle or object. Collision insurance usually covers the book value of the motorcycle before the loss occurred.

Comprehensive coverage
Comprehensive coverage pays for damages caused by an event other than a collision, such as fire, theft or vandalism. However, just like collision coverage, your insurance company will pay for damages, minus your deductible, and cover only the book value of the motorcycle.

Keep in mind most comprehensive and collision coverages will only cover the factory standard parts on your bike. If you decide to add on any additional optional accessories such as chrome parts, a custom paint job, trailers or sidecars, you need to look into obtaining additional equipment coverage.

Uninsured motorist coverage
Uninsured motorist coverage pays for medical treatment, lost wages and other damages if a driver who has no insurance hits you. If your uninsured motorist coverage includes property damage, then your cycle would also be covered under the same circumstances. Check with your insurance professional to see if property damage is included or needs to be purchased separately.

Underinsured Motorist Coverage
Underinsured motorist coverage is similar to uninsured motorist coverage, except it applies when the other party has lower coverage limits than you do and damages exceed the other party's limits.

Tips for the cost-conscious rider
Many factors can play a role in determining what your insurance costs will be such as your age, your driving record, where you live and the type of motorcycle you own, or being a graduate of a rider-training course. 

• Many companies offer discounts from 10 to 15 percent on motorcycle insurance for graduates of training courses, such as the Motorcycle Safety Foundation (MSF) rider course. Riders under the age of 25, usually considered a higher risk, may see some savings by taking this course. It’s also a good idea for cyclists who have already had accidents. 
• Maintaining a good driving record with no violations will also help reduce your premiums. 
• In many northern states, riders may save money by buying a "lay-up" policy. With a lay-up policy, all coverage except comprehensive is suspended during winter months. 
• Find out what discounts your insurance representative offers. Multibike discounts for those insuring more than one bike, organization discounts, if you’re a member of a motorcycle association, and mature rider discounts for experienced riders, are just a few possibilities. Discounts can range anywhere from 10 percent to 20 percent, depending on the company and your state. Availability and qualifications for discounts vary from company to company and state to state. 
• Keep in mind that the type, style (such as a sports bike vs. a cruiser) and age of the motorcycle, as well as the number of miles you drive a year and where you store your bike may also affect how much you pay for your premium.
• Choose the agent or company that's right for you. If you already have car insurance, you can contact the same insurer. Otherwise, ask friends, relatives and co-workers where they bought their car or motorcycle insurance. Your local cycle shop may also have a company they refer customers to. Also check local motorcycle magazines or newspapers for insurance professionals advertising motorcycle insurance. 

No-Fault Law
A motorcycle is not a motor vehicle within the meaning of the No-Fault Law. Since motorcycles are exempt from the definition of motor vehicle, a motorcyclist is not a covered person under the No- Fault Law and is not entitled to these medical and lost wage benefits.

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