Whether you enjoy cruising miles of scenic highway or leveraging the fuel savings you get from your two-wheeled ride, nothing compares to owning a motorcycle. Indiana riders are generally subject to the same types of laws as traditional motorists, including minimum insurance requirements. At Binford Insurance, we know the hazards you face both on and off the road, as well as the types and amounts of coverage it takes to protect you against a wide range of risks. From sport bikes and cruisers to scooters and mopeds, an independent agent can help you build a policy that fits your needs.
Rider Risks and Coverage Requirements
Motorcycle insurance is uniquely designed to mitigate your financial vulnerability as the owner and operator of a motorcycle. State law requires you to carry a minimum amount of liability protection, and your lender may require motorcycle insurance if you financed the purchase of your bike. However, riders often need much more coverage and higher limits than required. What would happen if your motorcycle were stolen? Could you afford to replace it? What about the cost of repairing someone else’s vehicle or paying their medical bills when you are at-fault for a collision? At Binford Insurance, we can provide comprehensive coverage solutions that mitigate your financial risks and provide greater security while you ride.
Types of Motorcycle Insurance Coverage
Your Indiana motorcycle insurance may include several types of coverage, including:
Property Damage and Bodily Injury Liability
This coverage is mandatory per state law and is used to pay for third-party damages when you are at-fault for an accident. It can also help cover your legal fees and court costs if you are sued for third-party losses, regardless of actual fault. We generally recommend high liability limits for motorcycle riders, as court judgments and settlements can sometimes total hundreds of thousands of dollars or more. Without adequate coverage, you could foot the bill for excess damages yourself. Talk to an independent agent here at Binford Insurance to better determine which coverage amounts can protect your assets and reduce your risk of out-of-pocket losses.
Collision and Comprehensive
Your motorcycle is probably worth thousands, if not tens of thousands of dollars. Repairing it can be costly, and replacing it could be a much larger financial burden. Collision and comprehensive insurance help protect your bike against physical damages by paying to repair your bike or otherwise compensate you for a total loss. Collision covers damages caused by accidents and rollovers, and comprehensive covers other damaging events, such as hail, theft, or fire. Claims are subject to a deductible, but you can select an amount that works for your financial preferences.
Protect your chrome, after-market upgrades, and other enhancements with special equipment insurance. This assures you will be compensated for the loss of customized features – not just the original factory parts.
You may wish to replace some parts – particularly the mechanical ones – with original manufacturer parts instead of after-market, generic options. An OEM parts endorsement helps assure your bike is restored and repaired with manufacturer parts after an accident whenever possible.
Uninsured/Underinsured Motorist (UM/UIM)
Imagine being injured by a hit-and-run driver and not having anyone or any third-party insurance policy to pursue for compensation of your losses. Uninsured motorist insurance (UM) helps cover the cost of your injuries if you are injured by an uninsured or hit-and-run driver. We also recommend underinsured motorist insurance (UIM), which pays for certain damages that are in excess of an at-fault motorist’s insurance limits.
Medical Payments (Med-Pay)
No one has to remind you that motorcycles can be dangerous. Even the safest riders can find themselves in perilous conditions or dangerous situations that result in injury. If you or your passenger is injured in a motorcycle accident, medical payments coverage can help cover immediate necessary medical expenses, regardless of who caused the accident. (Limits are usually limited to a few thousand dollars, and claims against medical payments coverage does not absolve other drivers of potential liability.)
Roadside Assistance and Towing
Flat tires, empty fuel gauges, and dead batteries are the culprit behind many stranded vehicles. If you need emergency assistance while riding, your insurer may provide coverage that pays for help 24-hours a day. Your policy may also include towing coverage if you need help getting your bike to the nearest mechanic or body shop.
Rental Car Reimbursement
If you need to roll on four wheels while your bike is being repaired post-accident, be sure your policy includes rental car reimbursement coverage first. This insurance feature helps pay for temporary transportation if you are left without your motorcycle due to a covered event.
Indiana Motorcycle Insurance Quotes
Several factors can affect the type and amount of coverage you need, as well as the price you are likely to pay for insurance. These variables may include:
- Motorcycle type and horsepower
- Motorcycle value
- Riding frequency
- Your history of accidents and/or citations
- How much you have at risk in a lawsuit
- And more
It pays to have an independent insurance agent who can guide you through the process of shopping and comparing Indiana motorcycle insurance policies. We can help you find the coverage you need and also search for valuable discounts for things like:
- Taking a rider safety course
- Insuring multiple motorcycles on the same policy
- Insuring other assets, such as a home, with the same insurer
- Paying premiums in full
- Maintaining a clean driving record
- Having a history of no claims
- And more
For more information about Indiana motorcycle insurance or to request your free quotes, contact our office today.