Motorcycle Insurance in Grand Junction, CO
Hopping on your motorcycle can make for an exciting and enjoyable way to travel, but these vehicles can also be dangerous. All motor vehicles include inherent risks and exposures, but riding a motorcycle may put you in particularly precarious situations that could lead to life-threatening consequences and significant financial losses. Prioritizing motorcycle insurance is essential to help protect yourself financially.
How Does Motorcycle Insurance Work?
Like many types of insurance, your motorcycle coverage is an agreement between you (the policyholder) and your insurance company. After agreeing to the details and terms of your policy, your coverage can protect you from covered incidents, such as in the case of an accident. With motorcycle insurance, you may be able to minimize out-of-pocket losses for motorcycle-related incidents that might otherwise be financially devastating. Generally, your motorcycle insurance can remain in effect for as long as you pay your premiums.
What Does Motorcycle Insurance Cover?
You can typically customize motorcycle insurance to suit your needs, preferences and budget. In addition to meeting state requirements, you should consider policies that include the following coverages:
- Bodily injury liability coverage—This coverage can help pay for the losses of third parties injured in accidents for which you are responsible, such as the medical bills of a pedestrian or other motorist.
- Property damage liability coverage—This coverage can provide financial assistance to limit your out-of-pocket costs if you are at fault for another party’s property damage, such as due to striking their vehicle or building.
- Collision coverage—This coverage can render financial aid if your bike is damaged in a collision with another vehicle or stationary object, such as a building or signpost.
- Comprehensive coverage—This coverage can financially protect your motorcycle from incidents not included in collision coverage, such as fires, theft, vandalism and severe weather.
- Medical payments coverage—This coverage, also known as MedPay, can help pay for the medical expenses of you and your passengers if you are injured in an accident, regardless of who was at fault. Your health insurance may not cover motorcycle incidents, so you should discuss MedPay with a licensed insurance agent.
- Uninsured/underinsured motorist coverage—This coverage can compensate for another party’s lack of insurance by compensating you for financial losses for which they are at fault.
- Gear coverage—This coverage can provide financial assistance if your helmet, gloves or other riding equipment are damaged.
- Custom parts coverage—This coverage can help ensure that you are adequately compensated for losses and damages involving specialty features or components of your motorcycle.
Speak with a licensed insurance agent to discuss other coverage options that may be available to you, including roadside assistance.
How Much Motorcycle Insurance Do I Need?
Most states require proof of motorcycle insurance before you can register your bike and get a license plate. Although requirements may vary depending on where you live or ride, you generally must carry minimum liability coverage for bodily injuries and property damage. If you’ve purchased your motorcycle with the help of a loan, your lender will likely impose specific insurance requirements. Ultimately, without suitable coverage, you may lack the financial means to cover third-party losses or take care of your bike.
Get the Right Coverage
With a history of service dating back to the 19th century, the knowledgeable professionals at Home Loan Insurance have the extensive experience needed to ensure you have the right motorcycle coverage. Our agents will work with you to assess your circumstances, explore your options and assemble an optimal policy. Contact us today to get started.