Motorcycle insurance is designed to protect you or another driver from financial burden in the case of an accident. The cost of repairs and/or medical bills from an incident involving a motorcycle can be costly, so it’s important to know exactly how motorcycle insurance works.
In Michigan, you are legally required to obtain car insurance for your motorcycle – a motorcycle must be added to your insurance plan in additional to any other motor vehicles. Car insurance for motorcycles is essentially the same as it is for your four wheeled vehicles, and you can purchase different amounts of coverage, depending on your needs.
It may be possible to buy a separate insurance policy for your motorcycle, or, you can bundle a motorcycle policy into your traditional auto insurance premium. Either way, having your bike protected is essential before you hit the free road. Should you suffer from damage, theft, vandalism, stationary hazards, or an accident, your policy will cover you.
Motorcycle Insurance Versus Car Insurance
Although similar, car insurance and motorcycle insurance are separate products. It isn’t possible to use a four-wheel policy for your two-wheel bike. What sort of differences will be factored into the difference between the two? Here are a couple:
- Since there is a greater chance you will have passengers in a car, a car insurance policy will cover this. Although motorcycle insurance includes a guest passenger liability coverage option.
- Your risk of bodily injury is much higher on a motorcycle. For this reason, the personal injury protection portion of a motorcycle insurance policy is typically more extensive.
These are the main differences between car and motorcycle insurance, otherwise they are similar. Both protect you and your vehicle in the case of an accident of incident.
What Motorcycle Insurance Should I Get?
Michigan requires that all motorcycle operators carryliability coverage with minimums of $20,000 for bodily injury, $40,000 each accident, and $10,000 property damage. This is required before you can legally ride your bike. You can choose, however, to increase your policy coverage amount, depending on your individual needs and preferences. Medical and repair costs may exceed your insurance coverage limits if you purchase just the minimum, so having more coverage could save you thousands of dollars in the end.
Also, take into consideration the cost of safety gear, such as your helmet or jacket. Some coverage options will include these types of extended accessories and even radios, saddlebags and seats. A popular add-on for motorcycle insurance is an original equipment manufacturer (OEM) endorsement, which will cost extra, but requires a repair shop to use official manufacturer replacement parts when fixing your motorcycle.
What Is Included in Motorcycle Insurance in Michigan?
Motorcycle insurance coverage includes the same coverage categories as standard car insurance. Those include:
- Liability insurance: You could get away with the minimum liability coverage, which covers injury to persons or property with car insurance, for your motorcycle. But, keep in mind, if you lower the liability insurance coverage too much, it may not work as needed after an accident.
- Personal injury protection (PIP): If you’re worried about a wipe out, you will want to increase your PIP coverage. PIP covers medical expenses, lost wages, and other damages to yourself or anyone riding with you.
- Comprehensive insurance: This covers your motorcycle from vandalism or theft.
- Collision insurance: This will cover any damages to the bike from accidentally driving into something, whether stationary or another vehicle.
- Uninsured/underinsured motorist coverage: This helps make up the difference when the other party is at fault in an accident and doesn’t have enough coverage.
- Guest passenger liability insurance: This is a part of motorcycle insurance covers medical expenses for anyone riding on the motorcycle with you.
What is Factored into My Motorcycle Insurance Rate?
More expensive bikes with larger engines and prettier builds are typically more expensive to insure. The difference in premiums from one bike to another could be significant each month.
Another example: you’ll likely pay a lower monthly premium if your bike is built for durability instead of horsepower.
Michigan motorcycle insurance takes into account the following during underwriting:
- Your age. The longer you can show that you have experience driving motorcycles, the lower your premiums will be.
- Your gender. You may pay more if you’re male. Statistical data shows that male riders are more prone to risky activity.
- Your location. If you live in a rougher neighborhood, there’s a higher chance the insurance company will end up having to replace your bike.
- Your driving record. Your driving record helps estimate how much risk you pose that you’ll cause damage to yourself or others. If you have a history of traffic violations or accidents, be prepared to pay more.
Are Motorcycle Insurance Discounts Available?
If you bundle your motorcycle insurance with your car insurance, you can expect to save money on your premium. You can typically bundle and only pay a single deductible, which is the amount you have to meet out of pocket before the insurance kicks in. Some insurance companies even offer discounts for taking motorcycle safety classes or courses.
The best way to save on your Michigan motorcycle insurance is to call a local agent who can assist you in selecting the right coverage. We know how to build you a multi-policy bundle with your with home and auto insurance to save you a lot of money!