Understanding Motorcycle Insurance: The Basics
Motorcycle insurance covers you and/or the cost of your motorcycle in the event of an accident or theft. There is a wide array of insurance coverage options available for you and your motorcycle.
Below is a list of different types of motorcycle insurance coverage to help you make sense of your different options.
Liability insurance covers you in the event that you are at fault in an accident. It covers "Property Damage" as well as "Bodily injury." Most states require vehicle owners to carry some small amount of liability insurance. In Oklahoma the minimum limits of liability are 25000/50000/25000.
Property damage pays for damage that you cause to the property of another person if you are at fault in an accident. This can include the cost to repair or replace their vehicle, as well as other personal property that may be damaged in an accident.
Collision and Comprehensive
Collision coverage pays to repair your motorcycle in the event of an accident, regardless of who is at fault. If another driver is at fault and you have collision coverage, usually your insurance company will pay for the damage, then go after the other driver’s insurance to cover the cost. You may be responsible for part of the expense of the repair, however. This is called your "deductible." For example, if you have a deductible of $500, the insurance company will pay for any damage over $500. So if the cost of repair of your bike is $3,000, the insurance company will only pay $2,500. You will be responsible for the other $500 (the amount of your deductible).
Comprehensive coverage also pays for damage to your bike that is not the result of an accident. That includes theft, vandalism, or natural disasters. If you have a valuable bike, it is a good idea to carry comprehensive insurance. (And if you have financed your motorcycle, most if not all finance companies require that you carry comprehensive insurance. They want you to protect their collateral!)
This is vitally important! The vast majority of motorcycle accidents involving automobiles are the car-driver’s fault. To make things worse, many car drivers out there are uninsured, and many more do not carry sufficient insurance to cover you in the event of a major accident where they were at fault. Uninsured/Underinsured coverage (aka “Un and Under”) covers you in the event that an at-fault driver hits you. Remember, in Oklahoma UM does not cover property loss.
Harley Davidson motorcycles are very popular in the Tulsa area. To get a motorcycle insurance quote give us a call at either one of our TWFG branches in Broken Arrow or Owasso.