Important Motorcycle Insurance Coverage Options for CNY Bikers to Consider

You've decided to join the CNY motorcycle community and are eager to experience the joy of riding on the open road. But first, you need to secure motorcycle insurance that addresses your specific requirements.

Motorcycle insurance is not only mandatory by law but also vital for your safety and financial security. As a new rider, you may not be familiar with the different types of coverage that are available and how they can benefit you in case of an accident or theft.

At the Horan insurance agency, we work with multiple carriers to help CNY motorcycle owners explore coverage options that may address their unique situations and budgets. We've assisted many bike owners in Central New York with information about different coverage types and how they might apply to specific circumstances.

In this article, we'll explain important motorcycle insurance coverages you should know about and show you how to ask for them when you get a motorcycle quote. After reviewing this information, you'll be better prepared to make informed decisions about your motorcycle coverage.

Stay Covered with Motorcycle Coverage Options

There’s nothing like the thrill of riding a motorcycle. It’s a passion that lasts a lifetime for many people. But riding a motorcycle also comes with some risks.

You and your bike are more exposed and vulnerable on the road than other vehicles. That's why you may benefit from more than just a basic insurance policy for your motorcycle. You may want to consider a policy that addresses the specific requirements and challenges of being a biker.

But which coverages are designed to meet those unique requirements and challenges?

Coverage Option 1: Consider Maximizing Medical Payments Coverage

Motorcycle accidents can cause serious injuries to bikers, even if they are minor. That's why you may want to consider having sufficient medical expense coverage to help address your medical bills. New York is a No-Fault State, which means that your car insurance policy will pay for your injuries if you get into a car accident, no matter who was at fault.

This coverage is included in all New York auto policies. But this No-Fault coverage does not apply to motorcycle insurance. If you get injured on your bike, you're without this protection. Unless you add a coverage called Medical Payments to your policy.

Medical Payments coverage will pay for your medical expenses if you get hurt while riding your bike. Not all carriers offer this coverage, so you should consider working with a carrier that does and explore taking as much as they'll offer you. To find out more, check out our review of the Top 3 Motorcycle Insurers in New York.

This coverage will cost you extra, usually a 25 percent increase in your premium. But when you think about the potential injuries and significant medical costs from a bike accident, Medical Payments coverage may be more than worth it!

Coverage Option 2: Consider Supplementary Uninsured/Underinsured Motorist Coverage (SUM)

Another way to help address your situation as a rider is to explore getting as much SUM as possible. SUM stands for Supplementary Uninsured/Underinsured Motorist coverage. It may help address situations where you get injured by another driver who has no insurance or not enough insurance to cover your damages.

SUM lets you claim against your own insurance, which can be valuable for a motorcyclist. This coverage is also available on auto policies, but bikers may find it particularly important. The cost to add this coverage is typically very low.

However, you can only add an amount that matches or is lower than your own liability coverage. So, if you want to increase SUM limits, you’ll have to pay for more bodily injury coverage as well.

However, you can only add an amount that matches or is lower than your own liability coverage. So, if you want to increase SUM limits, you’ll have to pay for more bodily injury coverage as well.

We can provide information to help you understand these options! As we said earlier, we're here to assist you with information about the complexities of insurance.

Coverage Option 3: Consider Agreed Value Coverage for Your Bike

So far, we've focused on your safety and financial security. Now let's talk about your motorcycle.

You should consider adding physical damage coverage (Comprehensive and Collision) to your policy. But you should also understand how the insurance carrier will value your bike if it's a total loss.

There are two ways they can arrive at that valuation. The first is by:

Actual Cash Value

Actual Cash Value (ACV) is the amount of money an insurance company would pay to replace a damaged or stolen motorcycle minus depreciation.

Depreciation is the decrease in the value of an asset over time due to wear and tear, age, or market conditions.

When you purchase a motorcycle insurance policy with ACV coverage, the insurance company will pay you the ACV of your motorcycle if it is damaged or stolen. This means that you will not be reimbursed for the full purchase price of your motorcycle, but you will be compensated for its current market value.

While ACV can help you save you money on your motorcycle insurance premiums, keep in mind that you may not be fully compensated for a damaged or stolen motorcycle through this policy option.

The second way the carrier can arrive at a valuation for your bike is by:

Agreed Value

When available, you may want to consider Agreed Value, and here is why. Agreed Value means that you and the insurance carrier agree on the value of your bike when you insure it. And that’s the value you’ll get if your bike is totaled.

It doesn’t matter if your bike is damaged 8 years later or if its book value has dropped 40 percent since then. As stated above, Actual Cash Value coverage will factor in that depreciation and give you a much lower payout than you’d expect. Agreed Value coverage may address this concern.

And Agreed Value coverage is typically not very expensive. But unlike you, many shoppers may not be aware they should ask for it!

How to Shop for Motorcycle Insurance That May Address Your Requirements

An effective way to shop for motorcycle insurance is to compare quotes from different carriers and look at the coverages carefully, meaning line by line. Don’t just focus on the final price. You might miss some important details or differences.

When shopping for motorcycle insurance, be sure to:

• Ask other motorcycle riders about their experiences with different carriers. You can also check online reviews and ratings.
• Look at the financial strength and customer service of each carrier. You want a carrier that can pay claims and handle them quickly and fairly.
• Consider the type of bike you have and how it affects your rate.
• Ask about discounts and ways to lower your rate. You may qualify for savings if you bundle your policies or take a safety course.

As an agency that works with multiple motorcycle insurance carriers, we can help make this process easier for you. We know that you'd rather be riding than dealing with the insurance part of motorcycle ownership. Insurance is definitely not an exciting aspect, but after an accident, it may end up being one of the most important aspects.