It’s hard to assess how much motorcycle insurance you need because it depends on a lot of details. It also depends on how responsible you want to be about your insurance and your finances in general. To determine how much motorcycle insurance you personally need, consider the details below.
Your insurance should at the very least be enough to be able to completely replace your motorcycle if need be. This includes damage that could happen when the motorcycle is parked as well as on the road. Theft, natural disasters, accidents, vandalism, and a great deal of other things can happen while your motorcycle is parked. If you do happen to get into an accident, there is a good chance you will have to replace the entire bike since it depends so much on the balance and placement of parts. If you happen to own a custom or classic bike, know that your premium may be a little higher than it would otherwise.
If you happen to get into an accident, there are sure to be extensive medical costs that your insurance may have to cover. Testing along could costs thousands. Add to that a trip to the emergency room and probable minimum of an overnight stay and the costs really begin to add up. That does not even account for the medical cost of anyone else who may have been involved in an accident. You have to include your medical expenses along with theirs because there is no guarantee that they have the insurance that they should have in place to cover yours. This is the area where you should have the most coverage because you never know how high medical expenses can go.
Don’t be one of these people. Uninsured motorists are so dangerous to your financial world that people have to carry insurance just in case the other person doesn’t have it. Unfortunately, there are plenty of these people on the road. It is not even worth it to not be prepared for them. Most people who don’t carry insurance simply can’t afford it. What this means for you is that yes, you will probably win if you sue them for not having insurance after you get into an accident with them. On the negative but realistic side of things, if they can’t afford to pay a minimal amount for their insurance, they aren’t going to be able to pay you either. In fact, they may even lose their job as they lose their license and ability to drive to work because they didn’t have insurance to begin with.
Honestly, you need to have as much motorcycle insurance as you can afford. No matter how safe you are when on your bike, the people around you may not be. You don’t want to turn a day of free-spirited riding into a personal financial disaster.