What is Motorcycle Insurance?
Motorcycle Insurance provides protection against loss for any motorcycle accident. Insurance is necessary whether the accident is your fault or caused by another party. The insurance payment may in turn include compensation to another party damaged in the accident, or to repair damage sustained by your motorcycle.
What are some of the coverages provided by a Florida Motorcycle Insurance policy?
Florida Motorcycle Insurance may provide any of the following coverages.
- Liability Insurance – Provides protection to the insured motorcycle driver for a claim or law suit that resulted in bodily injury or death to others which was caused by negligent operation. Liability protection may also be purchased to insure against damage to property of others.
- Medical Payments – Provides coverage for medical costs due to bodily injury caused by a motorcycle accident.
- Uninsured Motorist – Provides coverage if driver or passenger of insured motorcycle is injured in an accident caused by negligence of another party. This coverage takes effect when the negligent party failed to carry insurance, or had insufficient coverage to pay for damages.
- Physical Damage Coverage – This comes in the form of Collision or Comprehensive insurance. Collision coverage provides damage coverage to the insured motorcycle when it is involved in an accident with another vehicle. Comprehensive coverage provides protection to events other than accidents with other vehicles. Examples of such events are the theft of the motorcycle, fire damage, or damage by a falling tree.
What are some options available for Motorcycle Insurance?
There are many different options available for Motorcycle policies. The following are the some of the most popular:
- Increased Liability Insurance – Coverage limits are available in various increments, typically up to a maximum of $500,000.
- Custom Equipment Rider – This coverage provides an extension of the insurance policy to cover parts and equipment not originally installed by the manufacturer.
- Original Equipment Endorsement – This extension guarantees that the repairs made to the motorcycle will be completed using only original manufacturer parts, as opposed to aftermarket parts.
Are there any discounts available for Florida Motorcycle Insurance?
Yes, the following are some of the more common discounts:
- Age Discount – If you are 55 or older, many companies will offer discounts
- Good Driver Discount – If you (and the members of your household) have a clean driving record, premiums may be discounted.
- Anti-Theft Device Discount – If your motorcycle is equipped with an anti-theft device or a motorcycle recovery system, premiums will be discounted.
Is Florida Motorcycle Insurance Mandatory?
The State of Florida requires a form of financial responsibility to operate a motorcycle. While there are a number of ways to fulfill this law, by far the most simple method is to purchase a Florida Motorcycle Insurance policy.