Motorcycle insurance is surprisingly similar to a typical auto insurance policy, although there are some key differences.
Motorcycle Insurance Requirements
Requirements are similar for motorcycle insurance as for your vehicle, such as bodily injury and property damage liability. In South Carolina, for example, all motorcycles must be insured with at least:
- $25,000 in bodily injury liability per person
- $50,000 in bodily injury liability per accident
- $25,000 in property damage liability
Full Coverage Motorcycle Insurance
Full coverage simply refers to the highest amount of coverage you can have on a single motorcycle. It is possible to have this type of coverage on your motorcycle. Basic liability will only cover injuries and damages you may cause to others on the road. Full coverage motorcycle insurance policies may include:
- Comprehensive Coverage: Comprehensive coverage provides compensation for damages to the motorcycle caused by fire, wind, hail, lightning, smoke, falling objects, theft, vandalism and other incidents not involving collision.
- Collision Coverage: Collision coverage provides compensation for damages to the motorcycle caused by a collision with another vehicle or object.
- Liability: Liability insurance covers bodily injury and property damage you may cause to someone else. This will help with the victim’s medical bills as well as protect you from possible lawsuits regarding an accident.
- Medical Payments Coverage: Medical payments coverage provides compensation for medical bills you and your passengers may face after an accident, no matter who is at fault.
- Uninsured/Underinsured Motorist: This insurance covers damages involved in an accident with another driver who is not carrying insurance at the time of the accident.
- Roadside Assistance: Roadside assistance helps with trip interruptions such as running out of gas, flat tires and towing.
Do I Need Full Coverage Motorcycle Insurance?
It is generally recommended that drivers carry full coverage motorcycle insurance. Keep in mind that while higher coverages typically cost more, going without the proper coverage can lead you to larger losses in the face of an accident.
Full coverage is useful for nearly all motorcycles. Be sure to speak with an insurance agent about your motorcycle’s insurance needs. Your limit needs may change depending on how far you travel and the value of your motorcycle. If you have permanent fixtures or additional parts on your motorcycle, you may need extra motorcycle insurance. Evaluate your motorcycle’s coverage needs so you can choose the right policy for you and your passengers.
Also Read: Is Motorcycle Insurance Required In South Carolina?
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