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While most states have minimum liability requirements, this is not always the smartest choice. First determine what you would have to lose if you were to be sued for all you are worth. Consider all your assets such as your home, cars, jewelry, etc. It is not uncommon for lawyers to go after your future wages. A good rule of thumb to consider is 30% of your income for the next 5-10 years. You can of course insure yourself for more if you feel more comfortable. Another important point to consider is the liability to other's vehicles. State minimums aren't always adquate. If you were to hit a brand new Mercedes, it will cost much more to repair than an 88 Yugo. You will see liability limits written 50/100/50. The first number is your per person limit, the second is per accident, and the third is damage to other's property. There are many options to your insurance policy such as how much to insure, what to cover, and who to cover. Your agent will work with you to determine if you would like to be protected from damage to your bike, damage by others that don't have insurance, and injury to your passengers. If you have any doubt what is covered, or would like to make sure you are covered for anything in particular, discuss these concerns with your agent. In most states, you will qualify for discounts on your motorcycle/scooter insurance if you insure something else with the same agent. This could be another bike, a car, home, apartment, or one of many other things. There are also discounts for a long driving history, good driving history, and some certain employment groups. Give the agent as much information as possible to determine if you qualify for any of these discounts. It will be to your advantage. Your coverage will be the same in any state you visit. If you visit a state that has higher minimums and you carry less then that state's required minimum coverage, your coverage will automatically meet those state minimums. Be sure to ask the agent if this applies with your company. What if you have a loan on your bike? Contact your loan company to find out whether or not they require collision and comprehensive coverage on your bike. Most likely they do. It is also a good idea to carry loan protection with insurance agent. If you are disabled or killed, loan protection will either make the payments or completely pay off your loan. Most insurance companies will offer you a discount if you have participated in a motorcycle safety course. Make sure you mention it to your agent if you have taken one recently. Uninsured/Underinsured Motorists coverage It is quite possible if you are involved in an accident and the other person is at fault that they either don't have enough insurance to cover your damage, or don't carry it at all. It is estimated that 30% of vehicles on the road are either uninsured or underinsured. This is a fairly inexpensive coverage, and you owe it to yourself to be protected as well as you protect others. |
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