I was recently helping a friend rebuild his custom Harley low rider after being hit a few months ago, and while we were just about finished swapping out the front end and wheel that had been demolished after a large truck ran over his parked bike, I commented, “hey how come your insurance didn’t cover these repairs?” My friend replied, “the guy that hit my bike didn’t have enough insurance to cover the total repair cost, and rather than fight his insurance company I took the money they offered me.”
After a bit of prodding I discovered that my friend did have full coverage motorcycle insurance, but he made a few serious mistakes that actually cost him a considerable amount of money. While purchasing his motorcycle insurance online, he used a bluebook type tool that spit out a base value of his motorcycle based on year, model, and a few other features, rather than inputting the actual replacement value of his bike. Additionally my friend didn’t add under insured motorist coverage to his policy.
I felt bad for my friend and his situation and rather than make him feel worse than he already did, I let the subject go and helped him finish getting his bike back on the road.
When you consider the amount of money you have invested in your motorcycle, it just doesn’t make sense not spending a bit more to fully protect your investment. I have also heard of guys under valuing their motorcycle to get a better monthly insurance rate only to discover that after they are involved in an accident, their policy only covers the amount they declared, meaning they are stuck paying for the rest of their repairs on their own!
A lot can go wrong when a motorcycle is hit by a car or truck, and in these situations, the only true peace of mind a biker has is knowing that his insurance will cover everything, and that includes medical bills, lost wages and getting your motorcycle fixed the way it was before your accident.
The most important parts of your motorcycle insurance policy should include:
- Medical coverage for you and passengers
- Property damage
- Uninsured motorist
- Under insured motorist
- Maximum coverage to replace or repair your motorcycle at its replacement value
- Coverage for replacement of accessories, like saddle bags, leathers, etc
You should never cut corners when it comes to protecting your health and motorcycle when purchasing motorcycle insurance, and you should always shop around for the best rates on coverage versus price.
Fighting an insurance company after you were injured on your motorcycle? Call Russ Brown the Motorcycle Lawyer at 1-800-4-BIKERS. Since 1975 Russ Brown has been winning millions for his clients.