It is important to buy insurance if you are an owner of a new motorcycle. From protecting you with liability coverage in case you are deemed responsible for bodily damage to another person resulting from an accident, to providing coverage for property damage to your motorbike, the points below highlight some of the many benefits of protecting your motorcycle with bike insurance.
First of all, the bike insurance policy will provide coverage in the event of a collision. Since the average cost of a new motorbike exceeds $5,000, having a motorcycle insurance policy in place will prevent you from struggling with financial problems in case your bike sustains severe damage.
Another benefit of buying motorcycle insurance is that you will get coverage for damage that does not result from a collision. This type of coverage is called comprehensive coverage, and it will reimburse you for other types of damage that your bike can sustain, such as damage resulting from fire, theft as well as vandalism.
Even though motorcycle theft has been on the decline in the past few years, unfortunately there are still thousands of bikes that are stolen each year. So buying the comprehensive coverage that you will find under your motorcycle policy proves very beneficial.
Last but not least, your motorcycle insurance policy will offer liability protection. In case you collide with another driver and you are the one deemed responsible for his/her bodily injury or property damage, the liability coverage under your bike insurance policy will trigger. When you have insurance, you will not have to pay for the other driver’s motorcycle damage using money from your own pocket, which can be very expensive.