Although riding a motorcycle can be an exciting activity, it can also pose multiple risks if proper precautions are not taken. To safeguard yourself while driving a motorcycle, it’s advisable to purchase a motorcycle insurance policy from a reliable company. There are instances when individuals who don’t ride frequently, or those who ride solely in rural areas, may be uncertain of the necessity of having motorcycle insurance. Our expertise in insurance leads us to believe that buying motorcycle insurance, regardless of whether it’s the best or cheapest option, is a wise financial decision. We’ve identified five significant advantages of having motorcycle insurance that apply to all riders.

1. Legal Requirement

If you don’t reside in Hawaii, Michigan, Montana, or New Hampshire, you must have liability insurance for your motorcycle by law. This insurance assists you in paying for damages that you are held responsible for. However, it doesn’t cover damages to you or your motorcycle. It only pays for the damages you inflict on someone else’s property or person. Even if you are riding off-road or on a quiet street, don’t assume that you’ll be safe. Accidents can occur unexpectedly, and riding a motorcycle can be riskier than driving a car, particularly for novice riders. If you live in one of the aforementioned states, we still suggest buying motorcycle insurance to safeguard against unforeseen incidents that could result in costly financial losses.

2. Injury

There are different types of insurance coverages you can buy to protect both yourself and your motorcycle. Liability insurance is for damages you cause to others or their property, while personal injury and collision coverages are for your own protection. Personal injury coverage can help with expenses like medical bills, lost income, and childcare in case you are injured in a riding accident.

3. Theft

Motorcycle theft is a common occurrence and can be very unpleasant. The National Insurance Crime Bureau reported that over 41,000 motorcycles were stolen in the United States in 2018. Fortunately, you can get comprehensive insurance that not only covers motorcycle theft but also damages resulting from vandalism, fires, and floods.

4. Damage

While collision coverage is not mandatory, it is highly recommended to invest in it for the safety of your property. This coverage can assist in paying for damages resulting from accidents involving your motorcycle with other vehicles, structures, or objects such as trees and telephone poles. Investing a little extra money in collision coverage can prove beneficial in the long run.

5. Save money

Did you know that buying motorcycle insurance can sometimes lower your overall insurance costs? If you combine your auto, home, renter’s, or motorcycle insurance policies with the same insurance company, you can often receive a discount. Managing all of your policies with one carrier can also be more convenient.