It's time to get your bike out of the garage and onto the road. Whether you ride all the time or just when the weather is good, one of the first steps to take before you get out there is to ensure your bike has enough of the right type of coverage on it. Motorcycle insurance is necessary to keep your investment safe while you are on the road. Many people wonder, though, how much insurance do you really need for your motorcycle?
The first step in nearly all cases is to make sure you have the state required insurance. Most states have a requirement for liability insurance. This type of coverage protects other people if you are responsible for an incident that leaves another person injured or leads to property loss. It is important to check with your insurance company or state to determine what type of liability insurance is required under your state's laws. Also, note that this type and amount of coverage is rarely enough. You may need additional liability insurance above and beyond that amount. Georgia's motorcycle insurance requirement:
Protecting the Value of Your Motorcycle
- $25,000 per person for bodily injury
- $50,000 per accident for bodily injury to two or more people
- $25,000 per accident for property damage
Liability insurance does nothing to protect your bike from damage to it. Rather, it is up to you to choose a comprehensive insurance policy that minimizes these risks. Take into consideration all risks present including theft, vandalism, collision coverage, and weather events.
While considering this, think about the value of your bike. If it was totaled in an accident, what would be enough money to purchase a new bike? Replacement cost insurance or actual value insurance are two options to consider. Replacement cost will be more expensive, but it will help you to replace your bike. Actual value will only give you the fair market value of your bike. In all cases, your motorcycle property insurance should be at least enough to recoup your investment.
Take a closer look at your motorcycle insurance plan. Does it provide enough protection to help safeguard you against loss? The right combination of features and policy limits will help you keep your bike safe and your finances in order should an incident occur.
Is your bike covered? Call Budget Insurance Agency at (478) 788-9188 for more information on motorcycle insurance Savannah, GA.