If you are like many motorcycle owners, you spend a lot of time and money customizing your bike after it leaves the sales floor. You should. Your bike should be personalized to suit your taste. When you are out riding, it will become a reflection of you. Unfortunately, following an accident, you may have a hard time recovering the money you put into your bike if you do not take some important steps.
Having The Right Insurance
Most states have a minimum amount of bodily injury and property damage liability motorcycle insurance you are expected to have. Some states, such as Texas, only require you to prove your financial responsibility in the event of an accident and offer you other options outside of purchasing insurance.
No matter which option you choose, liability insurance is only designed to protect others in the event that you are responsible for the accident. It will pay nothing to you or to help you to repair or replace your bike.
The general rule of thumb when considering various types of insurance for your motorcycle is, if it will cost you more to repair the bike than it would to replace the bike, additional insurance may not be a good investment. On the other hand, if you own a high dollar, or highly customized bike, additional insurance would be a good investment.
For example: You own a bike that is only worth $1,500. If you know that it will cost you that if you wreck it, you may not want to place more insurance on it other than the minimum you are required to have. On the other hand, if your bike is worth $25,000, and you know it would take a major accident to total your bike, additional insurance coverage is probably in order.
Here are a few types of additional insurance you may want to consider.
- Collision - helps to pay for your bike's repairs.
- Custom Parts and Equipment Coverage - is crucial to provide coverage for any equipment, accessories, or customization added to your bike after it left the factory floor. This will cover equipment added by the dealer, as well as what you have added. This is also often listed as Accessory Coverage. Examples of things that are covered include:
- Trike conversion kits
- Electronic equipment
- Custom paint jobs, chrome plating, and custom exhaust systems
- Helmets, leathers, and other safety riding apparel
- Motorcycle Roadside Assistance - this helps get you and your bike off the side of the road following an accident or a break down. You may also find it listed as towing and labor coverage.
- Underinsured Motorist Coverage - this will help pay in the case that the person who hits you do not have adequate coverage.
- Uninsured Motorist Coverage - this will pay if the accident is caused by a driver with no insurance.
It will not do you any good to have the right insurance if you are unable to document that your motorcycle had the equipment or customization you are attempting to file a claim for. It is important that you retain receipts of custom equipment, accessories, and even work performed. Pictures of any customization can also go a long ways in attempting to prove your claim.
Having A Good Motorcycle Accident Attorney
Do not be like some people who only consider hiring a motorcycle accident attorney if they have been in a major accident that was not their fault. An experienced and knowledgeable accident attorney is worth their weight in gold anytime you have been in an accident.
- An accident attorney knows the law, as well as any procedural rules that may apply to your accident.
- The attorney will know the statute of limitations, and will ensure these do not expire when handling your case.
- They can help you to interpret the insurance coverage that is available to pay for your accident and do much more.
Did you know, sometimes in the event of an accident, you can access stacked insurance coverage in order to ensure there is enough money to pay your claim? Your insurance company may not be willing to tell you this, but your attorney will know how this works in your state.
Insurance companies are difficult to deal with. They make money when they save money, not when they have to pay it out. A good motorcycle accident attorney will ensure that you get the most compensation from an insurance company. It does not matter if it is another driver's company or your own.