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When it comes to motorcycle insurance, you want to purchase as much as you can afford. Why? Because motorcycle injuries can cost a lot. And often, even responsible motorcycle riders who are victims of some else's reckless behavior can end up with more bills than insurance companies will pay. Riding without the right kind of insurance is like riding naked.
Consider this true story from the O'Sullivan Law files: Samuel was riding his motorcycle in a residential area and was hit by a driver who then fled the scene. Samuel sustained severe injuries and was out of work for two months. The driver of the car was caught but he only had $25,000 worth of insurance coverage. Luckily, Samuel had Uninsured/Underinsured Motorist (UIM) coverage and was insured for up to $100,000. Without that coverage, Samuel would not have been able to pay his medical bills. His life would have been forever altered by another driver's carelessness.
At a minimum, you should purchase $100,000 of UIM insurance coverage. If you can afford more, you should have it.
Why do insurance agents often steer auto and motorcycle drivers away from this coverage? Insurance companies and agents are pressured to keep premiums as low as possible. Also, many people function under a popular misconception: They think that, if you have health insurance, you don't need UIM. But that's not true. First, think of your health insurance deductibles and co-pays. In some severe cases, those expenses alone are enough to stress a person's finances.
Second, health insurance doesn't cover everything that UIM covers. Uninsured/Underinsured Motorist Insurance covers:
- Lost wages
- Future medical expenses
- Any damage arising from the accident (with the exception of property damage)
- All economic and noneconomic loss, which includes pain and suffering
Health insurance and UIM insurance are completely different.
A good rule of thumb for motorcycle insurance is to purchase as much as you can and make absolutely certain that you have Uninsured/Underinsured Motorist Coverage.
Riding Gear
When you purchase your motorcycle, roll a few items into the cost, just as if they came with the bike. You wouldn't buy a motorcycle without a clutch. Don't buy one without the proper riding gear, such as: Full-face helmet, including face and jaw protection, motorcycle boots, riding jacket and pants.
You might even consider the newest technologies out there, such as a riding jacket that comes equipped with an airbag. These state-of-the-art jackets look no different than professional racing jackets and come in different seasonal variations.
Protect Yourself: Take a Rider Safety Class
Take a rider safety class and get the motorcycle endorsement for your driver's license. In Colorado, there are many Motorcycle Safety Foundation-approved sites and Motorcycle Operator Safety Training (MOST) courses, which are accredited by the state.