If you recently purchased a motorcycle in Willoughby, OH, you may be wondering how much insurance you need for it. Getting a full coverage policy is often the best option for riders, but do you really need it? The Merhar Agency LLC can help you decide on the best options for your situation.
What Is Full Coverage Motorcycle Insurance?
Full coverage motorcycle insurance is not a formal term but refers to an insurance policy bundle that includes collision, comprehensive, liability, and sometimes several other types of coverage in a single package. It provides significantly more protection than only getting liability insurance. If you finance or lease your motorcycle, the insurance company or dealer usually requires a more comprehensive policy to protect their investment in your bike.
These policy types frequently include other common coverage categories, such as underinsured/uninsured motorist coverage and medical payments, commonly called MedPay. If you have a high-end motorcycle with numerous customizations, you may also purchase an endorsement to cover damage to those items.
When You Might Not Need Full Coverage
Bikers need at least bodily liability and property liability coverage to legally ride in Ohio. However, if you have an older bike worth less than $5,000 and aren’t concerned about replacing it if it is totaled in an accident, you might consider skipping full coverage. Once you have paid off your motorcycle loan, you can also drop coverage required by the lender.
Nevertheless, experts recommend carrying more than minimal motorcycle insurance. One crucial area involves medical payments, as cyclists often sustain more severe injuries when riding and incur high medical bills. Experts also recommend retaining full insurance coverage if you use your motorcycle as your primary means of commuting.
Give your motorcycle and yourself the coverage you deserve by working with The Merhar Agency LLC, serving Willoughby, OH. Contact our office to get started today.
