Mistakes people make when buying Motorcycle Insurance in Maryland
Are you a road warrior looking for adventure or just want to wander around town? Nothing is more exciting to drive a motorcycle for such a fun activity.
There’s one more thing to worry about. How can you protect yourself, your motorcycle investment, and your passenger? Before you drive off, getting a motorcycle insurance Maryland is a must. No matter how you’d like to find motorcycle insurance in Maryland to suit your needs, you need to settle for the best Maryland insurance for your favorite bike. This guide will give you a better understanding of it and how you’ll get the best motorcycle insurance quote and policies that cater to all your needs.
Motorcycle Insurance Requirements
Most states in the U.S. require bike owners to purchase Maryland liability insurance policies. The liability coverage is used to pay for the other damages or injuries if you cause an accident. The lowest value of Maryland liability insurance you need to get for your motorcycle is the same minimum amount required as your state’s auto insurance. For example, in Florida, they require you to handle a minimum of 10,000 dollars in medical benefits, which basically comes from a separate health insurance policy.
Buying additional liability must be considered beyond the minimum requirements of your state. It will protect any Maryland property or investment in case you are sued after an accident. The minimum liability amount might not be enough to settle any legal claims and costs if you are sued. Also, the creditors can go after your other investments and assets. Make sure to assess the Maryland insurance company if they cover bodily injury liability insurance for passengers. There are states where you need to insure the passenger under the liability coverage policy.
Some U.S. states require motorcycle drivers to handle under-insured or uninsured motorist coverage. The said coverage will pay for the property damage resulting from the accident that is uninsured or doesn’t have insurance. This includes injury to persons hurt in the accident Uninsured coverage includes property damage, but with other insurers, you have to purchase it separately. If possible, talk with your Maryland agent regarding this matter.
Coverage Option For Your Motorcycle Insurance
The Maryland motorcycle insurance coverage options are the same as the standard and regular type you can find with motorcycle insurance. Below are the available options besides the liability of uninsured motorist coverage.
- Collision – It pays for the damages to your motorcycle, less some deductible value. The deductibles are from those included coverage when you purchase the insurance policy through a claim check.
- Comprehensive – It pays for stolen motorcycles or other damage besides the collision with another vehicle. Animals collision is also covered under the Maryland comprehensive coverage option, and deductibles may apply.
- MedPay or Medical Payment – This coverage option is not available in all states. It pays for the medical bills in any instance that you and your passenger are injured in an accident. Compared to the personal injury protection or bodily injury coverage, Maryland medical coverage will not cover the lost value wages and other costs not included in your policy. It is evident that owning or riding a motorcycle comes with a lot of risks, even if you try to be very careful. Medical expenses coverage comes in very handy, especially if you don’t have any health insurance available.
- PIP or Personal Injury Protection – It pays out for the medical bills for the health damages and injuries caused by accident not only to you but also to your passenger. Regardless of who’s at fault, you are entitled to this coverage option, but the rules may vary between states or the extent of bodily injury. Some Maryland insurance agencies offer PIP, but not all states will allow insurers to sell this coverage option to motorists because of the high rate of motor accidents these days.
- Add-ons are offered by most insurance in Maryland companies as well. They deliver it as part of their standard policies program. Some of the add-ons may limit and only apply as deductibles. Below are some examples:
- Trip interruption coverage – It pays out for the transportation, food, and lodging if your motorcycle is disabled because of the collision, and you’ve been away from home for 100 miles, or more usually.
- Coverage for equipment, accessories, and custom parts – Some state insurance companies include this coverage with collision and comprehensive insurance. It typically amounts to $3000, and more. For many motorists or riders, customizing their motorcycle is part of their responsibility as an owner. If the saddlebags, chrome parts, and other personal touches added to the bike amounted more, you could purchase additional accessories coverage up to 30,000 dollars.
- Transport trailer coverage – Many insurers offer this coverage amounted to $7500 or up.
- Roadside support and assistance – The coverage includes labor and towing in the area where your motorcycle brokedown.
Lay-up Periods for Motorcycle Insurance
A lot of Maryland insurance companies offer lay-up insurance coverage mostly during cold seasons or winter. At this time, many motorcycle owners or drivers put their bikes away. In this insurance coverage, your insurance in Maryland will protect you against the theft and other incidents that may happen while you keep your bike in the storage. This coverage will save you from the annual insurance costs. But make sure not to use your motorcycle out on the road during this period. If you allow it, your insurance will not cover it anymore.
Discounts Available For Motorcycle Insurance
Discounts offered for insurance on motorcycles vary by an insurance company. But the most common ways to get a good discount are listed below:
- Purchase another policy type like homeowner or Maryland motorcycle insurance with the same insurer.
- Make sure to have a clean driving performance and record to acquire motorcycle insurance in Maryland.
- Try to insure at least more than one bike with the same insurer.
- Complete training and courses offered for motorcycle riders.
- Participate and join a Maryland motorcycle riders organization.
- If you are 55 years and up longtime rider, you can ask for a mature rider discount.
Insurance For Stolen and Destroyed Bikes
There are many important things to consider about the insurance on a motorcycle policy you are about to purchase. But, the most important one is the benefits assessment if your motorcycle is stolen or destroyed. Here are the types of settlements you must remember for the insurance of a motorcycle.
- The Actual Cash Value – It pays out the cash amount of your motorcycle, less your deductibles, and depreciation.
- The Stated Value – It pays out the value you selected when you purchased the policy.
- The Agreed Value – It pays out the value you and the insurance company agreed on when purchasing the policy. The price remains fixed, and there will be no deductible that will be taken from your claim check. These insurance add-ons are usually offered to classic or custom bike owners.
Motorcycle Insurance: Where To Buy It
Some of the biggest Maryland motorcycle insurance companies also offer insurance for motorcycles. Some provide motorcycle insurance as an endorsement or an addition to the auto insurance coverage and policies you purchase. If you can’t find motorcycle insurance in your local area, you can use the internet to find the topnotch and most reliable insurance for a motorcycle company in the country. Make sure to widen your option and consider different policies and motorcycle insurance quotes from various insurers.
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