You’re buying your first bike. It’s a thrilling moment. You may be thinking more along the lines of how that bike is going to look in your driveway and how much speed you can get on your next trip, but you also need to think about how you will protect it on the road. Having motorcycle insurance is a first step in doing just that. With the right type and amount of coverage, you can reduce many of the risks you face when you do hit the open road.
Protecting Your Bike’s Value
A good place to start when it comes to motorcycle insurance is with protecting your bike from risks. There are several ways to do this. First, you’ll want comprehensive motorcycle insurance that safeguards your bike against events such as fires and theft. You’ll also want to invest in motorcycle insurance that protects the bike from accidents you cause. Collision insurance is best for this. When considering these plans, be sure to think about the value of your bike. Actual value and replacement value are two different things. Do you want to pay for your bike to be replaced at its current condition or do you want to be cut a check for the bike’s value right now, factoring in depreciation?
Staying Legal on the Road
Most states also require motorcycle owners to maintain a liability insurance plan. Motorcycle liability provides financial support for damage to property or persons resulting from an accident you cause or an at-fault instance. The amount of liability insurance required under law is minimal, but many riders will increase this to provide a higher level of financial protection. Remember, your bike is a powerful machine that can cause a significant amount of damage to other people’s property.
Buying motorcycle insurance for the first time can take a bit of an education as a first step. The good news is that you’ll find these policies are affordable and they provide a wide range of protections for you. You can add endorsements to your policy for high-end valuables, modifications made to the bike, as well as flood and storage protection. When you do have your first plan in place, you’ll feel good no matter how much you are on the road.
We’ll help you find the right coverage. Call ECI Insurance Agency at (405) 373-2977 for more information on Oklahoma City motorcycle insurance.