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First Florida Underwriters Insurance blog

How Much Motorcycle Insurance Do I Need?

It’s a question that all motorcyclists have to face at some point: how much motorcycle insurance do I need? The answer can be tricky because the amount of coverage you need depends on many factors. Here are a few tips to help you make the right decision for your needs.

1. Understand the Types of Coverage

Insurance can be confusing, especially if you don’t have a background in the industry. The best way to prepare for your purchase is to understand the types of coverage offered fully.

Comprehensive Coverage: It covers you in the event of a non-collision incident. This includes accidents with animals, falling objects, fire and theft.

Collision Coverage: If your motorcycle is involved in a collision with another vehicle or object (pole, guard rail, etc.), then collision insurance will kick in. If you only have the minimum required by law, you will probably not be able to afford to fix your bike after an accident.

Uninsured Motorist Coverage: This type of insurance protects you if someone hits you and does not have any coverage themselves or enough to pay for damages. Uninsured motorist coverage is mandatory in some states but optional in others.

Liability Coverage: If someone suffers an injury that is your fault, liability insurance will protect you against the cost of their injuries and other damages. This can go a long way in protecting you financially.

2. Know What You Can Afford

You can tell how much insurance you need if you factor in your financial situation. If you have a lot of debt, choosing higher coverage may not be possible. You should opt for the cheapest amount of motorcycle insurance necessary to protect yourself legally.

3. Think About Your Motorcycle’s Worth

If your motorcycle is worth more than the coverage you have, it might be time to increase your policy. This may be especially true if you paid a lot for your bike or put extra money into upgrades.

4. Ask Yourself How Often You Ride

The more you ride, the higher your risk of an accident. If you only take your bike for short rides on the weekends, then you might not need as much coverage. However, if you commute to work by motorcycle every day and spend hours riding, then get a policy that best reflects your needs.

Need Insurance in Orange Park, FL?

There is no one-size-fits-all answer to the question of how much motorcycle insurance you need. However, First Florida Underwriters Inc. can help you figure out the right amount for your needs. Call us today to get started.