Since motor insurance is mandatory by law, you need it when you own a motorcycle. MC insurance differs by the coverage each offers though. And so you need to know what type of motorcycle insurance you are buying. By doing so, you will know how much protection you are provided by the MC insurance.
Liability MC Insurance
This is the minimum required motorcycle insurance for all motorcycles. The logic here is to protect the other party in the accident. Of course, you are also protected since the other party could also sue you for the damages brought about by the accident caused by you. It covers the bodily injuries and property damages on the other party so you won’t have to shoulder the burden. This type of MC insurance does not cover your motorcycle and your injuries though. Instead such motorcycle insurance could protect you against lawsuit.
Check whether your liability motorcycle insurance covers the passenger of the other party though. Depending on your MC insurance, this could also be covered. If this is so, you will even be more protected as well.
This motorcycle insurance is optional. But it’s certainly worth getting because it covers all repairs or replacement of the motorcycle and payment for injuries you suffer because of the accident. In this type of MC insurance, you would typically have a deductible. But the rest would be covered by the motorcycle insurance. The coverage would only up to the amount of the book value of the motorcycle though. With a lower deductible, a lot more would be covered by the insurance. But the premium would be higher as well.
With comprehensive MC insurance, damages caused by circumstances other than accidents are covered. Damages caused by theft, vandalism and fire would be covered by the insurance. But then again, the coverage would only be up to the book value of the motorcycle. Still, this provides you additional coverage so it could still be worth the expense.
Uninsured and Underinsured Coverage
If you want protection against uninsured and underinsured motorists, you can get uninsured or underinsured coverage. So if you get bumped by uninsured and underinsured motorists, you would still have this motorcycle insurance to fall back on. When getting this insurance, check whether property damages are covered. If not, you can also get this additional coverage.
Medical Payment Coverage
With medical payment coverage, your expenses for the injuries due to the accident will be covered. And it does not matter if it is your fault or not. The coverage may be limited though. And you would have to exhaust your medical insurance first too.
Coverage for Custom Parts and Equipment
This MC insurance (interesting to know is that the Danish term is MC forsikring) supplements the collision and the comprehensive insurance. This is most useful when you add certain motorcycle parts and equipment. Since such additions are usually not covered by either the collision or the comprehensive insurance, such insurance is needed so they would be covered in case of accidents too.
As with the other types of insurance, motorcycle insurance costs more the more coverage it offers. And so in the end, even if you want more coverage you would have to consider how much you can afford too.