Motorcycle insurance is probably the last thing on your mind when you’re on your bike. Motorcycle riding can be exhilarating, but the risks are different than driving an automobile.
In Florida, motorcycle insurance requirements are based on the financial responsibility of the owner against liability. A motorcycle owner has three options:
- Purchase motorcycle insurance, which is the most common way of gaining coverage.
- Secure a Financial Responsibility Certificate, which requires posting a surety bond and depositing cash or securities with the Department of Highway Safety and Motor Vehicles.
- Obtain a Self-Insurance Certificate from the Bureau of Financial Responsibility.
In most instances, it’s more cost effective, faster, and more convenient to purchase motorcycle insurance in Florida, rather than exercise any of the other options.
Why Do You Need Motorcycle Insurance in Florida?
You may be the safest motorcyclist in Florida, but the odds are against you! The Motorcycle Safety Foundation found that in collisions involving a motorcycle and another vehicle, the non-motorcycle driver is usually at fault for violating the motorcyclist’s right-of-way.
Given the fact that injuries in a motorcycle crash are likely to be more severe, the motorcycle rider is at greater risk of financial disaster following a serious accident. A study by the CMAJ found that each motorcycle causes 10 times the severe injuries, 5 times the deaths, and 6 times the medical costs of each automobile.
You may think of motorcycle insurance as a luxury; however, just one accident without insurance can drain your savings. In the event of an accident, regardless of who is at fault, motorcycle insurance can pay for property damage as well as medical expenses for you or another rider on your bike.
Keep in mind:
- Injuries from a motorcycle crash are likely to be more severe, so a motorcyclist is at greater financial risk following a serious crash.
- If you are charged with an accident, you are financially responsible for any injuries and damages.
- Motorcycle theft is on the rise, and only 20-25% of stolen motorcycles are recovered.
- If you are financing the motorcycle, the lender generally requires that you carry insurance to cover damages to the bike.
How Much Motorcycle Insurance Should You Have?
Motorcycle owners should start by using Florida’s minimum liability coverage requirements for passenger vehicles as a guide for their bike insurance:
- $10,000 for one person for bodily injury liability.
- $20,000 for two or more people for bodily injury liability.
- $10,000 per crash for property damage liability.
Just as with car insurance, however, many people will want higher coverages with their motorcycle insurance since the expense resulting from an accident can be very high. Additionally, purchasing uninsured or underinsured motorist coverage is highly recommended.
Other Motorcycle Insurance Coverage
In addition to medical payments and property damage protection, riders can also opt for more comprehensive coverage, such as:
- Additional Liability Coverage is something all riders should carefully consider. With both liability insurance and uninsured motorist coverage, you significantly reduce the risk of significant financial loss after an accident.
- Bike Accessory Coverage will cover replacement or repairs on customizations to your bike.
- Collision covers you when you’re in an accident that is your fault. It pays for repairs to your motorcycle, less the deductible amount.
- Comprehensive Coverage pays for fire, vandalism, theft, hail damage, storms, and other non-traffic accident claims.
- On Road Insurance for Off Road Vehicles covers your dirt bike or ATV when on the road.
- Roadside Assistance can help with jump-starts, gas, and towing.
- Total Loss Insurance pays to replace your bike, not just the fair market value, which is usually lower than what you actually paid for the bike.
- Transport Trailer Coverage insures any form and size of trailer you might use to tow your bike.
- Trip Interruption Coverage helps pay for lodging, food, and a substitute vehicle when a mechanical breakdown or a covered loss occurs more than 100 miles from home.
- Uninsured/Underinsured Motorist Coverage pays for accidents caused by another driver who does not have insurance.
ABC Dennis Insurance Agency
ABC Dennis Insurance is an independent insurance agency established in 1997 that provides motorcycle insurance for individuals, families, and businesses.
As an independent agency, we find the best coverage with the most competitive rates among multiple insurance companies. This is important because no insurance company can meet every insurance need. So, we shop multiple insurance carriers to find the coverage that best fits our customers’ every need.