Motorcycles On My Mind – Part Two


You’re getting ready to take the bike out on the road for a weekend ride through the hills. You make sure you’ve got all your gear, make preparations for the day, and call your buddies to see if they’re ready to head out. How often do you look at your bike and think about how your insurance policy protects you and our financial investment? Perhaps it’s my inner insurance nerd that does just that. I see you out on your Saturday morning ride and begin to think about your protection.

Most insurance policies offer limited amounts of coverage (or more commonly known as “full coverage”) on your policy, limited coverage of $1000 to $3000 is available automatically and you can increase the coverage amount up to $30,000. What have you added or what has been added since it was manufactured? Have you added custom paint, custom chrome plating, or a custom exhaust? What about any equipment such as electronics, fairings, or after-market handlebars? Your wheels, saddlebags, safety apparel (including your helmet), touring packs, windshields, side cars, and engine modifications are also considered accessories. You should review the amount of coverage with your agent to decide if coverage should be added or increased to cover these items. While you’re talking with us about this amount, consider discussing the other types of optional coverages available. How does you insurance company value your bike? Some policies have different options and will offer coverage for the actual cash value (ACV), agreed value, or if it’s a newer motorcycle, total loss coverage. Additional coverage is also available for a transport trailer if you tow your bike to other destinations. Taking a long road trip? Consider towing, roadside assistance, or trip interruption coverage which will provide lodging, meals, and transportation costs sustained as a result of a covered loss if you are more than 100 miles from home.

When you purchased your cycle insurance, were you only thinking about the coverage that the law and/or financial institution required of you? Were you only trying to get the cheapest price? I’ve had friends involved and injured in a motorcycle accident and I have heard about the financial burden placed on them after their injuries. In part one of this blog, we discussed the typical injuries as a result of motorcycle accidents. According to the National Highway Traffic Safety Administration, medical costs are the most expensive part of a motorcycle accident. In addition to medical costs, consider the “social” cost associated with the accident such as continuous physical therapy or even lost wages as a result of injuries. Talk to your insurance advisor about medical coverages available on a motorcycle policy. You’ll find the cost is minimal when compared to the medical cost burden you may have to bear without the coverage.

Let’s talk discounts! Taking an approved rider safety course, having a motorcycle license endorsement, or being a member of a motorcycle association such as Harley Owners Group (HOG), BMW Owners of America, Ducati Desmo Club, and several others could provide discounts on your policy. If your bike has antilock brakes or Lojack, make sure you’re receiving a credit for that as well. Review if other discounts are available to you such as your chosen method of payment, years of riding experience, or if you insure other vehicles on the same policy such as other motorcycles, dirt bikes or other off-road motorcycles, or golf carts.

If you want to enjoy the open road and the freedom you feel when you’re on it, talk with a Watkins Insurance Group Personal Insurance Advisor today at 512-452-8877 for an evaluation of your coverage. Let us think about protecting you and your investment while you’re out there enjoying the ride!

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