Motorcycles are becoming one of the most popular modes of transportation. Their compact size makes them easy to maneuver and fit into tight parking spaces. Since it’s a smaller vehicle, it also requires less fuel, making it an inexpensive, environmentally friendly way of getting around. There are many different kinds of motorcycles, including dirt bikes, sport bikes, and choppers. All bikes need some form of Milwaukee, WI motorcycle insurance, not just because it’s the law, but because it protects your finances.
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Milwaukee Motorcycle Crash Statistics 2011
- There were 7 fatalities resulting from motorcycle accidents.
- 250 people were injured.
- 61 accidents resulted in property damage.
- There were a total of 318 motorcycle accidents.
Do I Need Milwaukee Motorcycle Insurance?
The state of Wisconsin requires that all motorcycle drivers have at least liability coverage. If you get caught without insurance, you could face a traffic ticket and even more fees. The state could even suspend your license, depending on your driving history. Whether you drive a car or a motorcycle, offenses from both vehicles end up on the same DMV record.
Besides meeting state requirements, motorcycle insurance can protect you from the cost of a collision, theft, or other loss. With the increasing number of motorcyclists on the road, the chances of a collision increase. Purchasing insurance can help you offset the costs of property damage and medical expenses for yourself and anyone else involved in a crash.
The Importance of Liability Coverage
If you cause an accident, you’re responsible for any costs associated with the crash. This can range from a few hundred dollars into the millions. Often, the legal minimum requirement can’t provide enough coverage for a serious accident. Here are the things that a liability policy will cover:
- Bodily injury expenses for others: If you’re involved in an accident with another vehicle, and the driver goes to the hospital, you’re responsible for the medical bills. If they require any type of rehabilitation or long term care, you’re also responsible. Medical expenses can add up fast.
- Property damage to others: If you crash your bike into another car or even someone’s fence, the owner of said damaged property will require reimbursement for damages. The right liability coverage limits can ensure that everything is paid without dipping into your savings.
- Lawsuits related to an accident: If someone sues you, regardless of fault, the cost of your legal defense can be staggering. If you’re found guilty, you may be ordered to pay a settlement. Liability insurance can cover all of this for you, but only up to the liability limits you choose. Once those limits are reached, the rest of the settlement comes out of your future earnings and assets.
The most important aspect of liability coverage is the ability to protect your personal assets. Let’s say you have the minimum liability limits of $25,000 per person and $50,000 per accident. If you’re involved in a wreck, the other driver’s medical expenses could be close to $75,000, and the property damage could exceed $15,000. That would be a total cost of $90,000. The maximum cap on your policy is $50,000 total for a single accident, which leaves you with a $40,000 bill. This is why it's important to purchase as much liability coverage as you can afford.
Additional Motorcycle Coverage Options
Other coverage can be added to the liability coverage in your motorcycle policy. These are similar to car insurance, and can include the following:
- Collision, to pay for damage to your bike after a crash
- Comprehensive, to cover theft, vandalism, weather damage, and collisions with animals
- Equipment, which covers upgrades and extras on your bike, such as a sidecar, or updated seats
- Medical payments, to cover your hospital bills after an accident
- Uninsured/underinsured motorist, to pick up the financial slack when you are struck by a driver who is inadequately insured
Get the Right Motorcycle Insurance for You
Setting the right coverage limits really depends on your personal circumstances. A Trusted Choice® independent agent can help you analyze your coverage, and help you find ways to cover your unique risks.
When you work with a Trusted Choice agent, you have an insurance guide who can help you compare policies and Milwaukee motorcycle insurance quotes. Contact an independent agent. It only takes a few moments to find a local agent right in your ZIP code.