New York Motorcycle Insurance coverage

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What Is Motorcycle Insurance

Motorcycle insurance provides financial protection in the event of a motorcycle accident, loss, theft or damage. Motorcycle insurance includes liability coverage in case you are responsible for another person’s injuries or property damage. These policies provide coverage for motorcycles, choppers, fast street bikes or "crotch rockets," mopeds, and even Segways.

If you have just purchased a motorcycle, or have owned one for a while and are considering changing insurance providers, you may have several questions. Do you wonder what motorcycle insurance will cover, and what financial risks you face in the event of an accident? You can get your questions answered by an agent at Hagerdon Insurance Agency, Inc. who understands the requirements of your state, and will get to know you and your coverage needs.

Any bike with an extremely high horsepower-to-weight ratio is designed for speed and maneuverability, meaning riders tend to ride faster and weave between cars. These riders have a greater risk of serious injuries as well as potential incidents that cause injury to others.

If you plan on racing dirt bikes for fun, you may want to consider increasing your coverage as well. The close-quarters racing and crowded tracks can put you at greater risk of injury, damage to your bike, and an increased risk of causing injury to a competitor or damaging someone else's equipment.

Motorcycle insurance requirements vary by state, so be sure to work with a local insurance agent who can help you craft a motorcycle policy that best protects you and your financial well-being.

How Does Motorcycle Insurance Work

Motorcycle insurance works in the same way that car insurance works. For example, if you have bodily injury and property damage liability coverage, any damage you cause to someone's property is covered by your insurance policy, up to the limits of your policy.

Your liability coverage will also cover some portion of your legal costs, if an injured party files a lawsuit against you. Again, the amount your insurance will cover depends upon the limits you choose when you buy your policy, If the cost of the claim is beyond the limits of your policy, you will be responsible for paying any costs out of pocket for the other party's injuries or damages.

Depending on the amount and type of coverage you have, your policy may also cover medical or hospital costs for you and your passengers. Uninsured/underinsured motorists insurance will pay for the costs of an accident if a driver caused the accident who was not adequately insured.

If you have comprehensive insurance, you will be covered for losses not by a collision, For example, comprehensive covers motorcycle theft of your bike, or parts of it. After a loss, you will file an insurance claim and receive compensation up to the limit of your policy, after your deductible amount is subtracted. For example, if you have a $500 deductible, and you suffer $1,300 dollars in damages during a collision, you are responsible for the first $500, and the insurance policy will pay the additional $800 to complete repairs. If the damage amount is less than the deductible amount, you would not receive compensation for the claim.

Most carriers allow you to adjust the amount of your deductible, The lower the deductible, the more you will pay for premiums. If you pay a higher deductible your premiums will be lower, but you will have more to pay out of pocket at the time of a claim.

If you work with an independent agent, you can customize a policy to protect against the threats you are most concerned about, such as theft, property damage, vandalism or weather damage. You can even insure yourself against the bike breaking down and ruining your vacation.