Oregon Motorcycle Insurance Basics
Oregon Motorcycle Insurance Basics will provide you with an understanding that a Motorcycle Insurance Policy has six specific functions. Below is a list of the coverage options and why you need them.
This coverage applies to injuries you, the designated driver or policyholder cause to someone else due to a motorcycle accident.
Basic liability protection would be enough coverage if you rent and have minimal savings or investments. Standard protection would be enough if you own a home, have some savings and a steady income. Superior protection would be appropriate if you own a home and have significant assets or income; an umbrella policy should be considered if you fall into this realm.
If you don’t carry enough liability coverage, you may be sued for your personal assets – your home, savings, investments, or even future income. It is important to make certain that you purchase as much as you need to protect your assets.
Regardless of the value of your personal assets I recommend liability coverage of no less than $100,000 per person, $300,000 per accident and $100,000 in property damage.
Liability does not cover your injuries. It covers injuries to others, which is also called third party claims.
This coverage pays for damage you (or someone driving the motorcycle with your permission) may cause to someone else’s property. This means damage to someone else’s property such as a car or other motorcycle, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your motorcycle might hit.
This coverage will pay for bodily injury to a passenger on your motorcycle only if you select this coverage.
This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver. Under-insured motorist coverage comes into play when an at-fault driver has insufficient insurance to pay for your total loss.
This coverage will reimburse you for reasonable and necessary medical and funeral expenses because of a bodily injury caused by a motorcycle accident.
This coverage will reimburse you, a member of your family, or a designated driver if one of you is hit by an uninsured or hit-and-run driver. This coverage comes into play when an at-fault driver has insufficient insurance to pay for your loss. This coverage will also protect you if you are hit as a pedestrian by someone who is either uninsured or under insured.
This coverage pays for damage to your motorcycle due to impact with another vehicle or object. Even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, minus the deductible. If you’re not at fault, your insurance company may try to recover the amount they paid you from the other driver’s insurance company. If they are successful, you’ll also be reimbursed for the deductible.
This coverage reimburses you for loss due to other than a collision. Loss caused by the following are not collision losses but would be considered comprehensive losses: Missiles or falling objects, fire, theft or larceny, explosion or earthquake, windstorm, hail, water, or flood, malicious mischief or vandalism, riot or civil commotion, contact with bird or animal, or breakage of glass.
This coverage will pay reasonable expenses for towing to the nearest place necessary for repairs to be made or provide towing if your motorcycle is struck on or next to a public street or highway.
As an insurance broker I help individuals throughout Oregon and the Pacific Northwest manage risk.