There are no better vehicles than motorcycles when it comes to joyriding, traveling solo, or going from one place to another. They will offer you the utmost convenience and are fuel-efficient as well. You will find many people who have cars but prefer motorcycles. Why? It is simple, because of the adrenaline rush.
There is no substitute for motorcycles when you are looking to find thrill and excitement. However, all of these things come with the territory. There are many risks associated with driving bikes, especially when it comes to riding in Colorado. There are countless bike enthusiasts here, so naturally, the chances of accidents increase fundamentally.
Motorcycle accidents result in life-threatening injuries and other damages as well. Seeking medical help for these injuries is extremely expensive, and would drain your bank account in a matter of days. No one would want to spend money out of their pockets for injuries and damages caused by someone else’s negligence.
This reason is why there are many motorcycle insurances available to make sure that you are well compensated for your losses by insurance companies. Sadly, many people are not aware of how these insurances work. However, do not worry, down below we have given a guide to make sure that you know all about motorcycle insurance in Colorado.
Requirements for Motorcycle Insurance
Carrying liability in Colorado has become mandatory for all motorcycle owners. This step is for the betterment of the citizens as this Insurance covers any damage that you or your bike suffers from a collision.
Carrying underinsured or uninsured motorist insurance is also mandatory in some states. This form of insurance compensates for any injuries where the perpetrators have low insurance or no insurance at all. Carrying underinsured motorist coverage is mandatory in Colorado.
Coverage Options for Motorcycle Insurance in Colorado
Colorado auto insurance and Colorado motorcycle insurance share numerous similarities. Mentioned below is a list of some coverage options that you can choose from.
1. Medical Payment Coverage
Every motorcycle owner should have medical payment coverage. The reason why we are saying this is that avoiding accidents is virtually impossible no matter how many safety measures you take. People sometimes face life-threatening injuries because of these accidents that require expensive medical attention. Having medical payment coverage by your side will make sure that the insurance company compensates you for all of your medical bills until the hospital nurses you back to full health.
This insurance will not cover your lost wages. You can opt for personal injury protection for covering your lost wages. Getting medical motorcycle insurance in Georgia would be a wise move to ensure your safety.
2. Personal Injury Protection Coverage
Personal injury protection is another form of coverage that is a part of motorcycle insurance in Colorado. Personal injury protection coverage is not the same is medical payment coverage; they both have a few tweaks here and there that make them completely different from each other. Personal injury protection has the upper hand over medical payment coverage as it covers the medical bills of both parties involved in the collision, irrespective of who was at fault. Some states prohibit personal injury protection because of the increasing number of motorcycle collisions every year.
3. Comprehensive Coverage
There are some areas in Colorado where there is a higher risk of people robbing, damaging, or vandalizing your bike. Getting comprehensive coverage for these areas will ensure that you receive compensation for your losses due to the things. Insurance companies also compensate bike owners for animal collisions. However, you should keep in mind that you will not receive any compensation for roadside accidents or collisions.
4. Collision Coverage
After subtracting the deductible amount that you had given while finalizing your insurance, the insurance company compensates you for collision damages. It is entirely up to you to decide the deductible amount for your coverage.
Motorcycle Insurance Add-Ons
Some motorcycle insurance companies provide their clients with add-ons to their insurance. You will have to some extra money to secure these add-ons. However, they will prove to be worth the investment.
Following are the three most common add-ons that companies provide
1. Roadside Assistance
Insurance companies will provide you with towing services and labor if there is an accident and your bike breaks down.
2. Trailer Transport
Insurance companies will provide you with a trailer for transporting your bike to a destination chosen by you. This coverage comes into effect when your bike is unable to start.
3. Custom Accessories and Parts Insurance
You can insure some specific insurance and parts of your motorcycle using this insurance. There are many bikers who customize their bikes to enhance their looks, these parts do not come cheap and are susceptible to theft. This insurance will make sure that you are given compensation in case robbery or theft occurs.
You can get discounted motorcycle insurance in Colorado if you follow the steps mentioned below.
- Become a part of a bike riders association in Colorado
- You can get senior biker discount if you are above 55 years old
- You can become eligible for discounted motorcycle insurance by maintaining a good driving record.
- Insuring multiple bikes with a company will guarantee discounted motorcycle insurance.
- You can complete a motorcycle rider-training course for availing discounted motorcycle insurance.
Destroyed or Stolen Motorcycle Insurance
It would be wise for everyone to understand how motorcycle insurance in Colorado offers you compensation. You will be able to make better decisions when choosing motorcycle insurance once you read this.
1. Actual Cash Value
The insurance company reduces the deductible and depreciation of your motorcycle to determine its actual cash value
2. Stated Amount
The insurance company will give you the exact amount that you had decided with them initially when buying the insurance.
3. Agreed Value
The insurance company will not reduce depreciation and deductible from your bike and will pay out for your bike in full.