What is Motorcycle Insurance?
Motorcycle insurance protects both you and the people around you while you ride. Find out what coverages you need and where to get it. Motorcycle insurance is virtually identical to car insurance, except it covers a motorcycle instead of a car. You can also select a few motorcycle-specific options.
Does Wisconsin Require Motorcycle Insurance?
Yes, Wisconsin law requires motorcyclists to carry motorcycle insurance. The minimum liability limits are currently $25,000 in bodily injury to one person, $50,000 in bodily injury to multiple people, and $10,000 in property damage.
Does Wisconsin Treat Mopeds and Scooters Differently?
Wisconsin law treats mopeds and scooters the same as motorcycles for insurance purposes. There is no exemption from mandatory insurance for smaller or slower mopeds and scooters as there is in some other states. However, insurance companies may offer a lower rate for a moped that is smaller, slower, and/or worth less than a standard motorcycle.
Do You Need a Motorcycle License in Wisconsin?
If you want to operate a motorcycle in Wisconsin, you need a motorcycle license or endorsement. Some mopeds and scooters are small enough and slow enough that you can drive with a regular driver’s license. If you take a safety course either to obtain your license or on your own, you may be eligible for an insurance discount.
What Does Motorcycle Insurance Cover?
Motorcycle insurance can include the following coverages. Other than the legally required coverage, you can usually select which options are right for you.
Liability coverage covers bodily injuries and property damage you cause to another person in an accident. It can also help pay for your legal defense if you’re sued for an accident. Keep in mind that many cars and the typical medical bills for an accident can be much more than the legal minimum liability limits. Be sure to select adequate limits to protect your assets.
Collision and Comprehensive
Collision and comprehensive coverage protect your motorcycle. Both pay for repairs or a potential replacement. Collision coverage applies when you get into an accident or collide with an object. Comprehensive coverage covers non-accident damage such as theft, fire, and vandalism.
Uninsured and Underinsured Motorist Coverage
If someone else causes an accident, you may be relying on their liability insurance to cover your medical bills and lost wages. If they don’t have insurance or their limits are too low, your insurance coverage generally won’t help you, since they apply to the harm you cause to others. When you add uninsured and underinsured motorist coverage, you can receive the same protection your liability limits give to other motorists.
Parts Replacement Cost
If parts and accessories are damaged in an accident, you may need to replace them. The problem is that you’ll usually only get their depreciated value, but you’ll need to go to the store and buy new to have a replacement. Replacement cost coverage reimburses you for that new price.
New Bike Replacement Cost
Like cars, new motorcycles depreciate very quickly after you buy them. If your brand-new bike is totaled, you may lose several thousand dollars in the difference between what you paid for it and its current value. New bike replacement coverage gives you the full cost of a new bike if your new model bike is totaled within a year or two of you buying it.
Helmet and Accessories Coverage
You’ve probably spent a lot of money on your helmet and other accessories to customize your ride. If they’re stolen or damaged, having helmet or accessories coverage can help you replace them.
Emergency Roadside Service
Emergency roadside service can be even more critical for a motorcycle. You probably don’t have room for a spare tire or tools to make your repairs, and you won’t have any shelter if you get stranded in bad weather. To get back on the road quickly, add emergency roadside coverage to your policy.
If you get in an accident, your health insurance might help with some of your medical bills. However, you may still have a deductible, co-pays, out-of-network charges, and other uncovered expenses. Medical payments coverage can help close this gap.
What if You’re a Seasonal Rider?
Seasonal riders may be able to benefit from a layup period. For example, say you don’t want to ride in winter and don’t want to spend money carrying insurance all year, but you’re still worried your bike might get stolen. A layup period turns off your accident-related coverages and leaves on your theft and storage damage coverages. You then pay a lower premium as a result. Just don’t forget to adjust your policy if you want to use your bike during the layup period, because you won’t have insurance if you don’t.
What Discounts Are Available?
Motorcycle insurance companies offer several discounts that you may be able to qualify for.
- Having a car or another motorcycle on the same policy.
- Bundling with your homeowner’s, renter’s, or other policy.
- Being a safe driver.
- Completing a safety course.
Get a Quote
What you’ll pay for motorcycle insurance can vary based on what type of bike you have, your driving record, and other factors. Motorcycle insurance companies also have different ways of setting pricing, so what’s cheaper for you one year might be your most expensive option in the following year.
To get help figuring out what coverage you need and sorting through all the available policies, work with an independent insurance agent. Tammy at innovante insurance, can answer any questions you have. Call now to start your quote.