What Does a Motorcycle Policy Protect?
A motorcycle policy can include several types of coverage, each designed for a different kind of loss.
Your Responsibility to Others
Liability coverage applies when you're responsible for covered injuries or property damage after an accident.
Oklahoma's minimum liability limits are 25/50/25:
- $25,000
- Bodily injury for one person
- $50,000
- Bodily injury for everyone injured in one accident
- $25,000
- Property damage in one accident
Higher liability limits may also be available.
Your Motorcycle After a Crash
Collision coverage applies to covered damage to your motorcycle from a collision with another vehicle or object.
This is the part of the policy designed to address damage to your own bike after a covered crash.
Your Motorcycle Away From a Crash
Comprehensive coverage applies to certain losses that do not involve a collision.
That can include covered losses from:
- Theft
- Hail
- Wind
- Fire
- Vandalism
- Falling objects
- Other covered events
Collision and comprehensive usually include a deductible.
Consider How Your Motorcycle Is Owned
Whether the motorcycle is financed or paid off can affect the coverage on the policy.
Financed Motorcycle
A lender may require collision and comprehensive while there is an active loan on the motorcycle.
Loan requirements can also address:
- Deductible amounts
- Continuous coverage
- Proof of insurance
- Lienholder information
Check the financing agreement before removing or changing physical-damage coverage.
Paid-Off Motorcycle
Once the motorcycle is paid off, lender requirements no longer determine whether collision and comprehensive stay on the policy.
The bike's value, repair costs, deductible, and how much of a loss you could handle yourself can all factor into that decision.
Tulsa Risks Don't Stop When the Bike Is Parked
A motorcycle doesn't have to be moving to be damaged.
Severe thunderstorms, hail, wind, theft, fire, and vandalism can all affect a bike while it's parked or stored.
Comprehensive coverage is the part of a motorcycle policy that applies to many covered non-collision losses.
Where the motorcycle is kept and how it is stored may also matter when looking at coverage and pricing.
Check What's Been Added to the Bike
Motorcycles are often customized after purchase.
Your bike may have:
- Custom paint
- Aftermarket exhaust
- Upgraded wheels
- Saddlebags
- Audio equipment
- Performance parts
- Other accessories
Standard coverage may place limits on custom parts and added equipment.
If you've put additional money into the motorcycle, check how those upgrades would be valued after a covered loss and whether additional coverage is available.
Know What Falls Outside the Policy
Motorcycle insurance does not apply to every type of damage or expense.
Depending on the policy, limitations or exclusions may apply to things such as:
- Normal wear and tear
- Mechanical breakdowns
- Intentional damage
- Certain uses of the motorcycle
- Custom equipment above policy limits
- Losses excluded by the policy
The exact exclusions depend on the coverage and insurance company.
Put the Motorcycle Coverage Together
Once you know what needs to be insured, several choices shape the policy.
Set Your Liability Limits
Oklahoma requires minimum liability coverage, but higher limits may be available if you want additional protection for injuries or property damage you cause.
Add Coverage for the Motorcycle
Collision addresses covered crash damage to the bike.
Comprehensive addresses certain covered losses such as theft, hail, fire, and vandalism.
Review the Deductible
The deductible is the amount you're responsible for on certain covered physical-damage claims before the remaining covered amount is paid.
A higher or lower deductible can affect both your out-of-pocket responsibility and the cost of the policy.
Review Custom Parts and Equipment
Check whether aftermarket parts, accessories, and modifications fall within the policy's standard limits or need additional coverage.
Look at Uninsured and Underinsured Motorist Coverage
Uninsured and underinsured motorist coverage can address certain injuries caused by a driver who has no insurance or does not have enough liability insurance.
How this coverage applies depends on the policy.
What Affects Motorcycle Insurance Rates in Tulsa?
Motorcycle insurance pricing can vary based on the rider, motorcycle, and coverage.
- Motorcycle
- Bike type, value, engine size, age, and repair characteristics can affect the rate.
- Rider
- Age, driving history, riding experience, and other rating information may be considered.
- Coverage
- Liability limits, collision, comprehensive, deductibles, and additional coverage options can change the price.
- Motorcycle Use
- How often the bike is ridden and how it is used can factor into pricing.
- Location and Storage
- Where the motorcycle is kept and how it is stored may also be considered.