If you own and ride a motorcycle, you need to look into purchasing motorcycle insurance. This type of insurance protects you against liability and damages that your standard automotive coverage won’t extend to your motorcycle. It could protect you against civil judgments, license suspensions, and other catastrophic losses.
The more you know about Florida motorcycle insurance, the more wisely you can choose the right kind of coverage for your needs, risk factors, and budget. Take the following considerations into account.
How Florida Approaches Motorcycle Insurance and Liability
Florida is one of the few U.S. states that does not require motorcycle owners to maintain insurance on their bikes. State law limits its minimum driver insurance requirements to personal injury protection (PIP) for owners of four-wheeled vehicles.
Florida motorcycle owners can demonstrate financial responsibility against their own liability in three ways. If you want to show that you can meet financial responsibilities in the event of an accident, you must obtain a Financial Responsibility Certificate, a Self-Insurance Certificate, or motorcycle liability insurance.
Under certain circumstances, the state may require motorcyclists to carry motorcycle insurance. For example, if you ride without a helmet or have caused an accident, you may have a legal obligation to carry bodily injury and property damage liability insurance for a three-year period.
How Motorcycle Insurance Can Help You
Florida adheres to no-fault laws in the settlement of auto accident cases. In a no-fault state, PIP normally guarantees the payment of up to $10,000 in medical bills, regardless of who actually caused the auto accident.
However, no-fault laws (and PIP protection) don’t apply to motorcycles. This critical gap in protection requires you to pursue any expected financial compensation from the other driver’s insurance company. Additionally, many Florida drivers fail to carry even the minimum level of liability insurance required by law.
Since your auto insurance coverage doesn’t extend to your motorcycle, you could find yourself in serious financial and legal trouble if you and your bike cause an accident. You might end up losing your license, having your motorcycle registration suspended, or paying many thousands of dollars to the other party.
Motorcycle insurance plays the same role in protecting motorcyclists against these concerns as auto insurance does for car owners. This coverage gives you peace of mind while also helping to ensure that you can repair or replace your motorcycle, pay medical expenses, and absorb crippling judgment awards.
What to Include in Your Coverage
Motorcyclists can purchase insurance that covers a variety of contingencies up to varying financial limits. At the very least, you’ll want to purchase the minimum required coverage. Bodily injury coverage starts at $10,000 per person or $20,000 per accident. Property damage liability coverage starts at $10,000.
Motorcyclists can’t purchase standard PIP coverage, so you’ll need to include something called medical payments coverage in your policy instead. You must hold at least $10,000 in this form of coverage.
Comprehensive and collision insurance coverage can also prove vitally important for helping you get back on the road after an incident. Comprehensive coverage insures your motorcycles against theft, vandalism, or fire. Collision insurance covers repairs for damage sustained in a collision accident.
How Insurers Determine Your Rates
Insurers base your motorcycle insurance rates on several risk factors. These factors may include your age, the type and age of the motorcycle, the place you keep your motorcycle most of the time, and your annual motorcycle mileage.
Certain strategies and opportunities may help you get discounts on your motorcycle insurance rates. For example, you may receive a discount for including multiple bikes in one policy. Completion of training courses may reduce rates for younger riders, while older riders may qualify for mature rider discounts.
Family Insurance Centers can help you obtain the motorcycle insurance you seek. Contact our agency to learn more and tell us about your specific needs.