Full Versus Limited Coverage

• According to the website Bankrate, motorcycle drivers are given three package options by the insurance industry: a liability insurance policy-only package, which fulfills the minimum requirement in 47 states and covers any damage the policyholder's bike causes to other drivers, passengers, pedestrians and property on the road; economy insurance, which combines liability with comprehensive, which covers theft, vandalism, act of God and debris damage to the policyholder's bike, and full coverage, which includes liability, comprehensive and collision, which provides repair or replacement coverage after a bike is struck in an accident.
  
  

Why Upgrade to Full Coverage?

• The cost and theft-rate of your motorcycle are two of the most crucial factors to consider when choosing to upgrade to full coverage, according to Bankrate.com. When the rider can afford it, high-theft, expensive models may require more extensive coverage, particularly if the biker does not have a secondary way of paying emergency repair or replacement. If bikers stick to liability only, any financial damages such as medical bills, bike repair and legal costs will be the responsibility of the owner.
  
  

Considerations

• Even if your state only requires liability coverage, your bank lender may want additional, full coverage on financed motorcycles. Check with your insurance policy and your lender before downgrading an existing full coverage policy to liability-only or economy package.
  
  

Helpful Hints

• If you want to protect your ride from all the elements but are on a budget, there are plenty of ways to save money while insuring a bike with a full coverage policy. Senior drivers, those with certain bike organization affiliations and drivers that have taken safety courses can expect a discount. Northern bikers who do not ride in the winter months can opt for a "lay-up" coverage plan, which suspends payments in December, January and February while your bike is stored. Just like car insurance, motorcycle insurers also offer discounts if your bike is equipped with certain safety features or is stored in a garage. Bikers should inquire about these policies, as insurers may not advertise them to the general public. Comparison shopping is also a good idea, as bikers may have varying premiums with different motorcycle insurance companies.