There are over 8 million motorcycles registered in the U.S., and many of those are considered more than just a mode of transportation by their owners – they’re a lifestyle. But motorcycles also inherently have some greater risks than other vehicles, and they’re not all safety based. Let’s take a look at some of the issues to consider when considering motorcycle insurance.
Most states, including Tennessee, have minimum limits for motorcycle insurance coverage. In Tennessee, those limits are:
- $25,000 for per-person bodily injury liability limits
- $50,000 for per-accident bodily injury liability
- $15,000 for property damage liability (increasing to $25,000 on 1/1/23)
With that in mind, you have a starting point for your coverage needs. But if your motorcycle is your “baby”, there are more factors to consider:
Replacement Cost – Some policies will not cover your bike’s repairs to pre-accident conditions, and/or may depreciate the parts’ value. Those with custom parts may be especially affected by this.
Total Loss Replacement – Not all policies will provide coverage to replace your bike with equal value in the case of a total loss. This coverage can make a huge difference in a “totaled” claim scenario.
Personal Contents – Are you a road warrior with valuable possessions traveling with you? Not all policies provide the coverage you may need if these items are damaged or stolen.
Medical Liability – Above minimum limits, covering medical payments for larger recovery or treatment costs are definitely something to consider. Some policies even offer a “death benefit” should the worst-case scenario occur.
Agreed Value – Got a custom or vintage motorcycle? You may be better off with a policy that determines an agreed value with you for the bike if there’s a covered loss.
As you can see, motorcycle insurance isn’t as simple as it may seem. Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and he’ll be happy to provide you info on the coverage you need before you ride.