Understanding what is required from motorcycle insurance

The Motorcycle Industry Council’s data indicates that more than half

– 55 percent – of all motorcycle riders were aged 40 or higher as of 2008, and this has changed the landscape of motorcycle insurance.

In 1990 – a mere eight years earlier – only one-quarter of all motorcycle riders were in that same age bracket.  These drivers are no longer people who are young and feel that they are invincible.  Instead, the average motorcycle rider typically has a minimum of some college education, with a great deal more in assets to look after.  These are also riders who are typically advised to purchase motorcycle insurance.

The coverage options offered for motorcycle insurance are similar to those for auto products, only they are not as expensive.  According to the Nationwide motorcycle product director, Mark Scigliano, each state has its own regulations.

The majority of motorcycle insurers will typically cover a number special vehicles, as well, such as vintage and custom bikes, and alternative vehicles such as three-wheelers.  Moreover, with the increasing popularity of scooters in response to skyrocketing gas prices, smaller bike and scooter insurance has also become a common policy to obtain.

According to the product manager in Geico’s motorcycle department, Lisa Hamilton, they have “seen a lot of renewed interest in scooters and smaller bikes (because of) the economic concerns in the last few years.”

Coverage options for two- and three-wheeled vehicle insurance include:

• • Liability coverage
  • Uninsured and underinsured coverage
  • Collision and comprehensive coverage
  • and Medical payments coverage
  • Life Insurance