A motorcycle is
like any other vehicle—to drive it legally, you need insurance. While getting
the minimum insurance (liability only) required by the State of New Mexico is
tempting to keep costs down, there are very good reasons why you should not cut
corners when purchasing your motorcycle insurance policy.
Reason #1: It Could Leave Your Injuries
liability-only policies only cover medical expenses for others injured in an
accident involving your motorcycle. If you and/or your riders are injured, the
wrong insurance could leave you covering your own medical bills out of pocket.
Reason #2: It Could Leave Your Accident
Damage to Your Motorcycle Uncovered
liability-only coverage may only pay for repairs to the other party’s vehicle.
You may have to pay to repair any damage to your motorcycle on your own.
Reason #3: It Could Leave You with Large
If you opt for
bare-minimum motorcycle insurance, your policy likely will not cover the costs
of attorney’s fees and associated legal expenses should you be sued for damages
by the other party involved in an accident.
Reason #4: It Could Leave Your Bike
Uncovered against Any Non-Accident Damage
coverage does not cover anything that happens to your motorcycle beyond an
accident. So, if your motorcycle is damaged because your garage flooded or a
tree branch fell on it, you are responsible for the entire cost of repair or
Reason #5: It Could Leave You Stranded
The lowest priced
insurance is priced as such because there are no perks, like roadside
assistance. If you have mechanical trouble, you will have to find and pay for
the services you need to get you home and your bike to your trusted mechanic.
Reason #6: It Could Be a Hassle to Get
Coverage You’re Entitled to under Your Policy
One of the “perks”
often forfeited for cheap insurance is good customer service and fair claims
handling. Even if your policy covers your medical expenses and/or property
damage, your insurance carrier may initially deny your claim.
insurance comes at a cost, and in terms of motorcycle insurance, that cost is
just not worth it. Over the course of a year, you probably save less than $100
when you opt for the cheapest insurance coverage…that’s not enough to risk
paying out of pocket for major medical bills or property damage or wasting your
time fighting with your insurance company to honor their policy.
Spend the few
extra dollars each month to get the peace of mind of knowing you, your riders
and your motorcycle are covered in the event of an accident of any kind.