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 Uncovered
Some 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
Cheap 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 Legal Fees
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
Liability-only 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 replacement.
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.
Savings on 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.