Here at Retcho Insurance Agency in Closter, serving New Jersey residents, we have seen how vital motorcycle insurance can be. Sometimes accidents happen, and a motorcycle is a costly financial investment. Individuals need to protect their motorcycles on and off the road. Covering the resulting expenses after the accident from out of pocket can be draining. If you own a motorcycle in Closter, NJ, and are wondering how motorcycle insurance works, here is a breakdown to help you make an informed decision.
What Is Motorcycle Insurance?
Motorcycle insurance offers similar coverages as your auto insurance. If you own a motorbike and get into an accident, your insurance policy kicks in to help pay for those damages. Common motorcycle insurance policies include bodily injury and property damage liability, collision coverage, comprehensive coverage, uninsured/underinsured coverage, medical payment coverage, etc.
Liability(BI or Bodily Injury)
All motorcycle operator must have a minimum amount of liability insurance, according to the State of New Jersey. New Jersey's minimum standards are $15,000 for bodily injury, $30,000 for each accident, and $5,000 for property damage. In the case of an accident that is determined to be your fault, a conventional liability policy will cover the other party's property damage and bodily injuries.
Uninsured and Underinsured Motorist Protection is included in all policies. The restrictions are based on the liability limitations you select for your policy. Through this insurance, you are able to receive compensation for harm to your car or injuries sustained as a result of an accident that was the fault of an underinsured or uninsured driver.
We at Retcho Insurance Agency in Closter understand individual needs and offer a range of liability options higher than the standard liability limits.
Personal Injury Protection is also included in your insurance policy (PIP). Unlike auto insurance, only pedestrians struck by motorcycles in New Jersey are eligible for PIP coverage. PIP covers the cost of medical care up to $250,000 from hospitals, doctors, and other healthcare providers for the pedestrian.
Collision Coverage provides coverage to your motorcycle for covered losses brought on by collision with a different car or object, subject to deductible and exclusions.
Comprehensive Coverage(other than collision) provides coverage to your motorcycle when any of the following occurs: glass breakage, contact with a bird or animal, contact with an explosion, earthquake, fire, hail, water, flood, or wind, lightning, malicious mischief or vandalism, missile or falling object, riot or civil commotion, smoke, or theft. Subject to deductible and exclusions.
Who Needs Motorcycle Insurance
Anyone who owns a motorcycle can benefit significantly from carrying motorcycle insurance coverage. Some risks come with riding a bike, and even when you leave it parked, it can be stolen or vandalized. To ensure you do not make a financial loss, ensure you have the right policy.
Is It Required by Law?
In New Jersey, all motorists, including motorcyclists, must be adequately insured. As stated by the law, motorcycle insurance is mandatory.
Motorcycles not only add adventure to your life, but they are also a solid investment. They use less fuel than cars, and they can also maneuver through traffic jams easily, allowing you to get to your destination quickly. If you would like to know more about motorcycle insurance in New Jersey, please get in touch with us at Retcho Agency in Closter. Our experienced insurance agents in Closter can help tailor a motorcycle insurance policy right for you.