Owning motorcycle insurance is a non-negotiable driver responsibility. The least amount of liability coverage in Illinois is $20,000 of bodily injury per person, $40,000 of bodily injury per incident, and $15,000 of property damage liability per incident.
These minimums are higher than those imposed of some states, but they may still be not enough. Yes, getting more motorcycle insurance coverage in Chicago than what the law dictates is going to hurt your pocket. The additional coverage is worth its weight in gold.
Here are the five reasons to pay more to legally ride your bike anywhere in the Prairie State.
To Qualify for a Loan
The state may not require you to carry a motorcycle insurance policy that goes beyond minimum liability coverage, but your lender may. If there’s a lien against your vehicle, you still don’t own it, technically, until what you owe on it is fully paid off.
Until then, you must satisfy the whims of your lender to get funds you need to buy your motorcycle. One of those is probably to pay more insurance to meet the conditions of your loan.
To Protect Your Finances Against Non-Motoring Incidents
Basic motorcycle insurance only protects against property damage or bodily injury resulting from a collision. If you get involved in a crash because of bad weather or your bike got stolen, you won’t get a single penny from your collision coverage.
There are many types of motorcycle insurance to consider, and comprehensive coverage is one of the most important ones to have. It protects a policyholder’s bike in case of an Act of God or a criminal activity.
To Get Paid When You Encounter an Uninsured Driver
According to the Insurance Information Institute, 13.7% of motorists in Illinois are uninsured as of 2015. This puts the Land of Lincoln in the 20 riskiest states to drive in. You can pay for reliable collision coverage, but you still won’t be paid if the other party involved in the crash carries none.
Although you can’t force the motorists to share the road with to get adequate motorcycle insurance, you can protect yourself financially with uninsured coverage. This policy also kicks in when the person who hits your bike is underinsured.
To Receive Additional Money for Custom Parts
Standard motorcycle insurance only covers standard motorcycle parts. If you made modifications to your bike to enhance its performance or appearance, you might need a separate policy to protect the extra components added to the vehicle.
Not all alterations can increase the cost of your original insurance, but it’s in your best interest to pay extra coverage to recoup your customization expenses in case something bad happens.
To Enjoy Peace of Mind in the Winter
Many motorists use seasonal motorcycle insurance when they don’t ride their bike during the coldest months to save money, but this strategy doesn’t always pay dividends. Suspending a policy come wintertime may not lower the overall cost of insurance when the entire 12-month period was used to calculate the premium.
Even if you keep your bike safely in storage in the winter, it may be wise to keep its insurance to protect it against all possibilities.
Getting full motorcycle insurance coverage can be a heavy financial burden, but it can bail you out in your hour of need. After all, there are many ways to reduce your premium, and choosing to be underinsured is an unwise move.