What is motorcycle insurance?
A motorcycle insurance policy is a packaged insurance policy providing coverages tailored to the needs of most bikers. The key coverages available for a motorcycle policy are bodily injury and property damage liability, medical payments, uninsured & underinsured motorist, and physical damage (collision & comprehensive).
All motorcycle policies will include bodily injury and property damage liability coverages for damages caused to others, but you have the option to purchase more coverages and decide how much of each you want to purchase. If you purchase physical damage coverages for your own bike, you can also add on additional coverages, called endorsements. Typical endorsements include coverages for roadside assistance, loss of use (rental car), loan/lease (gap), and more.
What does motorcycle insurance cover?
Liability Coverages: Motorcycle liability insurance is coverage that protects the insured against financial loss because of legal liability for motorcycle-related injuries to others or damage to their property by a motorcycle. For example, if you are at-fault in an accident with someone, liability coverage protects you from having to pay out of pocket for their medical expenses and vehicle repair (up to the limits of your policy). If you’re required to pay them more than your policy limits cover, anything above your policy limits would have to be paid out of pocket.
Bodily Injury Liability Coverage: This coverage can help cover someone else’s bodily injury damages, such as medical bills, if you are determined to be at-fault for the accident. The State of Oklahoma requires drivers to carry a minimum coverage limit of $25,000 per person and $50,000 per accident, but this may not be enough in many situations. I recommend considering much higher limits if your budget will allow. Serious injuries can be very expensive and the injured party(ies) may also sue for rehabilitation, plastic surgery and loss of income.
Property Damage Liability Coverage: This coverage can help cover someone else’s property damages, such as vehicle repair, if you are determined to be at-fault for the accident. The State of Oklahoma requires drivers to carry a minimum coverage limit of $25,000 per accident, but this may not be enough in many situations. I recommend considering a much higher limit if your budget will allow. Accidents in intersections can involve multiple vehicles.
Medical Payments Coverage: This coverage can help pay for reasonable medical expenses resulting from a motorcycle accident, regardless of who’s at fault.
Uninsured & Underinsured Motorist Coverage: This coverage can help pay for bodily injury losses to you and your passengers caused by uninsured motorists, hit and run motorists or motorists with insufficient limits of liability to compensate for the injuries sustained. Uninsured & underinsured motorist coverage is highly recommended so drivers and their passengers don’t have to rely on healthcare insurance. Without this coverage in this situation, an injured person would have to take the at-fault driver to court in hopes of reimbursement for medical expenses. The State of Oklahoma reports that about 25% of Oklahoma drivers are uninsured.
Physical Damage Coverages: Physical damage coverages consist of collision and comprehensive coverages. Most people who carry these coverages refer to it as having “full coverage”, although this is a slang term and isn’t officially recognized by the insurance industry. This covers the insured driver’s own bike when involved in a covered accident or claim. If a bike is financed or leased, the lien holder or lease company will require them to be carried and be listed as an additional insured on the insurance policy to protect its financial interests.
Collision Coverage: This coverage can help provide reimbursement for damage to the insured’s own bike due to its colliding with another vehicle or object.
Comprehensive Coverage: Also referred to as “other than collision” coverage, this coverage can help provide reimbursement for damage to the insured’s own bike resulting from causes other than collision. It covers losses from causes such as fire, theft, hail, windstorm, flood and vandalism.
If a bike is older, high-mileage or not worth repairing after an accident, physical damage coverage may not be worth carrying. Keep in mind that without this coverage, any repairs to your bike may have to be paid out of pocket.
Endorsements:
Endorsements are optional coverages that can be added to an insurance policy. The following endorsements are available if physical damage coverage is carried. The most common auto policy endorsements can help pay for roadside assistance and rental vehicles; although there are many more endorsements available.
Roadside Assistance Coverage: This coverage can help pay expenses associated with towing, tire service, battery service, fuel delivery, locksmith service, roadside repairs and trip interruption coverage. Each carrier offers different limits of coverage.
Loss of Use Coverage: This coverage can help pay expenses associated with temporarily renting a vehicle while your bike is being repaired or replaced after a covered accident or claim. Each carrier offers different limits of coverage. Rental companies have been experiencing shortages and rental costs have been going up over the past year due to inflation. If you choose a rental vehicle that exceeds the limit of your coverage, you’ll have to pay the excess out of pocket.
What is a deductible?
A deductible is the out of pocket expense that the insured policyholder is responsible for when paying for the repair of the driver’s own bike after a covered accident. All other expenses after the deductible would be paid by the insurance carrier. The deductible chosen depends on the insured’s budget. The higher the deductible, the lower the premium. The lower the deductible, the higher the premium.
Why do I need motorcycle insurance in Oklahoma?
If you’re involved in a motorcycle accident, you may have to pay expenses for vehicle repairs, medical bills, lost wages and more. Without the coverages you need, you could have to pay those bills out of your own pocket. Oklahoma is an “at-fault” state, which means that the driver deemed responsible for a crash is responsible for all damages. Motorcycle insurance can help cover those expenses, which could protect you from financial ruin.
Who needs motorcycle insurance in Oklahoma?
All motorcycles on Oklahoma roads are required to be insured and registered.
What is the minimum motorcycle insurance coverage required in Oklahoma?
In Oklahoma, bikers are required to at least carry liability insurance, which can help pay for bodily injuries and property damage of others if you’re at-fault in an accident. Proof of insurance must be carried on the bike at all times. The minimum liability coverage amounts required in Oklahoma are “25/50/25”, which are described as follows:
- $25,000 bodily injury liability per person.
- $50,000 bodily injury liability, total per accident.
- $25,000 property damage liability.
If your bike is financed or leased, the lien holder or lease company will require you to carry physical damage coverage, known as collision and comprehensive coverages to protect its financial interest in your bike.
How can I get the lowest motorcycle insurance premiums in Oklahoma?
There are many factors that determine an insured’s premium rate. Some factors are out of our control, such as our age, the economy, cost of building materials and all of the insurance claims being filed in the region. However, some of our life decisions can make an impact on our insurance premiums, such as our credit rating, driving record and recent insurance claims. Below are a list of several ways you can get the best rates in Oklahoma:
- Shopping multiple insurance carriers at once with an independent insurance agency like Scherer Insurance
- Having good credit history
- Having a good driving record
- No recent insurance claims
- Having a college degree
- Being married
- 3+ years at your residence
- 3+ years at your workplace
- 3+ years with your current insurance carrier
- 3+ years with continuous insurance coverage
- Garaging in a low-crime ZIP code
- Not using your bike for business, delivery, transportation network or carpool
- Companion “bundling” policies such as your home, auto and bike policies with the same carrier
- Opting for a higher deductible
- Owning your home instead of financing or renting
- Owning your bike instead of financing
- Paying your premium in full
- Paying via EFT payments as opposed to mailing checks
- Retired or a senior citizen
- Students with good grades
- Downloading an app that monitors driving behavior
- Anti-theft devices
- Being a member of an motorcycle club or organization
- Declining collision or comprehensive coverage for older, high-mileage bikes that may not be worth repairing
- Keeping your bike in a garage
- Riding fewer miles
- and many more
When you request a quote from Scherer Insurance, you can be confident that every possible credit and discount will be requested.
How can I buy motorcycle insurance in Oklahoma?
There are two easy ways to to get a quote or request more information for motorcycle insurance in Oklahoma:
- Call/Text (405) 605-9891
- Email jp@schererinsurance.com