However, your policy is nevertheless important. By giving it some thought and finding the right policy, you can save yourself time and money, and avoid frustrating headaches down the line. But, how much coverage does your ride need? And what steps can you take to reduce your costs? As a leading provider of motorcycle insurance in Denver, we wanted to answer the most frequently asked questions regarding these policies.
What You Need To Know About Motorcycle Insurance In Colorado
Get the answers you need concerning motorcycle insurance with this handy FAQ guide! If you don't see the answers you need, just give us a call. We're always happy to share our knowledge to benefit our fellow Coloradans.
Is Motorcycle Insurance Required In Colorado?
Yes, just like car insurance, your motorcycle must be insured if you want to ride it around the state. And you must show proof of insurance prior to registering your vehicle.
If you ride uninsured, you may be subject to varying penalties such as fines and/or license suspension. In addition, if you are uninsured and involved in an accident, you'll have to cover your vehicle repair and medical costs out-of-pocket.
How Much Coverage Do You Need For Your Motorcycle?
Each state has different policy requirements for the amounts of liability insurance. In Colorado, your policy must include, at a bare minimum, liability insurance in the following amounts:
- $25,000 for bodily injury coverage per person
- $50,000 for total bodily injury coverage per incident
- $15,000 for property damage coverage per incident
Bear in mind that this liability insurance only covers the damages and injuries of other individuals and not your own.
What Additional Coverage Can A Motorcycle Policy Provide?
As we just mentioned, motorcycle policies in Colorado are required to meet those minimum liability insurance amounts. However, you may find that those requirements do not provide enough coverage for your needs.
Fortunately, there are many additional coverage options available to you. You may want to consider adding some of these common optional coverages to your policy:
- Collision coverage - To cover damage to your bike caused by a collision, regardless of which party is at fault.
- Comprehensive insurance - To cover damage caused by a non-collision event, such as a flood or tornado. It may also offer compensation for a stolen bike.
- Personal injury protection - To cover medical treatment for you and your passenger if you are injured in a motorcycle accident.
- Uninsured motorist coverage - To cover your medical treatment and bike damage if you are hit by an uninsured driver while out on the road.
- Accessory coverage - To cover any custom accessories or equipment you've added to the bike.
- Towing and roadside assistance coverage - To cover towing or mechanical costs if your ride becomes disabled while you're on the road.
How Much Does Motorcycle Insurance Cost In Colorado?
Insurance costs are rarely ever set in stone. These kinds of estimates can change from year to year and from company to company. That being said, the average cost of motorcycle insurance is roughly $534 a year in Colorado. However, your annual premium could be higher or lower than that benchmark.
What Factors Influence The Costs Of A Motorcycle Policy?
The cost of your policy may be different from other motorcycle enthusiasts. This is because a multitude of factors can influence your insurance premiums. When they are calculating your insurance costs, your provider will consider factors such as:
- Your age
- Your years of driving experience
- Where you live
- Your driving history
- The type of the motorcycle being insured
- Amount of coverage to be purchased
How Can You Lower The Premiums On Your Ride?
Different insurers and providers may offer unique discounts and loyalty programs that help reduce your premiums. You can also lower your rates by taking rider training, safety, and certification courses. And if you keep your driving record clean, you could lower those costs even more.
Aside from that, you'll want to consider combining your insurance policies under one company to bundle and save money. You can also choose a higher deductible to lower your premiums, but that means you'll pay more in the vent of a loss later down the line.
Where Can You Get Affordable Custom Motorcycle Insurance In Colorado?
Right here! At Adler Insurance Group, our experienced agents will go the extra mile to get you the custom coverage that you want at an affordable cost. We will continue to work tirelessly to help you find and acquire discounts, connect you with tools and resources to prioritize your safety, and check-in regularly to see how we can readjust your coverage to meet your changing needs.
Contact Adler Insurance Group today to get your FREE estimate for your motorcycle insurance in Colorado.