Some Colorado motorcycle riders think that they have “full coverage” with their motorcycle insurance. Only to learn after an accident that they did not have they right kind insurance coverage and/or not enough of it. In order for you to have the best motorcycle insurance coverage I would suggest, at a minimum, getting the following types motorcycle insurance at the highest amount of coverage that you can afford.
Liability. This type of insurance coverage requires your insurance company to pay for the damages done by you to another party (up to your policy limits) and protects you if you get sued.
Comprehensive, Collision and Theft. Regardless of who’s fault it was or if your motorcycle gets stolen your insurance company is required to pay to replace or repair your bike.
Safety Equipment Coverage. This type of insurance coverage will pay to replace any damaged safety equipment like helmets, leathers, boots, gloves, etc…
Underinsured/Uninsured Motorist Coverage.This is the most important insurance coverage you can have. This coverage protects you if the other driver didn’t have any insurance or not enough of it to pay for your injuries. In Colorado approximately 1/3 of all drivers have no automobile insurance. Of the Colorado motorists who do have insurance, at least a 1/3 or more have the state minimum of only $25,000.00. So there is a good chance that if you get in a motorcycle accident in Colorado the person who hit you will have little or no automobile insurance.
Some insurance companies are advising motorcycle riders that they do not need underinsured/uninsured motorist coverage if they have health insurance. This is absolutely terrible advice. Not only can underinsured/uninsured motorist coverage pay for your medical bills it can also pay for your lost wages, out of pocket expenses, pain and suffering and more. Except for one rare case, every motorcycle accident case that I have worked on needed to make a claim for underinsured/uninsured motorist coverage. This is because injuries from motorcycle accidents are usually very serious and an injured motorcycle rider can be out of work for weeks or even months. Without, good underinsured/uninsured motorist coverage you could be left with nothing.
Medical Payments Coverage. If you already have health insurance you still may want to consider this type of coverage.
Motorcycle Passenger Insurance. This covers your friends or family members that ride with you on your motorcycle.
Bottom Line. Get as much motorcycle insurance as you can afford. I have handled Colorado motorcycle accident cases since 1998 and I can tell you that having the right kind of insurance at the maximum amount is crucial. Chances are that you will never have to use your insurance. However, god-forbid that you do get into an motorcycle accident you will be thankful that you had the right kind of insurance.