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Motorcycle Insurance (Required?) I had so much fun working on last months article on Motorcycle Insurance, I thought...hey, I think I will do another one!!! So, last time we talked about the basics of a Motorcycle Insurance policy. This time, I thought we would spend a few minutes talking about if/when it’s required and how much is enough... So, if the question is, “Is Motorcycle Insurance required?” the answer is, “It depends” - Don’t ya just love that? As many of you already know, you don’t have to have a Motorcycle policy in order to get your bike registered (unlike car insurance)....but......there is a Florida Law called the Financial Responsibility Law that says if you cause bodily injury or property damage you must show proof of Financial responsibility in the amount of ….. (Here it is, right off of the DMV website.... …The Florida Financial Responsibility Law requires that any person at fault in a crash resulting in bodily injury and property damage to others must have in effect at the time of the crash full liability insurance coverage. This coverage includes minimum limits of bodily injury liability of $10,000 per person, $20,000 per crash, $10,000 property damage liability per crash, and personal injury protection limits of $10,000 per person per crash.--source www.flhsmv.gov -Fl Statutes-Title XXIII - Chapter 324 Have you ever heard of an SR-22?? Well that’s what you have to do, if you ever cause an accident (described above), and didn’t have the proper insurance in place at the time. What a headache....... Speaking of headaches......if you ride without a helmet (Look I am an insurance guy, so I have to recommend that you wear a skid lid when riding,...okay....) but if you aren’t going to wear one, then the State law says that you must have a minimum of $10,000 in medical insurance (Which can be provided with a Motorcycle Insurance policy, or a Health Insurance policy)--Note, this only applies to 21 and older....all riders under 21 years of age must wear a helmet... Finally, if you financed your ride, then the bank will want you to show proof of insurance including Comprehensive (Fire/Theft, etc) and Collision coverage. So, let’s ask the question again, a different way, “Should you carry Insurance on your Motorcycle?”----As we can see above, the answer to that is, “Yes you should”....... In next months article, we will talk about-- If/when you do purchase protection, how much coverage should you purchase? And, some ways you can reduce your insurance costs In the meantime, if you need any additional information on Motorcycle or any other insurance related issue, please give me a yell! -----Kevin@hillcrestinsurance.com ps-I am posting these articles on the Motorcycle Insurance page of our website, in case you can’t find last months issue of Rebel Rider and want to refer back to it. www.hillcrestinsurance.com Please be safe out there! And hope to see you out on the road! ---Now, to make the attorney’s happy - please be aware that this information is a very simplified overview of Motorcycle insurance. Always consult your actual policy documents to get specific information related to coverages, policy endorsements, conditions, limitations and exclusions...... Submitted by Kevin McEwen, President - Hillcrest Insurance Agency -Your Biker Agent
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