Motorcycle insurance is required in the state of North Carolina. Knowing that fact, however, isn’t enough. You need to know which type of coverage is required and how much coverage to purchase. Once you elect your coverage, make sure you understand exactly what is and what is not covered. You don’t want any surprises should you have an accident. Being proactive now will save you a lot of reactive time later.
Know the Requirements of Motorcycle Insurance in North Carolina
While the state only requires liability insurance, there are still minimum limits of coverage that you must maintain. Knowing these limits will help to ensure that you follow the law. These minimum limits include:
- $30,000 per person for injury or death
- $60,000 per accident for injury or death
- $25,000 per occurrence for damage to property, usually vehicles
Be aware that these are legal minimums you must maintain. However, if the damage exceeds these limits, you could still be responsible for the difference. Some drivers opt to increase that minimum coverage to ensure they are fully covered, but the first step is to obey the law by maintaining the mandated coverage.
How to Save on Motorcycle Coverage
Insurance is one of those things that carries a different price tag for almost everyone, because it is based on several individual factors, including motor vehicle record, credit reports, and even criminal records in some circumstances. That’s why it is a good idea to inquire about the cost of motorcycle insurance before you buy your bike.
Once you have selected your insurance company and plan, always pay premiums on time, as there is no grace period. Another way to save on motorcycle insurance is to bundle it with any automobile coverage you may have. If you already have a car or truck insured by one company, you may be able to get a discount by adding your motorcycle to your existing policy.
Motorcycle Policy Requirements
In order to insure your motorcycle, you must have a motorcycle endorsement on your driver’s license. If you purchase a motorcycle after your license is issued, you can obtain a duplicate license with a motorcycle endorsement. To do this, you will need to pass a test comprised of motorcycle knowledge and skills, including off-road cycling.
Other Motorcycle Insurance Options in North Carolina
Perhaps you want more than just liability insurance on your motorcycle. There are more options, including:
Uninsured motorist – UM coverage protects you when an at-fault driver does not have insurance. If you or someone else on your motorcycle sustains injuries, this policy will pay. It also pays for property damage.
Underinsured motorist – UIM pays when someone causes you injury yet they don’t have enough insurance to cover the costs of you or someone else that is injured. This insurance does not pay for property damage, though. You need collision for that.
Collision insurance – This is the type that pays for damage to your motorcycle. If you are making payments on your bike, the finance company or bank will require this type of coverage. However, even if your motorcycle is paid off, you can opt for full coverage.