If you own a motorcycle in Chicago, having the right insurance coverage to protect yourself and your bike is important. Here are four things you need to know about motorcycle insurance in Chicago:
1. Minimum Insurance Requirements in Chicago
In Chicago, like most states, it is mandatory to have liability insurance coverage for your motorcycle. The minimum liability coverage required is $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $20,000 for property damage per accident. This coverage is designed to protect other drivers and passengers in an accident where you are found to be at fault.
2. Optional Coverage for Motorcycle Insurance
While liability insurance is mandatory, there are other types of coverage you may want to consider protecting yourself and your bike. Collision coverage will pay for damages to your motorcycle in the event of an accident, regardless of who is at fault. Comprehensive coverage will cover motorcycle damage caused by theft, vandalism, or natural disasters. Personal injury protection (PIP) will cover medical expenses and lost wages in the event of an accident.
3. Factors That Affect Your Motorcycle Insurance Premium
Several factors can affect the cost of your motorcycle insurance premium. These include your age, driving record, the type of motorcycle you own, and the amount of coverage you choose. You may pay a higher premium if you have a history of accidents or traffic violations. Likewise, if you own a high-end motorcycle, you can expect to pay more for insurance coverage.
4. Discounts Available for Motorcycle Insurance
Many insurance companies offer discounts for motorcycle insurance policies. These may include discounts for safe driving, multiple policies (such as combining motorcycle and auto insurance), and completing a motorcycle safety course. It’s always a good idea to ask your insurance agent about available discounts to help lower your premium.
If you own a motorcycle in Chicago, having the right insurance coverage to protect yourself and your bike is important. In addition to the mandatory liability insurance, consider additional coverage to protect your motorcycle and your finances in the event of an accident. Contact Accurate Auto Insurance today to get the best rates on motorcycle insurance in Chicago.
