Motorcycling is a popular hobby. Perhaps you use your motorcycle on a regular basis. Be aware that riding a motorcycle is a high-risk endeavor. That's why it's important that you obtain a strong motorcycle insurance policy. Motorcycle insurance covers you in multiple situations. Perhaps that security leads to you allowing your friend to operate your motorcycle.
Here's an overview of how to proceed if your friend damages your motorcycle while riding it.
Your motorcycle insurance policy contains different types of coverage with its own separate limits. Your policy limit is the maximum amount that your insurer will pay toward a claim. Liability coverage is a basic requirement in all motorcycle insurance policies. Liability coverage steps in if you accidentally injure someone or cause property damage while riding your motorcycle.
Liability coverage will handle the necessary repair and medical costs. Collision coverage kicks in if your motorcycle sustains damage. Be aware that collision coverage includes a deductible, which is the amount you are responsible for paying toward the repair costs before your insurance takes over. Collision coverage is a mandatory part of motorcycle insurance policies if you are financing or leasing a motorcycle.
In some cases, your motorcycle insurance policy will handle the costs if your friend is responsible for damaging it. For example, your medical payments coverage may cover your friend's medical bills if they sustain an injury while riding your motorcycle. However, your liability coverage will not cover your friend if they are responsible for injuring someone.
Your friend's own motorcycle insurance can step in to prevent them from being exposed. Even if your motorcycle insurance helps with the damages, things may become complicated if the damages exceed your coverage limits. It's recommended that you inspect your policy to see which things are covered when there are multiple policies and policyholders impacted. The language should outline which policy has primary rights regarding the claim and who has secondary rights. Looking over your policy carefully will help you figure out if it's a good idea to let your friend use your motorcycle.
Keep in mind that your friend may not be able to assist with the repair costs of your damaged motorcycle even if they have insurance. Perhaps there is a situation where your friend damages your motorcycle, and you are able to divide all of the associated costs between both insurance policies. However, that isn't always the case.
There's a strong chance that you will be fully responsible for the costs even though your friend technically damaged your motorcycle. Things may also become complicated if your motorcycle includes custom equipment. Avoid letting anyone else operate your motorcycle because their insurance will not cover any damage to your custom equipment.
Motorcycle insurance policies are designed to protect your unique asset in emergency situations. However, there are still policy limits and potential exclusions. Letting your friend ride your motorcycle may be a recipe for disaster that causes you financial strain. If you have any questions about motorcycle insurance, our team here at Jack Stone Insurance Agency will assist you. Contact us today to get started!
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