Life Insurance for Millennials

Millennials are often described as carefree and somewhat irresponsible spenders. However, with the current pandemic-induced global crisis, many have become more cautious about their health and finances. Life insurance policies have become more popular in the light of unanticipated health-related emergencies and expensive medical care costs.

However, not all policies are created alike, and while looking for life insurance, you need to consider several factors.

Here are five important questions that you should ask yourself before taking out life insurance for millennials.

1. Why Do I Need Life Insurance?

Life insurance is important for everyone, irrespective of gender, age, or race. This policy is designed to provide financial support for those who may experience difficulties resulting from the policyholder’s demise. Your children, partner, or parents can be listed as beneficiaries in your policy and can benefit from the payouts after your demise.

2. Am I Too Young to Apply?

There is no such thing as being too young to apply for life insurance. In fact, the younger you are, the lower your premium is likely to be. This is because the possibility of a 30-year-old outliving a 20-year term policy is very high compared to a 60-year-old.

Waiting till you get married or have children may not be wise, as there’s no way to ascertain the future. Also, health problems can arise unexpectedly, so it is best to be prepared for such emergencies.

3. Term Life Vs. Whole Life: Which One Should I Choose?

Term life insurance is a good option for millennials because it is a straightforward proposition wherein the policyholders must pay a fixed premium over a specific period. If the policyholder dies within the period, the beneficiaries can make claims.

Whole life insurance covers the policyholder throughout their life. Although whole life insurance seems to the better option, it can cost ten times more than term life insurance.

4. How Much Coverage Do I Need?

The amount of coverage that you need depends on your unique circumstances. Ideally, you must consider the amount of financial support your beneficiaries will need in case of your demise. One way to determine the best coverage amount for you is to use an insurance calculator (available online).

5. How Can I Save Money on My Life Insurance?

Understandably, an unmarried person may not be able to determine the best coverage amount because there have no spouse or kids yet. This is where flexible coverage comes in. Flexible insurance allows you to make necessary changes to your policy at different stages of your life. Here, you can increase or reduce your premiums throughout the policy’s life, ensuring that you have the right amount of coverage at every point in time, without spending too much on unnecessary coverage.

As a millennial with years of opportunities ahead, you want to rest assured that you have adequate life insurance in place to cover you in the event of uncertainties. At James Page Insurance, our experts can help you take out a life insurance policy that suits your specific needs. Contact us now to get started!

Boats are a serious investment, and any damages can be very costly to repair or replace. Insurance companies use various factors to determine your insurance rate, so it is best to employ the best methods to reduce your risks, thus lowering your rates. Factors like navigation area, storage location, ownership experience, claim history, and driving record can help determine your boat insurance cost. Most insurers use these factors to estimate whether you are high or low risk.

Here are some helpful ways to ensure that you are a low-risk policyholder, thus attracting lower premiums on your boat insurance:

1. Install Safety Equipment

Installing an automatic fire control system can help reduce the risk of fire damage and can qualify you for a discount on your premium. Also, keeping safety equipment, like EPIRBs, GPS systems, Depth Finders, or Radar onboard can lower your risk.

2. Enroll in a Boating Course

If you can show a safety certificate from the US Power Squadron or the USCG Auxiliary, you may be entitled to up to 10% discount on your policy.

3. Evaluate Your Coverage Limits

High coverage limits mean a high rate, but you can balance it out by increasing your deductible—the higher your deductible, the lower your rate, and vice versa.

4. Have a Clean Driving Record

It is no surprise that people with good driving records will get credit and may be entitled to discounts. A bad driving record makes you a high-risk policyholder.

5. Opt for Diesel Engines

If your boat is powered by diesel rather than fuel, your coverage rate may be significantly lower.

6. Work on Your Credit Scores

Most providers will request your credit score to determine appropriate insurance rates. Keeping a high credit score comes with lots of benefits, including lower premiums.

7. Buy Multiple Policies

Purchasing multiple policies from one provider usually attracts a discount.

8. Select Low-risk Navigation Areas

Your rate will be affected by where you plan to use your boat. For example, coastal areas like Florida are high risk and will attract higher premiums.

9. Get a New Boat Discount

Insuring a new boat will cost less than an old one. This is because older ones are at risk of developing faults, while newer ones aren’t.

10. Steer Clear of Claims

Insurance providers tend to favor policyholders that do not make frequent claims. You will be charged more based on the frequency of your claims. This means you will have to pay significantly lower premium rates if you do not have any prior claims.

11. Check Your Speed

Many providers set a maximum speed that can be insured. Purchasing a boat that is too fast could mean higher rates.

12. Have Several Years of Boating Experience

If you have experience in boat driving, your insurance company may consider you low risk, which makes you eligible for a lower rate.

Though there are no state-mandated laws for boat insurance, having adequate coverage for your vessel will ensure an enjoyable boating experience. If you have more questions related to boat insurance or wish to buy a new policy, reach out to our experts at James Page Insurance . We can help you with reliable and affordable coverage for your boat insurance needs. Contact us today to get a quote!

All You Need to Know about Loss Assessment Coverage for Condos

Loss assessment is a form of insurance coverage for condo owners. It offers protection in cases where you are the owner of a shared property, and are held responsible for part of the deductibles or costs for damages to the building, shared areas of the property, and injuries that occur in shared areas of the property. The amount to be paid by each owner is evaluated by the homeowners association or condo owners association. This is referred to as the loss assessment. To cover the damage, you will be required to pay your share.

Loss assessment also provides coverage for some losses where the homeowners association requires you to cover your share of damages that are not covered under the building master policy or exceed the coverage limit on the existing building or homeowners association insurance policy.

What Does It Cover?

Loss assessment could be applied to property damage, liability, or deductibles. It can apply to anyone who owns a unit within the shared community property that is usually managed by a homeowners association or a condo owners association. Loss assessment coverage can help to cover an insurance claim or damages that are not fully paid by the condo association’s policy.

For example, if insured damage happens to the outside of the building, resulting in $250,000 worth of damages, and the condo association only has $200,000 in coverage for the building, there will be a $50,000 repair bill that will not be covered by the insurance as it exceeds the coverage limit. Each owner in the association will have to cover a certain part of the $50,000. In this case, owners without loss assessment coverage on their insurance plan will have to pay the special assessment out of pocket. Owners who have a loss assessment can file a claim to cover the cost.

Also, if you have loss assessment coverage, it can help pay for your share of the costs if the condo association issues a special assessment to cover the association’s insurance deductible for a covered claim. However, loss assessment coverage does not pay for all assessments. For example, if the homeowners association issues a levy to cover damage that is not insured, loss assessment coverage will not cover the assessment.

How Much Coverage Do You Need?

To help calculate how much loss assessment coverage you need, you will need to check your condo or homeowners association insurance policy. You’ll need to review the coverage limits and whether there are special deductibles for certain hazards. A local insurance agent can help you calculate how much loss assessment coverage is right for you. Loss assessment coverage is very vital in protecting you from unexpected expenses that you may have to cover out-of-pocket. It also offers protection if the condo association has not insured the property properly or has taken a high deductible to save costs.

Do you have more questions about the loss assessment coverage for condos?  If so, then contact the experts at James Page Insurance.  We are ready to assist you with all your home coverage needs today.

Six Helpful Facts on Long Term Care Insurance to Help You Plan for Retirement

The older you get, the more likely it becomes that you may need long-term care. According to the Department of Health and Human Services, approximately seven out of 10 people turning 65 will need long-term care over their lifetime. This makes it necessary to include long-term care insurance when planning for retirement. Long-term care costs can quickly use up one’s savings without insurance.

Purchasing long-term care insurance will help protect your retirement savings from being drained by long-term care costs. This insurance covers long-term care expenses such as nursing home care, in-home care, and other long-term care facilities. There are certain facts about long-term care that you should know to help you plan for retirement. In this article, we’ll list six of them.

Here Is What You Need to Know about Long Term Care Insurance

  1. Medicare Does not Cover Long-term Care

Medicare is a federal health program for people aged 65 or older. If you are eligible for Medicare, you can enroll three months before you turn 65. Medicare helps cover various healthcare costs such as skilled nursing facility care, durable medical equipment, doctor visits, etc. However, many people wrongly assume that Medicare covers long-term care. Medicare only covers in-home or nursing care for a certain number of days, after which it stops providing coverage.

Also, Medicare only covers services that are medically necessary or recommended by a doctor. On the other hand, Medicaid covers nursing homes and other long-term care expenses. The eligibility requirements for Medicaid are different from that of Medicare.

  1. Long-term Care Insurance Plans Can be Costly

It is important to keep this in mind when preparing for retirement. Without long-term care insurance, long-term care costs could put a huge dent in your retirement savings. However, long-term care premiums are on the high side, though pricing depends on age and the type of coverage the plan offers.

  1. Long-term Care Insurance Covers a Variety of Services

Long-term care isn’t restricted to nursing homes. Long-term care involves in-home care or community-based settings and not only nursing home care. Long-term care can offer assistance with daily living activities such as dressing, bathing, eating, etc. Hence, long-term care insurance provides coverage for a wide range of services.

  1. Getting Long-term Care Insurance Becomes Harder with Age

The older you get, the more likely it becomes that you’ll have health issues that can affect your approval for long-term care insurance. According to AALTCI, over half of the applications for long-term care insurance for people aged 75 or older were rejected in 2019. Younger applicants have the lowest rejection rate. It is better to get long-term care insurance while in your 50s to reduce the chances of rejection.

  1. Your Application May Be Denied Due to Pre-existing Conditions

While conditions such as high blood pressure or a previous cancer diagnosis may not rule you out, certain conditions may lead to a denial. For example, if you are using a wheelchair, oxygen equipment, or you need assistance with daily living activities, your application could be denied.

  1. Consider Hybrid Insurance Policies

When looking for long-term care insurance policies, you should consider long-term hybrid insurance. Hybrid policies combine long-term care insurance with life insurance. The premiums can be fixed, leading to lower insurance costs.

These are six of the most important facts related to long-term care insurance that you need to be aware of. For more information about various health insurance plans, contact our experts at James Page Insurance today!

ATV insurance - A complete guide

Driving off-road vehicles can be a great form of recreation. These special vehicles can also be useful for certain types of jobs like checking cattle on a farm. Operating an all-terrain vehicle (ATV), whether for business or pleasure, may require an ATV insurance policy, depending on your state’s requirements. In many places, it’s not required by law. Here’s a deeper look at what you should know about coverage for an all-terrain vehicle.

What Is an ATV?

The specific legal definition of an ATV depends on the state, although most states have a similar definition. It usually means a motorized vehicle with at least two wheels designed for off-road operation, such as quad bikes. These vehicles are often designed for a solo driver, but some can hold a few passengers. ATVs commonly have two to four wheels, but some have up to six wheels.

Variations of ATVs include utility vehicles (UTVs) and side-by-sides, but again, find out how your state defines an all-terrain vehicle. Although these vehicles are adventurous, they can also be dangerous to drivers, riders, and others. In some cases, these vehicles are expensive to replace, yet the insurance rates are usually lower than most other vehicles.

What Does an ATV Insurance Cover?

An ATV policy covers the same main areas as a motorcycle insurance policy, such as Bodily Injury Liability and Property Damage Liability. Optional coverage is available for medical payments, collision, comprehensive, and accidents caused by uninsured or underinsured motorists. If you build or buy a custom ATV or use custom parts, you can likely add the vehicle to your policy. Just make sure to keep the documentation updated on custom parts.

  • Bodily Injury Coverage- It pays for injuries to accident victims impacted by your vehicle up to the limits specified by the policy. The victim may decide to sue if medical expenses exceed your policy limits, so many policyholders choose higher limits to be safe. This coverage also pays for attorney fees if you are sued for injuring or killing another person while driving your ATV.
  • Property Damage Coverage- It pays for any destruction that your ATV causes to other people’s property, such as their home, vehicles, or land.
  • Bodily Injury Coverage- Many off-road vehicle owners choose limits up to or lower than what they decide for bodily injury coverage. This coverage also pays for legal fees if the victim takes you to court.
  • Collision Coverage- It pays for damage to your ATV due to colliding with another vehicle or overturning. This coverage is often required when a consumer finances or leases an ATV. Some owners with lower-valued vehicles pass on this coverage to reduce their monthly premiums.
  • Comprehensive Coverage- It pays for other types of damage beyond vehicles, such as theft, vandalism or a natural disaster. In other words, if the vehicle is destroyed or disappears, the policy pays for a replacement.

Does Homeowners Insurance Cover ATVs?

Before you rush out to get ATV coverage, ask yourself if you’re only going to use the vehicle on your own property. If so, it might already be insured by your standard homeowners policy, but check with your insurer to make sure. Otherwise, getting ATV insurance coverage is similar to getting coverage for a regular road vehicle, except it usually costs less. However, if you want to drive the vehicle on state or public property, you’ll need special ATV coverage added to your policy.

Does Health Insurance Cover ATV Accidents? 

Your existing health insurance plan can cover ATV accidents in some cases. This scenario may occur if you’re involved in an accident with an uninsured driver or their liability doesn’t cover your medical costs. You’ll first need to find out if your health plan excludes off-road vehicle incidents. Don’t assume your health plan covers it since many policies exclude “hazardous activities.” If you want to have regular ATV experiences, talk with a knowledgeable insurance agent who can provide more clarity and details.

What Does It Cost to Insure an ATV? 

Compared with regular auto insurance, ATV insurance is fairly inexpensive, such as about a dollar per day in many places. Find out from an experienced insurance professional when you ask for a free quote if you can get a discount for bundling multiple policies together.

ATV Insurance Exclusions 

Whether you own or ride an ATV, you need to be aware of scenarios that aren’t covered by the ATV policy. The more a situation presents a risk, the less likely you can find low-cost or any coverage for it. ATV policies only cover certain usages, such as for recreation or commuting. It doesn’t cover use on highways or city streets, as ATVs are usually not allowed on them, other than state parks and a few other government-approved areas.

Hauling an ATV from one location to another by trailer might not be covered in your policy. Another important point to remember about an ATV is that it usually is not covered by a standard car insurance policy.

If you plan to drive or ride an off-road vehicle, check into getting an ATV insurance policy to go with it, especially if you’re pouring thousands of dollars into the investment. Find out what your state requirements are, and then talk with a seasoned insurance pro to learn your specific coverage options. Contact our experts at James Page Insurance to get answers to all your questions about the right ATV insurance coverage.

A Guide to Vacant or Unoccupied Home Insurance

What Is Vacant Home Insurance?

Vacant home insurance is an insurance policy for people who are temporarily vacating their homes. Usually, standard insurance doesn’t cover these unoccupied or vacant properties because of the risk attached. These properties are more prone to theft, vandalism, and slow emergency response time. This insurance policy picks up where your home insurance policy stops. It entails a number of coverages that protect your home from possible risks that can happen during the period when your house is unoccupied.

Can a Vacant Home Be Insured?

Yes, a vacant home can be insured. First, you need to scout for an insurance provider willing to offer you a vacant home insurance policy. Afterwards, compare rates and let the insurance provider know the risk evaluation of insuring your home. Discuss the property’s liability coverage and possible measures you have put in place to reduce the incidence of damage. For example, a home with a tight security system would be less prone to vandalism and theft.

What Does Vacant Home Insurance Cover?

Vacant home insurance covers a likely fire accident and other emergencies. It also covers home systems protection coverage, theft, vandalism, service line coverage, water/sewer backup protection, and weather events that put your building at risk, among others.

Vacant home insurance doesn’t cover damage that results from unforced entry, damage done by contractors you hired to work on your property, and other damage resulting from ongoing work in your home.

Do I Need Vacant Home Insurance?

It’s largely dependent on the prevailing risks around your vacant or unoccupied property. It would also help to not think of your vacant or unoccupied home as a vacation property. This insurance covers any reason your home is unoccupied for more than 30 days at a stretch, even if you’re recuperating in a hospital and will be away from home a long while or you bought a new home you haven’t moved into yet. Vacant home insurance is a necessity in all of these scenarios. You’re better off engaging a trusted insurance provider after evaluating your risk personally. From their expert advice and assessment of risks and coverage gaps you can know if you need vacant home insurance.

How Much Does It Cost to Insure My Vacant or Unoccupied House?

Only your insurance provider can accurately determine how much it would cost to Insure your vacant or unoccupied property. Usually, vacant home insurance is tailored to the risks and needs of your property. This means that your premium is largely influenced by the prevailing risks, how frequently this risk could occur, the possible damage that could result from this risk, and the cost of indemnity. At the very least, you can expect to spend $500 annually.

Why take the risk of inciting damages on your vacant or unoccupied property when an insurance provider can bear the risk. To get vacant home insurance, you need a trusted and experienced agency that can evaluate your risks. Contact our experts at James Page Insurance today for all your insurance needs.

All You Need to Know About Workers’ Compensation Benefits In Massachusetts

Massachusetts has workers’ compensation benefits. In the event that you’re sick or injured while working, you can expect to receive paid medical treatments and reimbursement of part or all of your wages/salary during the period of your disability. You’d have to file a claim to enjoy compensation/benefits.

Can You Get Workers’ Comp Benefits in Massachusetts for COVID-19?

Massachusetts Workers’ Compensation Law (Mass. Gen. Laws ch. 152, §§1(7A), 26 (2020) allows workers to receive compensation benefits for infectious disease if their job exposes them to the disease; however, the fact that your job exposes you is not sufficient to enjoy compensation benefits. You must be able to show that you have been infected by the infectious disease to make claims. Sadly, the case is different for COVID-19 as there’s little or no way of proving you got infected on the job. A few states have compensation benefits for healthcare workers and COVID-19 responders. Unfortunately, Massachusetts isn’t one of the states that have adopted this compensation plan.

 Temporary Total Incapacity Benefits in Massachusetts

TTI is the workers’ compensation benefit you get when an injury or sickness makes you unable to work. This benefit can be enjoyed as soon as you spend more than five days off work and you’re unable to work for a minimum of 21 days. Sadly, payments won’t continue if the following conditions hold.

  • You become able to return to work.
  • Your doctor confirms that your medical improvement options have been exhausted. This means you can’t get any better irrespective of medical efforts and trials.
  • You have received compensation payments of your salary (based on minimum and maximum payment rates) for three years. The minimum and maximum levels are subject to 60% of your statewide average weekly wages (SAWW) before your disability.

 Partial Incapacity Benefits in Massachusetts

Partial incapacity benefits are available when an injury or sickness makes you unable to return to work, and you earn less than you earned before the disability. You get 60% of the difference between what you’re capable of earning now and what you were earning before your injury/sickness, with a maximum cap of 75% of what you were receiving before your injury. Also, if the benefit you enjoy is more than twice the SAWW amount, you can expect a reduction from the insurance provider.  Partial incapacity benefits lapse when you’re able to earn what you earned before injury or after five years. A permanent disability can extend this period to 10 years.

 Permanent Total Incapacity Benefits

According to the law (Mass. Gen. Laws ch. 152, § 34a (2020)), you can expect to get your average weekly wage when the doctor confirms a permanent disability. The weekly payment you get is subject to the minimum and maximum for temporary benefits in the law.

 Other Workers’ Comp Benefits in Massachusetts

  • You can enjoy medical benefits and medications for injuries you get from working.
  • There’s provision for up to two years of vocational rehabilitation and training for injured people who can’t return to their former jobs.
  • Death benefits and a funded funeral service would be given to workers who die on the job.

This is what you need to know while considering workers’ comp insurance in Massachusetts. Do you need help with your business insurance?  If so, then contact the experts at James Page Insurance.  Our dedicated team is eager to assist you with all your coverage needs today.

What Caused My Car Insurance Rates to Change?

Year after year, auto insurance policy premiums seem to always be going up. You may not be doing anything different, but you are still affected. There are certain situations in which changes in your personal life may cause your rates to fluctuate. Understanding how these changes affect your insurance will explain a lot when you take a moment to go over your policy. Stay in contact with your insurance agent and ask questions whenever they arise. It’s better to stay informed than to constantly worry.

What Causes Rate Fluctuations?

Several factors can cause your auto insurance premiums to fluctuate. Some of the most important factors considered in determining premiums include:

  • Marriage/divorce
  • The birth of a child
  • Death of a spouse
  • Adding a student driver
  • Major illness or health issues
  • Your credit
  • Increase in your income

Experiencing any of these lifestyle changes can cause an increase or decrease in your premiums. Talking to your agent will help you understand why the fluctuation occurs. They can also help you take advantage of any discounts you may be eligible for, such as safe driving discounts.

Why Does It Continue to Increase?

Other outside influences will cause your insurance rates to increase. This will happen no matter what you do. A few of these factors include:

  • Where you live
  • The environment where you drive and park your vehicle
  • Your vehicle itself

Upgrading your vehicle is one of the most common causes of an insurance spike. If you have taken a loan, you will be required to purchase comprehensive insurance coverage to protect the bank’s investment. These fluctuations deal more with the world around you instead of your personal situation.

Talk to Your Agent

Your agent is the first person you should talk to when you have questions concerning your car insurance premiums and how they are determined. Ask them to perform an audit on your policy and go over each part of the policy, point by point. If you see something you don’t understand, make sure they explain it to you. There are times when your agent may be able to save you some money. Student driver discounts and bundling all of your policies into one are just two ways you can save money on your monthly premiums.

Understanding your auto insurance policy and why your premiums change will help you budget properly. If you have questions about why your premiums change and what you can do to keep them within a manageable range, contact the experts at James Page Insurance today. We are ready to assist with all your insurance needs.

If you are a diabetic, you may have concerns about whether or not you qualify for life insurance. When you have questions, your agent will help you find the answers you need.

Diabetes is a serious medical condition. There are two types of diabetes, Type 1 and Type 2. With today’s medical advancements, individuals with either form of diabetes are living longer, more productive lives. Understanding how to manage your condition is the first step in reducing your risk of a life-threatening event. Individuals with both types of diabetes are now eligible for various types of life insurance policies. The key is working with both your doctor and your insurance agent to ensure everyone is on the same page and that you can manage your condition properly.

Are Diabetics Eligible for Life Insurance?

Advancements in medical treatment have made it possible for diabetics to be eligible for life insurance. The ability to properly manage your diabetes through diet, medication and insulin has dramatically reduced the risk of life-threatening events. Insurance companies are now more comfortable than ever in offering diabetic patients the life insurance coverage they deserve. If you are diabetic and interested in learning more about life insurance, you should immediately reach out to your insurance agent to see what they have to offer.

What Factors Are Considered?

Several factors are considered when determining if a diabetic person is eligible for a life insurance policy. These factors include:

  • A person’s age
  • The type of diabetes they have been diagnosed with
  • The severity of their condition
  • Their treatment plan and whether or not it is under control

An extensive review of a person’s medical records may be required. Keeping your agent up to date on what is going on with your health is extremely important. Maintaining control of your diabetes is easier now than it has ever been before. If you work with your doctor and report any changes to your insurance agent, you will be able to live with your condition and have the life insurance you need to protect your family.

The Overall Cost

When covering patients with diabetes, especially Type 2, there are two types of coverage you have to consider.

  • Standard
  • Preferred

A standard policy is more expensive and is often easier to get if you are younger. It isn’t as outrageously priced as many people think. Older individuals may be more likely to qualify for the preferred life insurance policy options. To make the right choice, you will have to go over your options carefully with your insurance agent. Understanding the difference between the two policies is important. Asking questions as they arise will also help you to make an informed decision.

You can get affordable life insurance even if you are a Type 2 diabetic. Understanding the risks involved with diabetes and also knowing how to properly manage your disease will help you get a policy you can afford. If you need assistance with your life insurance coverage, contact the experts at James Page Insurance. We’re always available to answer all your insurance-related questions.

Here's a complete beginner's guide to motorcycle insurance that will help you avoid major financial pitfalls and protect your precious two-wheelers.

Like your automobiles, your two-wheelers are precious adventure tools that you don’t want to see grounded or ruined. Also, considering the risks associated with riding your bike and accident-related fatality, you need insurance coverage that will protect you and your motorcycle.

Here’s a complete beginner’s guide to two-wheeler insurance that will help you avoid major financial pitfalls.

Motorcycle Insurance Requirements

It is a requirement in most states that motorcycle owners should carry liability coverage, which pays out for others’ injuries or damages if you cause an accident. Some states also require drivers to carry bodily injury liability, which covers passengers. Uninsured and underinsured motorist coverage pays out for injuries resulting from an accident caused by a driver who is either uninsured or has insufficient insurance.

What Does Motorcycle Insurance Cover?

Primarily, motorcycle insurance covers you and your motorcycle in the event of an accident, theft, or other perils. Usually, the minimum amount of liability for your motorcycle insurance is the same as your state’s car insurance minimum requirements. However, buying additional liability beyond your state’s minimum requirements will help you pay for legal costs and claims as well as protect your assets if you’re sued over an accident. Confirm with your insurer if your bodily injury liability insurance covers passengers.

Additionally, some states require riders to carry passenger liability, while some insurers offer property damage as a stand-alone coverage and not bundled with an uninsured or underinsured motorist.

 Motorcycle Insurance Coverage Options

Standard auto insurance has similar coverage options as motorcycle insurance. Usually, coverages include liability and uninsured or underinsured motorist, while additional coverage options are available with most insurers. These options include:

  • Collision: If you have a collision with another motorcycle, this coverage option pays for repairing your bike. However, it does not include repair of the third party’s bike or other stationary objects.
  • Comprehensive: If your motorcycle is lost to theft or damaged due to vandalism, animal jam, hailstorm, or falling objects, and not collision, comprehensive coverage pays for the repairs.
  • Medical Payments (MedPay): Regardless of who is at fault, MedPay pays the medical bills to treat an injury you sustain in an accident with your motorcycle. It does not, however, include damages due to lost wages and other expenses. Although, MedPay could help out if you don’t have health insurance.
  • Personal Injury Protection: Pays for medical bills of injuries you, your passenger, or pedestrians suffer in an accident regardless of the person accountable for it. Because of their high rate of accidents, some states may not allow insurance companies to sell the coverage to motorcyclists. However, insurance companies offer add-on options, and some may offer one or more as part of their standard policies.
  • Trip Interruption Coverage: If you have ever imagined your bike being disabled on a long road trip, usually 100 miles away from home, trip interruption coverage helps to foot the bills for your transport, lodging, and feeding.
  • Coverage for Custom Parts, Equipment, and Accessories: Popular in most states, insurers add this coverage with comprehensive and collision insurance. It typically costs up to $3,000 but can go up as much as $30,000 if you add accessories that customize your bike. This coverage pays to replace your bike’s accessories at the aftermarket value.
  • Transport Trailer Coverage: If you have a trailer attached to your motorbike and it is damaged in an accident, this coverage pays up to $7,500 for repairs.
  • Roadside Assistance: Roadside assistance will make sure you don’t suffer when your bike suffers an emergency breakdown due to a flat tire, battery failure, electrical or mechanical fault. It covers the costs of towing and labor.

 Why Do I Need a Motorcycle Insurance?

Nearly all U.S. states require riders to carry motorcycle insurance with minimum coverages, including bodily injury and property damage liability. Please do not assume that your auto insurance covers your motorcycle because it doesn’t. If you are involved in a serious accident and lack motorcycle insurance, you may be left financially stranded. Therefore make sure to carry adequate motorcycle insurance.

 How Much Motorcycle Insurance Should I Get?

The average cost of motorcycle insurance is about $702 in the U.S. However, this may vary from one state to another on the basis of your location or experience. A typical 21-year-old could pay between $900-1000 a year. Also, the amount of liability coverage you buy depends on your assets and targets for the lawsuit. However, if you have significant assets, high liability limits are essential.

Most states require vehicle owners to carry some small amount of liability insurance but getting additional coverage options depends on the worth of your bike. You may need additional coverage if you drive a Yamaha BMS Chopper. It’s a different story if you are cruising a Kawasaki Ninja 400. Importantly, if your bike is totaled or stolen, collision or comprehensive coverage only covers the current, fair market value and not necessarily the amount you bought it for.

With regard to uninsured or underinsured, it is crucial to get as much of this coverage as you can reasonably afford. This is why additional insurance coverage could be your best buy when catastrophe strikes. Even if you go without an accident your whole life and all your insurance premiums were unused, it is a worthwhile investment.

Considering the risks associated with riding your bike, getting the coverage that keeps you fully protected is important. If you need assistance with your auto and motorcycle insurance coverage, contact the experts at James Page Insurance today. We are ready to assist with all your insurance needs.