Motorcycles are unique assets. Thousands of people use them daily to complete tasks and enjoy memorable getaways. However, motorcycles are also high-risk assets. One wrong bump or turn may cause a severe accident. It’s recommended that you have a firm motorcycle insurance policy in place. Motorcycle insurance covers you if you accidentally injure someone or damage their property. You’re also covered if your motorcycle suffers damages in an accident. You may have questions regarding if your motorcycle insurance policy covers theft. Here is a closer look.
Does Motorcycle Insurance Cover Theft?
Motorcycle insurance theft coverage is available through comprehensive coverage. Comprehensive coverage protects situations out of your control, such as your motorcycle being stolen. You also have the option to amend your policy and add stolen parts coverage, which protects you if your riding equipment is stolen.
Comprehensive coverage assists with replacement costs if your motorcycle is stolen. You’ll also receive assistance if your stolen motorcycle is recovered but sustained damages. While comprehensive coverage is optional in most cases, many lenders will mandate that you purchase it if your motorcycle is leased or financed. You’ll also need to amend your policy to add extra coverage if you have customized your motorcycle. Adding custom parts coverage is the only way you will be fully covered if your custom motorcycle is stolen or damaged. Comprehensive coverage also covers you if your motorcycle is vandalized or damaged due to a fire or severe weather passing through the area.
What About Home or Renters Insurance?
Many people believe that home or renters insurance covers motorcycle theft. However, this is inaccurate. Home insurance covers all your personal items inside the home but generally does not include motor vehicles. If you store your gloves, helmet, and other motorcycle-related accessories around your home, they may be covered through home insurance. It’s recommended that you look over your policy carefully to see your potential exclusions and what’s covered.
How to Proceed If Something Happens to Your Motorcycle
If you discover that your motorcycle has been stolen, it is recommended that you contact the authorities immediately. The quicker you notify them, the faster they may be able to find your motorcycle. Try to inform the authorities about the make and model, your motorcycle’s location, and the exact time that you found out your motorcycle was stolen. You should also notify your insurance company. Your insurer will likely ask you to file a police report before finalizing the motorcycle insurance theft coverage claim. They may also ask you additional questions regarding other people who may have had access to your motorcycle.
If you discover that your motorcycle has been vandalized, take multiple photos of the damages, and file a police report. Contact your insurer once the police report has been processed. Then you’ll receive an estimate of how much coverage you’ll receive toward the damages minus your deductible.
Consult Locke Insurance Group
Comprehensive coverage protects you if your motorcycle is stolen. To reduce the risk of potential theft occurring, consider installing anti-theft devices or putting a lock on your motorcycle when you aren’t using it. If you want the best insurance plan to cover your motorcycle, contact the team here at Locke Insurance Group, and we will assist you.