In Westerville, OH, the only insurance that you are required to carry is liability. Many motorcyclists misunderstand what liability covers. Put simply, liability coverage begins and ends at the other party’s damages. It provides no compensation whatsoever for the policyholder’s damages. If your motorcycle is stolen, if it’s damaged in an accident, liability will not cover it.
And neither will collision. Collision insurance, as the name suggests, covers collision, and that’s it. If you are in an accident, your collision insurance will pay for the damages. If your bike is stolen, it will not.
Comprehensive is where you have full coverage. With comprehensive coverage, your losses will be covered even if your bike was parked at the time of the incident. If it’s stolen, if somebody stumbles into it and knocks it over, if it’s vandalized, you’re covered.
There may be some exclusions depending on the terms of your policy. Still, with liability, you’re protected if you are held responsible for someone else’s losses, with collision you are protected for your losses in the event of an accident, and with comprehensive you are protected against most reasonable hazards not involving a collision.
You may also want to consider gap insurance, which covers any payments you have left on your bike in the event of a total loss, and replacement, or better replacement insurance, which will get you on two wheels again right away following a loss.
If you’re looking to upgrade your coverage in Westerville, OH, or you just have some questions, you can get in touch with us at Associated Insurance Agencies, Inc. by phone, email, or in-person at the Associated Insurance Agencies Inc. offices.