Financing a Motorcycle? Make Sure You Get the Right Insurance!

Buying a motorcycle? When you get a loan for a new or used motorcycle, everyone seems to know the bank requires you to have collision and comprehensive insurance in the event your motorcycle is damaged or totaled.

The Law

Did you know there is no law requiring you to have collision and comprehensive insurance coverage?

It’s just the requirement of the bank but sometimes people screw up and too often, three people screw up (the bank, the motorcycle dealer & the buyer).

What Happens When You Don’t Have Collision Coverage

When everyone makes a mistake, you lose. In almost every accident, the motorcycle is a total loss. We recently had two clients who found themselves owing a lot of money for motorcycles they no longer had.

One of our clients relied on the motorcycle dealer to get his insurance coverage but the dealer only got him liability coverage. The bank apparently didn’t check and neither did our client. Our client’s motorcycle was totaled in an accident and he now owes the bank a lot of money.

Another client was told by a motorcycle salesperson he had to get insurance before taking the motorcycle. In front of the salesperson, he downloaded the Progressive app. Because he didn’t see the checkbox for collision and comprehensive, he only purchased the NYS minimum liability coverage. The loan was processed without the bank ever checking. After his motorcycle was totaled in an accident, he now owes $14,000 to the bank.

Types of Coverage in a Motorcycle Insurance Policy

  • Liability (pays someone you injured because of your negligence)
  • Collision (covers damage to your motorcycle from an accident)
  • Comprehensive (covers fire & theft)
  • Underinsured/Uninsured (pays you for your injuries when the car has less insurance then you)
  • Medical Payments (pays you for medical expenses)
  • Personal Injury Protection (PIP which is no-fault for pedestrians you injure)

See our New York Motorcycle Insurance Guide

What Insurance to Get

It’s always good to have collision and comprehensive coverage but if you borrowed money from a commercial lender to buy your motorcycle, the lender requires it.

But don’t rely on the motorcycle dealer or the bank! Look at the list of coverages you purchased and verify you have collision coverage.

See more reasons in Should You Buy Collision Damage Coverage?

Buy as much Underinsured/Uninsured coverage as the insurance company will sell you (see

Get a free motorcycle insurance coverage consultation from New York’s Motorcycle Accident Lawyers

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Motorcycle Attorney Phil Franckel talks about how motorcycle accidents are different

Partner Rob Plevy, Esq.

Motorcycle Injury Attorney Rob Plevy, Esq.

Partner Rob Plevy, Esq.

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