All motorcycles face theft risks no matter how safety-conscious their owners try to be. If you worry about your ability to protect your bike from theft, then consider how motorcycle insurance can help. In the event of motorcycle theft or vandalism, the right bike insurance can help you receive compensation for the lost or damaged bike. However, to have coverage for theft, your policy must contain a specific type of coverage called comprehensive insurance.
What is Comprehensive Motorcycle Insurance?
Bike theft is something no one wants to experience. However, it is also something that is hard to totally avoid. After all, no matter how many steps you take to protect your bike, there is still a chance that thieves could break them all. If the worst does happen, comprehensive damage coverage from your motorcycle insurance can help you repair a vandalized or damaged bike or replace a total loss.
Comprehensive insurance pays for a damaged or lost motorcycle when the cause of the loss is not related to a wreck. Theft and vandalism usually receive coverage under this coverage. However, most motorcycle insurance policies do not automatically include comprehensive coverage. Since most states require drivers to carry only liability insurance, then you will need to add comprehensive coverage to your policy at the time of enrollment.
When Will Comprehensive Coverage Pay for Theft?
Once you realize that someone has stolen or vandalized your bike, the first thing to do is to call the police. At this point, the police can start a search for the vehicle and take a report on the event. Afterwards, you will be able to call your motorcycle insurer and report the theft. The report from the police will help verify for the insurer that theft or vandalism did occur.
If the police can recover your bike, your motorcycle insurer will likely pay to repair it using your comprehensive coverage. However, if the bike is a total loss, then the motorcycle insurer can compensate you towards the cost of the new bike.
Still, most comprehensive coverage will only pay based on the bike’s actual cash value. This is the used value of the bike at the time of the loss, rather than the value of a new bike. However, you might be able to buy additional coverage for the bike’s replacement cost.
Keep in mind, however, that deductibles will apply to theft claims. So, with either replacement cost or cash value coverage, you might not receive 100% of the bike's new or used value in a settlement. All the same, your comprehensive coverage can still provide you with ample help for the theft loss.
Also Read: Does Motorcycle Insurance Cover Track Days