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Insurance companies with a market for motorcycle insurance in Minnesota, will submit a rate plan according the guidelines established by the Minnesota Department of Insurance. The guidelines determine the mandatory and optional insurance coverage and will include liability bodily injury, property damage and uninsured/underinsured motorist coverage, medical pay coverage, deductibles for comprehensive and collision coverage, actual cash value coverage, stated amount value coverage, replacement cost value coverage, accessory coverage, towing coverage, safety apparel coverage, insurance discounts available and payment plans.
Motorcycle insurance Liability Bodily Injury coverage (mandatory in Minnesota), pays the medical bills to others, up to the limits purchased, for injury due to the fault of the motorcycle rider. The minimum liability bodily injury coverage for the State of Minnesota, is $30,000 per person and $60,000 per accident and $10,000 property damage coverage. For an additional cost and depending on the insurance company, the liability coverage can be increased to as much as $500,000.
Motorcycle insurance Uninsured/Underinsured motorist bodily injury coverage (optional in Minnesota) pays the medical bills, up to the limits purchased, of the motorcycle rider due to the fault of an uninsured/underinsured vehicle. The uninsured/underinsured motorist coverage must match the liability coverage.
Motorcycle insurance Comprehensive and Collision coverage (optional in Minnesota) but mandatory if the motorcycle is financed by a bank or credit union, varies by insurance company. The deductibles can be as little as $50 or as much as $5,000. Comprehensive coverage is theft, fire, flood or vandalism. Collision coverage pays to repair the motorcycle regardless of fault. In the event of a total loss, theft or collision, the insurance company will pay actual cash value, unless the stated amount coverage or replacement coverage was purchased.
Motorcycle insurance actual cash value coverage (default) is determined by values from NADA, Kelley Blue Book and what similar units have recently sold for. Stated amount coverage (optional), only offered by some insurance companies, is an amount set between the insurance company and the insured. Replacement cost coverage (optional), only offered by some insurance companies, for motorcycles 2 years old or newer, will replace the motorcycle with a current year model.
Motorcycle insurance medical pay coverage (optional in Minnesota) pays the medical bills for injury, regardless of fault, to the motorcycle rider and passenger. The minimum coverage is $1,000 and depending on the insurance company, up to $25,000.
Motorcycle insurance accessory coverage (optional in Minnesota) varies by insurance company. All insurance companies include as little as $500 and others include up to $5,000 and for an additional cost an insured can purchase up $30,000.
Motorcycle insurance towing coverage (optional in Minnesota), pays for some part or all costs of a mechanical or electrical breakdown, depending on the insurance company. Examples include, dead battery, insufficient fluids (oil, gas, water) or an accident. Additional coverage can be purchased to include lodging and meals.
Motorcycle insurance safety apparel coverage (optional in Minnesota), only offered by some insurance companies, pays the cost for safety apparel, damaged in an accident, such as helmets, jackets, gloves.
Motorcycle insurance discounts (proof needed), depending on insurance companies, can include, previous motorcycle insurance, home ownership, motorcycle rider association, motorcycle safety course completion, motorcycle experience and paid in full.
Motorcycle insurance payment plans, vary by insurance companies. Policies can be discounted by paying in full or payment plans, 2 pay, 4 pay, 6 pay or 12 pay (typically EFT draft from a bank account or credit/debit card).
Motorcycle insurance policy period varies by insurance companies. Policy periods are typically 1 year or annual but some insurance companies will offer a 6 month policy. Some motorcycle riders will purchase a 1 year policy only to cancel the policy during the winter months. A better alternative is to remove the collision coverage during storage and then add collision coverage, when the riding season resumes.
Motorcycle insurance policies are for motorcycles, scooters/mopeds, ATVs, UTVs, trike motorcycles and reverse trike motorcycles. Automobiles, boats and RVs cannot be added to motorcycle policies.
Motorcycle insurance quotes and policies, can be had direct from the insurance company or from an appointed insurance agent, of the same company, in your state. Not all insurance companies and insurance agents conduct business in all states.
Insurance companies quoting motorcycle insurance in Minnesota are Allstate, American Family, American Hallmark, American Modern, Dairyland, Foremost, Geico, Pacific Specialty, Progressive, Safeco and State Farm. Get A Quote