Jessica Fox Last Updated On: June 27, 2023

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Understanding Brand New Bike Insurance

new motorcycle insurance

Nothing compares to rolling off the lot with a stunning new steel horse beneath you that glimmers in the sunshine. But before you take your new ride on its maiden voyage, make sure it’s adequately insured.

But what kind of motorcycle insurance options do you need for a new bike? Read on to find out the best coverage options for your new motorcycle!

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What’s New Bike Insurance & Do I Need It?

To clarify, when we say “new” bike, we’re referring to a single-owner motorcycle that’s under two years old. Usually, buying a motorcycle second-hand (you’re the second owner) precludes you from calling your ride a “new” motorcycle—instead, it’s a new to you, bike.

There are further provisions, such as the motorcycle cannot be a few models old, and each insurer’s definition of brand new may differ.

Why Motorcycle Insurance Is a Must

Almost every state except Florida requires riders to purchase state minimum insurance, which is typically liability coverage. But if you live in Florida or are considering the merits of not buying motorcycle insurance, here are a few reasons why you should:
  • It’s Legally Required: The old adage “rules are meant to be broken” does not apply to skipping out on insurance. Legally you are required to have insurance, even if it’s just state minimums. You face jail time, license suspension, and hefty fines if you get busted for driving without insurance.
  • Car Accidents Happen Frequently: Statistics show that a car crash occurs every five seconds in the USA, so every time you hit the road, you run the risk of being in a costly accident.
  • It Can Save You Money in the Long Run: Due to the high rate of accidents in the USA, having insurance can save you from paying out-of-pocket damages. Depending on the coverage you select, motorcycle insurance can shelter you from paying for personal injury bills or damages to another driver if you cause the accident (liability or state minimum coverage). Or it can be more comprehensive and protect you from shelling out your hard-earned money, regardless of fault (comprehensive coverage).
  • It Covers Your Bike Against Theft: With comprehensive coverage, another desirable feature to new motorcycle owners is insurance will replace your ride if it’s stolen.
Insurance is a good idea, period. Whether you have minimal or full coverage is up to you, but there’s a reason at least some coverage is required by law, even for a motorcycle. 

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The Benefit of Extra Coverage on a New Motorcycle

Getting extra insurance on your brand-new motorcycle may seem unnecessary at first, but the second your bike rolls off the lot, it begins depreciating. This means if you get into an accident and total your ride, your payout check or actual cash value might not be enough to buy you the same make and model.  So how can you protect your new investment? Here are some insurance products you should consider adding to your new bike insurance:
  • Loan or Lease Gap: If you’ve leased a motorcycle and you total it, loan or lease gap coverage will cover the difference between the actual cash value and what’s remaining (lease or loan) on your bike. This coverage can be added to either collision or comprehensive coverage and is something to consider if you don’t own your motorcycle outright.
  • Repairs Provision: If you get into an accident and damage your bike, this provision will pay for repairs without considering depreciation, even if insurance picks up the bill to repair your motorcycle with repairs provision coverage.
  • Customize Parts: If your motorcycle is not only new but customized with additional accessories—further increasing the value of your ride—you should consider adding customized parts coverage to your new bike insurance policy. With this insurance add-on, if your motorcycle is damaged, totaled or stolen, your insurance check will pay for the customized parts, not just the factory parts. However, every insurer has customized parts limitations, so it’s wise to check the coverage limits.
  • New Motorcycle Insurance: New bike insurance is the most important coverage you should add to your motorcycle insurance policy. Brand new bike insurance pays to replace your totaled motorcycle. In fact, this insurance product can help you exchange your new (but totaled) ride for the same one as it doesn’t consider depreciation.
When you consider the value of your new bike to you, adding on to your insurance policy can make sense to ensure you have the coverage you’d want should something happen. 

New Bike Insurance: What You Should Know

You’ve got that new ride feeling, so protect your investment by having the right new bike insurance coverage in place. After all, you don’t want to get caught with subpar or no insurance and pay out-of-pocket for damages, so it’s worth it to do your due diligence and find the right new motorcycle insurance for you.

ConsumerCoverage can help by getting you access to free quotes quickly, so that you can get back to the open road. 

Jessica Fox Jessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.

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