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One of the most exciting forms of transportation that someone can own is a motorcycle. When most people own a motorcycle, they envision themselves on the open road driving at high speeds and enjoying the nice weather. However, a motorcycle is also a very valuable asset that needs to be adequately insured. For those that are in the Saint Paul, MN area, many factors should be considered when trying to figure out their motorcycle insurance requirements.
State Laws
Similar to most other states, people who operate motorcycles in the state of Minnesota are required by law to carry a minimum level of liability insurance. In this state, you will be required by law to carry bodily injury liability coverage of at least $60,000 per incident with a $30,000 per person cap. Additionally, you also need to have property damage liability coverage of at least $10,000 per incident. It should be noted that this coverage only provides protection to the other party when you are deemed to be at fault in an accident.
Lender Requirements
If you have taken out a loan to purchase a motorcycle, there are additional lender requirements that you need to think about when you are looking for a motorcycle insurance policy. Since lenders want to make sure that they are secured by their collateral, you will want to make sure that you have a full collision and comprehensive policy in place. This will provide you and your lender with a variety of types of coverage losses.
If you are in the Saint Paul, MN area and are in need of insurance for your motorcycle, you should speak with the team at Rising Star Insurance. The professionals at Rising Star Insurance will be able to work with you to make sure that you get the right insurance for your situation.