Whether you are an experienced motorcyclist who is moving to Maryland or you are a local resident who is eagerly preparing to buy your first two-wheeler, you need to plan ahead so that you are fully insured per legal requirements on day one. Maryland has a financial responsibility law that extends to all motorists, and this includes motorcyclists. Essentially, this law requires you to pay for all expenses that others incur as a result of your driving activities. Expenses include medical bills related to injuries, vehicular repairs and more. As a means to ensure that you have the ability to comply with this law, liability insurance is a requirement for all drivers.
Understanding Motorcycle Insurance Requirements in Maryland
Motorcycle insurance requirements in Maryland are similar to the state’s standard auto insurance requirements. The requirement is for $30,000 of bodily injury liability coverage per person per incident or $60,000 for two or more injured parties per incident. An additional $15,000 for property damage liability is also required. It is important to understand how this coverage protects you from losses as well as what its limitations are. Your provider will give injured parties financial benefits from this type of coverage if you are the responsible party in the accident. However, coverage is only provided up to the limits established in the policy. Damages in excess of these limits are yours to pay. This type of insurance also offers no compensation to you for your personal expenses from the accident.
Determining If Your Vehicle Is Classified at a Motorcycle
Before you take time to set up a motorcycle insurance policy in Maryland, you need to confirm that your vehicle falls into the classification for a motorcycle and that you are actually required to buy this type of coverage. Per Maryland law, a scooter or moped that has a 50 cc engine or less is not required to be insured in this way. On the other hand, if you have a two-wheeled or three-wheeled vehicle with a 51 cc engine or greater, insurance is required. Keep in mind that this does not extend to tractors and ATVs.
Exploring the Benefits of Full Coverage
Now that you know more about whether or not your vehicle must comply with these insurance requirements, you may want to examine the benefits associated with getting a policy that provides full coverage. Liability-only coverage gives you the means to comply with the law and to drive your motorcycle legally. However, this type of insurance offers no financial benefits related to your personal expenses associated with an accident. Remember that you may need to pay for medical expenses, motorcycle repairs and more if you are in an accident. Because of this, many motorcyclists opt for a full coverage policy. This may include components for comprehensive and collision benefits as well as bodily injury or personal injury. You have the ability to add these coverages and to adjust limits on your coverages within reason. While full coverage will cost more than a liability-only policy, it may help you to save a substantial amount of money in the event you are in an accident.
After you determine if you are required to buy this type of coverage, you must then determine if you want to increase limits or purchase full coverage. Remember that there are many ways to save on the insurance that you need. With this in mind, it may be more advantageous overall to set up a protective policy and to look for savings to make the coverage as affordable as possible. Make plans to review and update your coverage periodically so that you are well-insured at all times.