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When Would I Need a Motorcycle Insurance Binder in Oregon?

motorcycle insurance binderIf you paid cash for your motorcycle you just simply need the basic motorcycle liability coverage in Oregon. Depending on the cubic inches of the motor of your bike and your age and driving record, liability only could be as low as $100 a year. And, if you have your auto insurance with the same company, you could get a discount off the auto insurance to make the price of your motorcycle insurance nearly free!

Now, if you are financing your motorcycle, the dealer or lender may need proof you are insuring your bike with no more than a $500 deductible. A binder is a temporary proof of insurance contract we can see to your lender as soon as we submit your motorcycle insurance application to the company. Full coverage can vary from $200 a year to thousands depending on which motorcycle you got. If it is considered a sports bike then the price might be quite a bit higher. if you are a young driver with a lengthy driving record, the cost might be prohibitive.

Also, remember that in Oregon medical coverage is NOT mandatory on motorcycle policies like it is on car insurance policies. So, even a quote for 'full coverage' when buying motorcycle insurance doesn't necessarily mean you have coverage for your body, for your medical bills, if you get in a motorcycle accident. If you have good health and accident insurance say through your work, then that policy could pay for the cost of your medical bills after a motorcycle accident. If you do not have traditional health and accident insurance, then you might want to consider purchasing medical coverage on your motorcycle policy. You will immediately learn that the major portion of the cost of a motorcycle policy is the medical. Chances are you are not going to do much damage or injury to others with your bike. It's YOU and YOUR BIKE that get hurt after a motorcycle accident. And injuries are usually pretty severe. So motorcycle insurance companies are going to give you very little coverage for a lot of premium. We'll offer you each level and let you decide what you can afford.

However, the medical coverage is not mandatory to get the binder issued to the lender. Call us for a quote. We'd be happy to discuss the differences in the limits, deductibles and medical coverages amounts. No need to shop around if you already have a Progressive auto policy. Adding a Progressive motorcycle policy to your portfolio will lower your auto insurance premium.