When you buy that Moped for tooling about your neighborhood, consider getting good insurance for it. There are five main coverages you’ll want to explore.
- Liability Insurance
- Bodily Injury- If you’re deemed responsible for an accident and another party gets injured, bodily injury liability covers you. In most states, minimum coverage is required by law, but experts suggest you have limits of $250,000 per person and $500,000 limit per accident.
- Property Damage- If you’re at fault in an accident and there’s damage to another’s property, this coverage will pay for it. A minimum amount is required (usually $10,000 or $15,000) in most states. Most experts suggest you purchase insurance with a limit of $25,000.
- Collision- If you damage your Moped by hitting another object be it a car or a tree, this coverage kicks in and will pay for the damage to your vehicle.
- Comprehensive- Sometimes this is known as the Other Than Collision (OTC) coverage. It covers your Moped in case of damage by flood, fire, theft, vandalism, wind, hail or anything other than a collision.
- Medical Payments- This pays necessary and reasonable medical expenses resulting from an injury to you or any passengers.
- Uninsured/Uninsured Motorist- If you’re involved in an accident with someone who either doesn’t have insurance or has insufficient coverage, this coverage will pay, no matter what.
There are other coverages but these are main ones. Make sure you know the minimum insurance requirements in your state for your Moped.