Are you wondering if you need insurance for a Moped? Well, you are welcome to the right article. Commuting becomes very easy when we make use of Moped and Scooters. With this two-wheeled transporter, you can easily move around your town without parking difficulties. However, if you want to enjoy the convenience of your Moped, you should purchase an insurance policy.
Even though it is not legally mandated to insure this ride, we advise you to carry a policy on this. If you purchase your Moped with a huge amount, you should protect it by insuring it. In case an accident occurs, you will be delighted that it is covered by your insurance policy. If you finance your moped, the financing company will ask you to buy a policy to protect its interest.
Do I need Moped Insurance?
Insurance companies do not cover Moped under their auto insurance policy. Most insurers offer separate policies for these types of bikes while some cover them under their motorcycle insurance policy. Just like I have mentioned above, if you finance these bikes or lease them, your lender or the leasing company will ask you to insure them. Depending on your zip code, the law may mandate you to purchase liability insurance to ride this bike on the road. However, regardless of your state law, always make sure that you have enough coverage before riding. Contact your insurance company to know which of its policies covers your policy.
Does My State Require Moped Insurance?
Not all states will mandate you to purchase insurance for Moped. For example, Florida does not require this law while Pennsylvania requires it. Some states even make the ride law very complicated. To know more about your state law regarding this two-wheeled ride, you can check with your insurance agent or company. Also, you can get in touch with your state Department of Insurance and Department of Motor Vehicles.
Moped Insurance Coverage
Just so you know, this bike insurance coverage is very similar to that of car insurance and motorcycle insurance. The coverage may include;
Liability Coverage
This coverage will help cover damages and injuries that you may cause to other individuals accidentally. It will pay for damages you caused to their properties with your moped such as pole, fence, and medical expenses.
Collision and Comprehensive Insurance
Collision and Comprehensive are coverage that are sold separately but most insurers sell them together. If you have a loan on your moped, the lending company will ask you to purchase these coverages. The comprehensive insurance will help you cover problems like damages caused to your moped from flood, fire, vandalism, objects, and theft. The Collision insurance will help pay for the repairs if the bike is damaged in an accident no matter who is at fault.
Medical Expenses / Medical payment
The Medpay will help cover the medical bills and funeral expenses for your passengers or you in case of an accident no matter who is at fault.
Uninsured or Underinsured Motorists
An uninsured motorist helps to cover your and your passenger’s medical expenses, lost income, and many more bills. It covers if someone crashes into your ride and they don’t have liability insurance coverage to protect you at all. The Underinsured motorist coverage helps to pay for injuries you get if a driver at fault does not carry enough liability insurance.
There are various discounts you will be entitled to when you insure your Moped. They include Safety discounts, Multi-vehicle discounts, storage discounts, or Multi-Policy Discount
How much does Moped Insurance cost
You could purchase this insurance for as little as $4 to $5 a month. For example, insurers like Progressive offer scooter insurance starting at just $75 a year for basic coverage. Always keep in mind that the price of your insurance will be determined by factors like your driving history, the size of your engine, the type of coverage you want, where you live, how much you drive, your age, how long you’ve been riding, and details about your scooter like its make, model, and year.
If I rent my Moped, Do I need insurance for it?
The law regarding Moped depends on the state you are living in. So, it depends on the location you are renting it to know if you need insurance or not. Make sure that you check the rental agreement very well to know if it carries insurance before you rent it. Or if you will be responsible for damages if you do not buy your insurance. Ask questions if you don’t know what coverage is in your rental contract. Always keep in mind that your auto insurance may not cover the Moped that you rented, but your Motorcycle insurance might cover it.