- Liability coverage: This is the minimum required coverage by law and protects you from financial responsibility if you cause injury or property damage to others in an accident. It does not cover damage to your own vehicle.
- Comprehensive coverage: This coverage protects your vehicle from damage caused by events other than collisions, such as theft, vandalism, fire, hail, and natural disasters.
- Collision coverage: This coverage protects your vehicle from damage caused by collisions with other vehicles or objects.
Lenders may require full coverage insurance to protect their investment in the financed vehicle. If you fail to maintain the required coverage, the lender may cancel your loan or charge you a higher interest rate. It's important to carefully review the terms and conditions of your loan agreement to understand the specific insurance requirements.
Some lenders may allow you to purchase liability coverage only if you meet certain criteria, such as having a good credit score or making a larger down payment. However, it's generally recommended to have full coverage insurance for a sports bike, as it provides more comprehensive protection for your vehicle and can give you peace of mind.
Before finalizing your loan, be sure to compare insurance quotes from multiple providers to find the best coverage at an affordable price.
