Alaska motorcycle owners must comply with the state’s financial responsibility legislation. They have the option of self-insuring, posting a bond with the Department of Motor Vehicles or buying an insurance policy. Most bike owners opt for the latter option.
The minimum level of Alaska motorcycle insurance required by law is:
- Bodily injury liability coverage of $50,000 to pay for medical bills and lost wages of a single accident victim
- $100,000 to pay for injuries and damages sustained by all victims of the same accident
- Property damage coverage in the amount of $25,000
The number of motorcycles in the state is relatively low and not all insurance companies offer this type of coverage. Some companies will only offer to insure a motorcycle if the owner also buys an auto insurance policy. Even if this is not a specific requirement from the insurer combining policies is an effective money-saving strategy, since a number of companies offer discounts to customers who insure more than one vehicle or who buy multiple policies.
Once the motorcycle policy has been issued, the owner must have proof of insurance with him or her when operating the bike. The insurance card will need to be produced if an accident occurs. Getting caught without insurance may mean having one’s driver’s license suspended. To have the license reinstated, a fee must be paid.
A lapse in motorcycle insurance coverage in Alaska is also a serious matter. The owner will be personally responsible for any damages he or she causes in an accident, and may be required to file an SR-22 with the state Department of Motor Vehicles to confirm that he or she has insurance coverage in place.