As with auto insurance, most states mandate minimum liability coverage for motorcycles, though theft (comprehensive) insurance is optional.

FORBES: The Most-Stolen Motorcyles

Anyone who has a teenage child knows how easily it could have been them, and this example is a reminder to not simply take the minimum liability insurance coverage on auto insurance policies.

FORBES: March Madness: Avoid Financial Decisions That Are One-and-Done

The CFA suggests state insurance commissioners help make rates fairer and more affordable for a wider range of consumers by lowering minimum liability coverage, making certain that insurers are charging fair rates for this coverage and prohibiting or restricting providers from using factors unrelated to driving (including education and occupation) to price their policies.

FORBES: Why Safe Drivers Aren't Always Charged The Lowest Car Insurance Rates

And before you distribute a penny, ask your tax accountant to calculate the impact on your state tax bill and your federal alternative minimum tax liability.

FORBES: Magazine Article