Insuring Your Bike
While road transportation is comparatively safe, it is not without its dangers. In fact, bikes run even more risk. And when these skirmishes occur, they can lead to heavy financial problems. Thus, there is a need for you to secure yourself financially against cases like this. At Indian Motorcycle Imports, we provide access to insurance covers. This way, you can stay protected.
Here, we give you a high-level overview of motorcycle insurance – the options available and the factors you have to consider.
Types of Motorcycle Insurance
There are several types of bike insurance, but we will only examine a few, namely:
Third-Party Only Cover
This is the most basic form of bike insurance. It caters for any damage or injury done to another person or their bike by you. However, it does not have any package for you.
Third-Party, Fire and Theft Cover
Just like the third-party only cover, this type of insurance is essentially meant for the third party as well. It does not cater for you if the accident was due to a fault of yours but caters well for the third party.
This cover caters for damages, fire and even theft of another person attributable to you. It, however, does not cover your bike.
Comprehensive Insurance Cover
This is the highest level of insurance cover you can get for your bike. As the name suggests, the comprehensive cover insurance covers everything about the motorbike.
When you take out a comprehensive cover, if there is an accident involving your bike, it will be taken care of, even if you are the one responsible for the accident. It also provides covers for any other person involved in the accident, which is a third-party cover.
Typically for accidents, the comprehensive cover insurance will pay for the medical costs incurred in treating the victim. It also pays for the repairs to the bikes that were damaged in the course of the accident.
You should note that comprehensive insurance packages do not usually cater for your medical expenses if you were the one responsible for the accident. It will cater to those of others. For you to be catered for in case of accidents for which you are at fault, you may need to take up what is known as Personal Accident Cover Insurance.
The comprehensive cover insurance will get you another bike in the case of genuine theft. It would do the same if the bike were caught in a fire outbreak.
Factors That Will Get Considered For Your Bike Insurance
Several factors may affect the type of insurance and the insurance premium you have to put up for your bike insurance. Here outlined are some very important ones.
Your driving history is an important determinant of the insurance premium that you have to put up. If you are considered a risky driver, the insurance firms will want to charge higher. However, if you are considered safe, the insurance premium may be much lower.
The older you are, the higher the risk that the insurance firms have to take upon you.
Type of Motorcycle
The particular motorcycle brand is a huge determinant of how much premium you have to pay. Expensive bikes will command higher premiums.