If you own a motorcycle, you shouldn’t take for granted having good insurance for you and your bike. And take note, these are just some of the many insurance policies you can choose from. But let’s start with the basics: there is third-party insurance, classic and antique vehicle insurance and comprehensive motorcycle insurance.
Third party insurance (property insurance) – This type of motorcycle insurance only covers the person or people you have caused damage to and their property or vehicle. It does not cover your insurance or that of your motorcycle.
If you are registered with the ACT, it is mandatory to provide third party insurance for people and property you may damage while riding your bike.
classic insurance– Take advantage of this type of insurance if you have a motorcycle that is at least a decade old. This is ideal for bike owners who only use their motorcycle occasionally as a hobby or club.
Comprehensive insurance– Comprehensive insurance offers comprehensive coverage for you. That includes covering damage you may cause to other people’s property or vehicles, and also covering your bike insurance. You can also use any of these insurances if you have a scooter.
Most of the time passengers tend to have the comprehensive type of insurance. You can choose any amount of coverage you want. It all depends on your preferences and the money you can spend for your protection.
Comprehensive insurance coverage
The company where you registered will most likely pay the cost of the accident. This includes, but is not limited to; repairing properties and your own motorcycle, offering you a payment based on the market value and the price you have agreed for your motorcycle. It offers a protection policy for other costs, it will also cover the costs of replacing or repairing locks.
The liability offered by the comprehensive motorcycle insurance package will include extensive coverage for both you and the people involved in the accident. The following are included:
- Cost of damages and payments.
- Legal costs
- Cost to your employer
- Lost wages
- Medical cost
Not just accidents, the comprehensive plan covers other forms of property damage, such as theft, limited replacement of parts when necessary, towing, and even natural disasters.
The only drawback is that most insurance companies will not accept your insurance if the accident or damage occurred outside the country. They will also not cover mechanical failures.
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