The Types and Coverage of Motorcycle Insurance

If you own a motorcycle, then you should get a good insurance for you and your bike. And note, these are just a few of the many insurance you can choose from. But let’s start with the basics: Third party insurance, classic and vintage vehicle insurance and comprehensive motorcycle insurance.

Third party insurance (Property Insurance) – This type of motorcycle insurance covers only the person or persons you have harmed and their property or vehicle. It does not cover your insurance as well as your motorcycle.

If you are ACT registered, it is mandatory to provide third party insurance for people and property that you may be harmed while riding your bike.

Classic Insurance– Get this type of insurance if you have a motorcycle that is not less than a decade old. It is ideal for bike owners who only use their motorcycles occasionally like a hobby or club.

comprehensive insurance– A comprehensive insurance provides overall coverage for you. This includes covering damage to other people’s property or vehicles as well as covering your bike insurance. If you are a scooter owner then you can avail any of these insurance.

Most of the time, riders have a wide range of insurance. You can choose any coverage you like. It all depends on your priorities and the money you give for your protection.

Comprehensive insurance coverage

Most probably, the company in which you are registered will pay the costs in relation to the accident. This includes but is not limited to; Repair properties and your own bike, offering you a payout based on the market price and the price you have agreed to for your motorcycle. It provides a protective policy for other costs, it will also cover the expenses of replacing or repairing locks.

Comprehensive motorcycle insurance package liability will include a detailed coverage for you and the people involved in the accident. Includes the following:

  • Damage and cost of payment
  • legal costs
  • Cost to your employer
  • Lost wages
  • Medical costs

Not only accidents, the Comprehensive Plan covers other forms of property damage such as theft, limited replacement of parts when it requires one, towing, and even natural disasters.

The only drawback is, most insurance companies will not honor your insurance if an accident occurs or is out of the country. They will also not cover for mechanical failure.