Motorcycle insurance is necessary for those who own and use a motorcycle. There are three types of motorcycle insurance available to you. Comprehensive motorcycle insurance, third party property damage insurance and veteran, vintage and classic vehicle insurance are the three types of insurance available to you.
Comprehensive motorcycle insurance provides you with complete insurance coverage, which includes providing your bike with complete cover and providing for damages you may cause to someone’s property with your bike. This type of coverage works well for scooters, too.
Third party property damage motorcycle insurance is a type of insurance that will cover someone else’s property and their vehicle, but it will not provide protection for your own bike.
Veteran, vintage and classic vehicle insurance is a type for those bikes over 15 years of age that are not driven as much because they are used for a hobby or recreational use only.
In addition to these types of insurance for your motorcycle, you also need to have third party insurance, which provides protection for those you injury while on your motorcycle. This type of insurance is compulsory in order to register your motorcycle in the ACT.
Coverage Under Motorcycle Insurance:
Most people will need to have comprehensive motorcycle insurance. There are a number of different amounts of coverage you can purchase, based on the budget you have and the amount of protection you want to have for your bike.
In this type of insurance, the insurance company will likely cover costs related to an accident you are in, which may include repairing or replacing the vehicle, or paying you a payout at the agreed or market value of the motorcycle. It will likely cover the costs of fire, repairing or replacing of locks, and it provides a policy that protects others. As part of the comprehensive package, this liability coverage will provide a great deal of coverage for you should you hurt someone while on your motorcycle, including legal fees, payout for damages, damage caused by any of your passengers, or coverage for your employer if your motorcycle is used for business purposes.
The comprehensive plan will provide your motorcycle with coverage from storms, thefts, replacement when the vehicle is a total loss, and towing. You are not covered when you take your motorcycle out of the country, and most comprehensive motorcycle insurance policies will not provide you with cover for mechanical failures.
In addition to this, any individual operating a motorcycle in Australia will require third party insurance, or TPI. This type of insurance provides you with protection from personal injury claims that are made against you by other road users, when you cause an accident.
Questions for Your Provider:
If you have particular needs, talk to your insurance company. Policies should include liability protection, but even a comprehensive package may not be enough. Putting together a thorough package that includes comprehensive insurance as well as third party insurance is a must for most insurance companies. Ask your provider:
How to make claims:
What is covered and what is not covered (be sure to be specific here) What happens to your policy and premium payments when you have an accident and make a claim (does the rate go up) Are there any discounts for coupling your motorcycle insurance with other types?
Ways to Save on Motorcycle Insurance:
Get the right package of insurance for you. If you do not drive your motorcycle often, it may qualify for the lower costing Vintage insurance. If you use your motorcycle for business, be sure to let the provider know about this ahead of time.
The most important way to get a lower price on your insurance for your motorcycle is to take advantage of comparison shopping. Talk to several insurance companies to find out what they can provide to you. In many situations, you will find discounts for additional policies, too. Insuring your vehicle with your motorcycle can lower the rate you pay in total.
Beware Before Signing:
Read through your motorcycle insurance policy thoroughly. The policy will have a specific page that lists all items that are covered and are not covered. Be sure you understand what is not covered and get an explanation of any of these. That will be the final deciding factor as to if you should sign or not. Be sure that you have a full understanding of your policy!
Additional Coverage to Consider:
In addition to comprehensive motorcycle insurance, make sure you also have third party property damage motorcycle insurance. Consider the benefits of adding any add-ons to your policy should they fit (such as roadside assistance.) Also, look to what the lender will provide you including discounts, rewards, hire car, and after accident care, which may be add-ons in some situations. Some will provide you with lifetime guarantees on repairs as well.
