The Basic Types Of Motorbike Insurance Policies
Most countries have rulings requiring motorbike insurance. The basic concern of legislation is normally directed towards third party damage (damage inflicted on other persons by the user of the bike). That is normally the minimum motorbike insurance that is required for anyone to be able to drive a motorbike on public roads. However, a person may choose comprehensive coverage if he wishes to include damage to himself and his motorbike in the insurance.
In legal terms, the person insuring is the first party while the insurance company is the second party. The third party is any other person who may become involved in the event of accidents in which the motorbike figures.
Third party motorbike insurance coverage
Third party coverage answers only to claims made by the other person due to injury, loss, death or damage to his property and injury to his companions.
This type of coverage will not pay for damages inflicted by the rider of the motorbike on himself and his property.
Third party, fire and theft motorbike insurance coverage
Another type of motorbike insurance provides coverage for third party claims as well as for the owner’s claims in the event that his motorbike is damaged by fire or stolen.
In many instances this type of policy may also apply to damage by natural agencies such as earthquakes, hurricanes, lightning and floods. If the motorbike is damaged while being transported on a cargo vehicle, the expenses for that incident are also covered.
Comprehensive motorbike insurance coverage
This type of coverage includes injury, loss or death on the part of the third party, if applicable, and on the part of the policy owner himself.
It also covers damage to the vehicle during accidents or due to vandalism. The benefits of a fire and theft policy are likewise accommodated.
In case of fatality, the benefits go to the relatives of the mortality.
Partial liability of the motorbike insurance policy holder
In the event that the mishap was partly due to the policy holder’s fault, he becomes liable to share in the expenses in direct proportion to his accountability. To ensure the participation of the policy holder, insurance companies normally provide for an excess amount in the insurance policy itself. The amount of excess to be charged will vary with the type of motorbike insurance coverage.
If the motorbike insurance policy holder wishes to lower his premiums he may volunteer to pay an excess bigger than that which the scope of his coverage specifies.
Evidently, insuring your motorbike is not an excuse to be careless about using it. Your policy is there to assist in expenses that you may not be able to shoulder at that moment. But, your carelessness can make it necessary for you to participate in the expenses anyway. In a word, the purpose of insurance is defeated by irresponsibility.
Stewart Wrighter recently reviewed several motor bike insurance quotations for his new motorcycle. He was impressed with the wide selection available for motorbike insurance and with how many different choices he was given.