Meaning of motor bike
A motor bike means a two-wheel land motor vehicle with wheels in tandem (including an attached side car) that is built primarily for use on public roads. It may also mean a three-wheel land motor vehicle built primarily for use on public roads. Although motorcycles can be added to the personal auto policy (PAP), coverage gaps can result. Several insurers have developed this insurance for motorcycle owners, which reduces or eliminates these gaps. Some insurers also have specialty policies for off-road cycles, such as dirt bikes. Here, we shall be discussing motor bike insurance.
Meaning of motor bike insurance
Motor bike Insurance is a category of insurance policy which provides coverage for a variety of motor bikes and similar vehicles, such as scooters, trikes, dirt bikes, all-terrain vehicles, Segway, golf carts, personal transporters, and snowmobiles. Although motorcycles can be added to the personal auto policy, they can be limitations in the coverage. It is as a result of these limitations that several insurance companies create this insurance package for motor bike owners. This policy reduces or eliminates the limitations that exist in the personal auto policy. Similarly, some insurers also create special policies for off-road motor bikes, such as dirt bikes.
Types of motorbike insurance
They are various types of motor bike insurance and each type provides different kind of coverage. While some offer more expensive packages, others are cheaper. However what is most important is the level of insurance coverage you get in the event of filling an insurance claim. Some of these types of motor bike insurance include;
- comprehensive cover
- personal insurance cover
- third party cover
- pillion cover
- third party, fire and theft
- social, domestic and pleasure cover
- social, domestic, pleasure and commuting cover
Comprehensive cover
Comprehensive motor bike insurance cover is the type of cover that provides total coverage for you and your bike. It represents the highest level of motor bike insurance you can get. And therefore covers you and your motorbike in the event there is an accident or incident as a result of your fault. It will pay out for damages to your bike even if the accident was your fault. The coverage also extends to third parties and their vehicles. This implies that your comprehensive motor bike insurance will pay for any repairs to the third party’s bike. It equally covers damages to your motor bike resulting not by a crash with another vehicle or other object. For example, things like flooding, wind, vandalism and theft. You enjoy coverage for repairs up to the actual cash value of your bike.
Similarly fire and theft cover can also be part of comprehensive cover so that if your bike is damaged due to fire, you will still enjoy coverage. Comprehensive will equally cover your medical expenses if you were the innocent party in the accident.
What comprehensive bike insurance may not cover
However, there are some covers which comprehensive motor bike cover will not provide. For instance, if you would like to cover yourself even further, then you can add Personal Accident Cover. This will cover payment of compensation for any wages you may lose as a result of an accident even if it’s your fault. In some other cases, it pays out if you are involved in an accident with a rider who does not have motor bike insurance.
For the policy to cover you if you break down, you need to add breakdown cover to your Comprehensive insurance policy. Comprehensive motor bike cover will also not provide a specific loss of earnings cover. What it provides is out of pocket expenses. But this is not necessarily a set amount for your earnings.
Personal Accident Cover
This is a type of motor bike insurance cover that provides financial assistance in the event you sustain injury or your passengers. This type of coverage can help reimburse you for medical bills, lost income, funeral expenses, childcare, and more if you’re hurt in an accident
Generally, Personal Accident Cover covers you for death, permanent and total disablement and loss of limbs. Thus, some policies will cover you for partial disablement or full disablement.
It operates as an additional extra when it comes to insurance and as such comes at an additional cost of premiums. Also noteworthy that Personal Accident Cover provides only a one-off payout in the event of one of the above incidents. It does not provide any continuous payment for loss of earnings.
It equally covers payment to your family if you suffer a fatal accident while riding which is the subject of the insurance even at your fault.
However, there are instances, where personal motor bike insurance policy will not cover you and some of these circumstances where you will not get indemnity include:
- If you deliberately put yourself in danger.
- If you are the cause of your injuries.
- If injuries are as a result of drunkenness while riding
- If you sustain injuries at the course of committing or attempting to commit a crime.
Third Party
This is the type of cover that protects only third parties in the event you cause accidents resulting to their injuries or other losses. This implies that it does not pay out if you have an accident that was your fault, but it does protect Third Parties.
This implies that third party victims of your accident will be able to claim compensation for any damage/loss you cause.
This is the minimum level of motor bike insurance you are can access or buy. It covers the costs of damage or injury to Third Parties or their motor bike, but it does not insure you personally if you have an accident. Also, it does not cover repair costs to your bike but only that of third parties.
Fire and theft motor bike insurance
This provides you coverage in the event your motor bike is stolen or destroyed by fire.
Social, Domestic and Pleasure
As the name suggests, this is the kind of coverage that stems from the use you put your motor bike Social, Domestic and Pleasure will give you insurance coverage for injuries or losses you sustain while visiting family or friends or going shopping. It typically covers journeys you make for leisure purposes. And as such, it does not insure you for damages or injuries you sustain while travelling to or from your place of work.
Social, Domestic and Pleasure will keep you covered for things such as visiting family or friends or going shopping; journeys you make for leisure purposes. It is not designed to insure you for travelling to and from a workplace.
Social, domestic, pleasure and commuting cover
In addition to the coverage offered by Social, Domestic, and Pleasure, social, domestic and commuting insures you for damages you sustain from travelling to and from your place of work.
The definition of the word commuting depends on the insurance company in question. While some insurers say that travelling to and from the same place every day, particularly in peak hours, does count as commuting. Others say commuting counts as a place of work or a place of study. As a result, it is advised that you find out from your insurer before buying your policy.
Pillion Cover
This is a class that covers the passengers you carry on your bike. Pillion riding means to ride behind somebody on their motorbike as a passenger. Therefore if you are the bike owner and you intend to take passengers with you will need pillion motor bike insurance cover. This is most important because in many cases, your insurance policy does not insure you to take passengers. Therefore if you want to carry passengers in your motor bike, you must add pillion cover to your insurance policy or it will be invalid.
Bodily injury coverage
This offers you coverage for things like medical expenses and loss of wages that result from the injury or death of another driver when you’re at fault. Some insurers may extend this liability to passengers on your motor bike, too. For some other insurers, passenger liability is often a distinct coverage. It is noteworthy that this coverage does not pay for your own medical bills.
Medical payments coverage
This is a class of motorbike insurance that offers you coverage for reasonable and necessary medical bills. For example, like ambulance rides and X-rays, which are the results of an injury to you or your passengers on your motor bike.
Property damage liability coverage
This type of coverage will help you cover damage to another’s property when you are at fault. For instance, it may help pay for repairs if you damage other vehicles, private residences, storefronts or other structures. This coverage does not pay for repairs to your own bike.
Motor bike Collision coverage
This type covers damage to your motorcycle which results from a collision with another object. Your motor bike can collide with other objects which may include a car or another motor bike, a tree or a building. With this collision coverage, you will be able to protection for such incidents.
Uninsured motorist bodily motor bike injury coverage
There are always riders who do not have any coverage plying the same route with you. This class of motor bike coverage protects you and your passengers for injuries from an accident with an uninsured or an underinsured rider. To enjoy this coverage, the fault must be of the uninsured or underinsured rider.
Towing and other labor coverage
This type operates to cover and reimburse you for the costs of towing. And other associated labor if your motor bike breaks down or you get in an accident. And your motor bike will have to move to safer location or the workshop.
Conclusion
Motor bike insurance is a worthwhile class of insurance policy. The types discussed here may not be exhaustive. And it is advised you always table whatever kind of coverage for want for your motor bike with our insurer. This is because the type of coverage you want depends on your agreement with the insurance company.
