Get Motorcycle Insurance Today

Getting your bike insured protects you against all kinds of risks, including theft, snatching, terrorism, accidents, and damages. A great Motorcycle insurance plan will also protect you against third party liabilities in case you’ve caused damage to a third party with your vehicle. The right insurance plan keeps you protected and tension free. 

It’s important to get your bike insured the moment you purchase it but even if it’s a few years old you can go for a reasonable insurance plan that provides a great cover.

How is Your Insurance Cover Calculated?

An insurance cover is based on a number of factors.

vehicle mileage

Vehicle Mileage

The more miles your vehicle covers the older it gets. A vehicle’s market value is strongly linked to its mileage.

old car icon - age of vehicle

Age of the Vehicle

Your vehicle’s market value also depends on the age of your vehicle. The older it gets the less the market value. For example, a 2020 or 2019 Yamaha YBR will outreach the 2015/2016 Yamaha YBR in value.

Car value - market value

Market Value

The sum assured or the guaranteed amount in the cover is based on your vehicle’s market value. The market value is the selling price of your vehicle.

Car Maintenance Score

Maintenance Score

The maintenance score is calculated based on how well maintained and in what shape your motorcycle is. Any damages to the interior or exterior can hurt your market value.

Chances of Theft

Chances of Theft

This is based on general probable statistics. Depending on your car’s model and other factors, the company calculates the motorcycle’s chances of theft. The higher the chances, the higher the insurance rate.

motor insurance

Other Probable Factors

Based on probability, men are more likely to suffer a vehicle loss or damage compared to women. Factors like these are also considered while establishing your insurance cover.

To get the right sum insured it is important to understand exactly what your vehicle’s market value is. If you quote the wrong market value for your motorcycle you’ll get underinsured. This means in case of an accident, theft or anything else you’re insured against, the company will only pay you a percentage of your total loss. An example: if you get insured for 70% of your total market value, you will only receive a compensation of 70%, incurring a loss of 30% even after the insurance claim is made and you’re reimbursed.

Types of Motorcycle Insurance

Depending on your needs, you can opt for different types of motor insurance policies. The rates vary depending on your vehicle model, how much coverage you get and other factors.

Full Comprehensive Coverage

Comprehensive Coverage

These policies insure your vehicle against every possible risk: accidents, theft, third party liabilities, third party claims, damage, fire, natural calamities, riots, and terrorism. They offer full reimbursement if you lose your motorcycle and take care of the financial legalities for you. Naturally, the premiums are also more expensive compared to other options. 

Accidental Death and Permanent Disability Coverage

If you die or are permanently disabled due to an accident involving the motorcycle,  the insurance company provides full, promised coverage to your family so they’re financially backed during these worse times. And, the company takes care of your premiums (in case of disability) so you’re not burdened by any financial responsibilities further. 

Some of these policies also give you the benefit of insuring your whole family so in case a death/accident occurs involving the vehicle or otherwise, you get a promised sum assured to tie you over financially while you deal with your losses.

Accidental Health coverage

Protection Against Damage, Theft, and Third-Party Liabilities

Accidental health and death insurance coverage

These insurance covers give you protection against theft, third party claims, and terrorism. This means if your bike is stolen, snatched or annihilated due to terrorist activity, you’ll get a full reimbursement by the insurance company. What the policy doesn’t cover are natural calamities, fire, accidental damages or damages due to riots and strikes. The premium and insurance costs are far more affordable and a lot of people opt for this option since it gives them a basic, required cover.

Additional Information

COVERAGE FOR LOAN AMOUNTS: These insurance policies provide comprehensive coverage including covering your remaining loan amount to the leasing company in case of death of the lessee. 

ACCIDENT COVER FOR PASSENGERS: This is a widely popular cover provided by a few insurance companies that provide accidental injury or death benefits to guests while traveling in the insured motor vehicle. This is extremely beneficial to people in the hospitality, and car rental service business.