Many people require better insurance coverage for their motorbike and they aren’t even aware of this. Actually, this happens when people haven’t shopped for any insurance coverage for a long time. Even if some of them recently have, but they didn’t take sufficient time to do some research the different policies available in the market. Hence they end up paying for such policies that wouldn’t give them full coverage for their vehicle.
To gain better insight into any vehicle insurance policies we must plunge into the basics. In general, there are three main categories – third-party insurance policies, classic and old vehicle insurance, as well as comprehensive motorcycle insurance.
a) Third Party Insurance – when it comes to third-party insurance policies, this only covers the victim whom the bike owner has caused accidental damage and their vehicle. It does not cover the policyholder as well as his motorcycle.
It is compulsory to have third party insurance if the vehicle owner is ACT registered so that if any accident takes place while driving the motorbike the victim will be compensated for the damage caused.
b) Classic Insurance – This type of insurance is a good option for those having a motorbike not less than 10 years old. This is best for bike owners who just occasionally use their motorcycle, not regularly.
c) Comprehensive Insurance – A comprehensive insurance offers all-inclusive coverage to the bike owner. This means it will cover the damages that the bike owner might cause to other including his property or vehicle. In addition to this, it will cover the bike owner’s vehicle as well.
Most of the bike owners prefer to have a comprehensive insurance policy. With this policy, one can opt for any amount of coverage he would like. It all depends on the choices and the money the policyholder is willing to shell out for his protection.
Why you should opt for Comprehensive insurance coverage?
When you buy a comprehensive insurance policy, the insurance company will pay the entire expense in relation to the vehicle accident. For example, you will be paid the bike repairing cost as per current market value. It will also cover your expenses regarding replacement or repairing cost of the locks.
Benefits offered by this policy
- The insurance company will pay the entire cost of damages to the properties or vehicle of both the parties.
- They will bear the legal costs.
- The cost to the employer
- Not limited to only accidental damages, comprehensive insurance also covers property or vehicle damages due to theft, natural disasters, even towing and limited replacement of vehicle parts when it is needed.
- Any loss in income due to the accident
- The medical expense of both the parties
Before you decide to choose a comprehensive insurance plan for your motorbike, just be aware of the fact that, many insurance companies do not agree to pay in case the accident happened outside of the country. So read the policy terms and conditions thoroughly before signing on any policy as price, coverage plans and terms may vary between insurance companies.