With the increasing sale as well cases of theft and accident of two-wheelers around the world, motorcycle insurance has also been an important component of insurance industry in modern times.
These insurances are purchased for cars, trucks, motorcycles, and any two or four wheeler vehicles. it provides comprehensive financial protection against physical damage, bodily injury resulting from traffic accidents.
There are various types of motorcycle (and other forms of two-wheeler like scooters and mopeds) insurance policy:
• Insurance covering the rider (it allows one to ride any motorcycle up to a particular size)
• Insurance covering a certain bike , and not the rider
• Insurance for third party only (in case someone other than the insured and the insurer is involved in a case accident leading to damage of the insured’s vehicle)
• Third party fire and theft insurance
• Comprehensive insurance (covering third party, fire and theft insurance apart from damage caused)
The market for motorcycle insurance is mainly dominated by third party, fire and theft. Comprehensive cover is not always financially viable as it can cost almost as much as the bike itself. However, motorcyclists can cut premiums by:
• Undergoing advanced training course.
• Garaging the bike properly and fitting approved alarms.
• By refusing to take pillion passengers and by limiting mileage earning ‘ No Claims Bonus ‘.
Major motorcycle insurance agencies are:
- Bennetts Motorcycle Insurance (policies include Breakdown Cover, Personal Accident Cover, Legal Expenses Cover, offers for Women Bikers, Competitive Cover On Scooters, Lower Prices For Those Over 25)
- ICICI Lombard (offers Loss or damage to vehicle caused by natural calamities or man made calamities, personal accident cover, third party legal liability) [Contact e-mail id: email@example.com]
Last Updated on : 28th August 2013