Whether your motorcycle is for the daily commute or you own a delivery fleet, you need motorcycle insurance. Despite the mandatory requirements by legal enforcers, motorcycle insurance provides you with some form of financial accountability that is essential on busy highways. With the best motorcycle insurance company in Singapore, your policy will entail many packages. We delve into how to select an insurance plan that works for you.
What does motorcycle insurance cover?
Motorcycle coverage helps you reimburse enormous repair and health bills that follow a motorcycle crash. Most coverage options include:
- Liability coverage
Liability coverage provides financial compensation cover for the other party if you cause bodily damage or automobile damage. Top-tier liability coverage attracts high premiums; however, they cater to massive bills from a motorcycle accident.Even so, many riders prefer low coverage. Ideally, if your motorcycle plies urban routes, then you need higher liability coverage.
- Personal injury protection
This is a coverage plan that reimburses you for the medical cost incurred in seeking treatment or foots the bill altogether. Also, personal injury coverage pays for funeral expenses and lost wages during the recuperation phase.
- Guest passenger liability
Sometimes guest passenger liability falls under personal injury protection. However, it is good practice to evaluate the coverage options in your desired insurance plan carefully. A guest passenger liability insurance covers medical bills for an uninsured passenger in the event of an accident. Guest passenger liability covers help you avoid financial distress when you should be recuperating.
- Collision coverage
This is your personalized cover that caters to non-vehicle-related damages on your motorcycle. There are usually hidden clauses in a collision coverage plan, and you should always scrutinize the plan before putting pen to paper. Some coverage plans limit financial compensation to collision with natural objects such as trees. Always DYOR.
Motorcycle insurance plans for the ultimate biking experience
Despite the many options insurance brokers offer you at renowned insurance agencies, https://www.directasia.com/motorcycle-insurance/ motorcycle insurance plans fall under three main categories. Each category attracts different premiums and, consequently, different coverage options.
1. Third Party Only (TPO)
TPO is for budget-conscious riders. TPO provides basic essential coverage at low premiums. The main perks include paying for medical bills and damage expenses for the other party’s claims. Additionally, if legal disputes ensue, rest assured a TPO will handle the expenses.
2. Third Party Fire and Theft (TPFT)
Third-party fire and Theft is for the motorcycle owners who want additional protection with little increase in premium cost. TPFT coverage insures you and your motorcycle against theft and fire damages. Standard TPFT plans do not cover losses due to non-crash damages and non-vehicle-related crashes.
3. Comprehensive cover (COMP)
We save the best for last. Comprehensive motorcycle cover insurance covers medical bills, legal expenses, theft, fire damages, natural disaster damages, and non-related vehicle crash expenses. Many motorists prefer the COMP cover since it foots non-crash damage bills to a motorcycle. The only downside is increased premiums. But it is a price worth paying for the profound benefits COMP offers.
What is the best motorcycle insurance for me?
When choosing a suitable insurance plan for your motorcycle, there are a lot of factors to consider. The premiums you have to pay, the coverage plans, potential risks, remittance time, and the type of motorcycle influence your decision. However, safety always takes precedence over other aspects.
The insurance industry is dynamic, and some insurance providers provide you with customized plans. The significant merit of a motorcycle insurance tailored plan is you can scrape out the unnecessary coverage and incorporate salient cover options that meet your budget. Essentially good motorcycle insurance provides you with a substantial financial cushion, rapid response and remittance, affordable premiums, and has a proven track record with its customers.
Always look out for discounts and additional perks that may come in handy in a motorcycle insurance plan. Commercial insurance varies contingent on the type of motorcycle. You can find varied prices albeit the same perks for different bikes.
Outlook
Choosing a motorcycle insurance plan is a taxing task that you should invest time to choose. Don’t be afraid to comb through the legal documents and seek clarification. If you entrust your life and financial health to an insurance provider, you better do it right.
