Even the most seasoned bikers cannot predict what will occur on the road. As fun as it is, the worst may occur as you weave through the lanes on your bike. This is where motorcycle insurance plays its role; a financial safeguard against injury or loss caused by a traffic crash involving your motorcycle.
In the United States
In some states learners are permitted at just 14. Only operators under 18 have to take the safety course and insurance requirements like helmet laws depend on what state you are in. Some require it while others do not.
The age is 16 to get a learner’s permit and take the safety course, but then you must also take an advanced class and cannot get a full license until 17. Motorcycle helmets are compulsory and you must have motorcycle insurance.
The age is anywhere from 16-24 depending on the size, weight, and class, it is a very complicated system. They also require motorcycle helmets and insurance.
The requirements include motorcycle training, a motorcycle license, must be at least 18, and helmets are required.
In Singapore, you must obtain, at minimum, a third-party obligation insurance policy. What exactly is it? What are the other types of motorcycle insurance: which is the best for you? Read on to find out more.
Types Of Motorcycle Insurance
1) Comprehensive Cover
The highest standard of insurance available is referred to as ‘comprehensive’ coverage. It protects you and your motorcycle in the event of an accident or incident that is your responsibility.
It also includes everyone else involved (also referred to as a ‘third party’) and their automobiles. Thus, it ensures that your insurance will cover any fixes required by the ‘third party’s motorcycle. Fire and theft coverage is also inclusive. So, if your motorcycle is destroyed by fire or stolen, you would be compensated.
Does it cover your medical bills?
If you were not the at-fault party in the crash, comprehensive coverage would compensate for your medical costs.
Personal Accident Cover may be integrated into your policy if you want to extend your coverage any further. It will compensate you for any lost income due to an accident, even though it was your fault. If you get involved in an accident with an uninsured passenger, it will pay out in certain situations.
Is it going to protect you if you have a breakdown?
No, it does not. To be protected if your motorcycle breaks down, you must add breakdown coverage to your comprehensive insurance plan. It ensures that the motorcycle will be repaired on the roadside or transported to a workshop.
Is it going to protect you from lost wages?
Comprehensive insurance does not have an apparent loss of earnings coverage. It does have what is known as out-of-pocket expenditures, but this is not always a fixed figure for your earnings.
2) Third-Party Liability, Fire, and Theft
Third-Party, Fire, and Theft insurance does not really reimburse you if you are at fault in a crash, but it does cover the ‘Third Party.’
That means someone else involved has the right to sue you for any harm you caused. This policy form covers fire and theft, so whether your bike is destroyed by fire or stolen, you are safe.
Is it going to pay out damage to your own bike?
No, Third Party, Fire, and Theft insurance only pays the expenses of other persons involved (Third Party) and does not cover any damages to you or your motorcycle.
3) Third-Party Only
The third party Only is the bare minimum of motorcycle coverage that you are legally permitted to obtain. It pays the cost of damage or injury to other persons (the Third Party) or their motorcycle. However, it does not protect you if you are involved in a crash and does not pay the expenses of fixing your motorcycle.
Which Is The Best For You?
Typically, the premium costs for the insurance plans are lowest in ‘Third-Party Only’ and highest in ‘Comprehensive’ coverage. As a rule of thumb, the more the coverage, the higher the premium charges. Nonetheless, even if you purchase the same form of policy, the premium amount can vary for each rider. The following are some factors influencing the charges of your motorcycle insurance.
1) Your Age
There is no getting around it. The youthful you are, the less experience you have on a motorcycle, and hence the more significant the danger you may pose on the road. As a result, you will have to pay higher rates.
2) Insured Motorcycle Model
Sports bikes and motorcycles with powerful engines can have a higher premium. This kind of motorcycles will most probably be quicker on the track, but it would also be more expensive to repair. Thus, a higher premium is expected.
3) Motorcycle Usage
A bike used for pleasure would have a lower premium compared to one motorcycle used for work.
4) Registration Year
The latest the model, the more the premium charges.
5) No-Claim Bonus (NCD)
The credit you get for driving safely. If you have not made any claims in the previous year, you will get a discount when you renew your motorcycle insurance.
When contrasting motorcycle insurance policies, keep in mind that premiums are just one component of the measure. Plans with lesser premiums also lack essential coverages or bear high deductibles. As a result, a single, serious allegation could wipe out all of your savings.
While still, we emphasize that premium is a vital factor to consider when taking up motorcycle insurance, it is also best to compare coverage limits and deductibles. Slight variations on paper can have a significant impact in real life.