People who own and use motorcycles should never risk having insufficient insurance to protect them and other riders. Comprehensive motorcycle insurance, third party non life insurance and veteran, vintage and classic vehicle insurance are the types of insurance that you have to choose.
Comprehensive motorcycle insurance gives you complete insurance coverage, which includes providing your bike with complete protection and damage that you can cause to anyones property with your bike. This type of coverage works well for scooters as well.
Third party property damage motorcycle insurance is a type of insurance that covers the property of others and their vehicles, but it will not provide protection for your own bike.
Veteran, vintage and classic vehicle insurance is a type for bikes over the age of 15 that are not driven as much as they are used only for hobby or recreational use.
In addition to these types of insurance for your motorcycle, you must also have a third party insurance, which provides protection for those you hurt on your motorcycle. If you want to register your motorcycle for ACT, this kind of insurance is mandatory.
Coverage under motorcycle insurance
Most will need to have comprehensive motorcycle insurance. There are a number of different amounts of coverage you can buy based on the budget you have and how much protection you want for your bike.
The insurance company will probably cover costs associated with an accident with this kind of insurance, including getting the vehicle to repair or replace the vehicle or pay a payment to the motorcycles market value or a price you agree with. It is likely to cover the costs of fire, repair or change of lock, and it provides a policy that protects others. This liability insurance included in the comprehensive package will include a high level of protection for you for those who can damage you while on your motorcycle, including legal fees, compensation for damage, injury caused by a passenger you may or will cover for your employer if you use your motorcycle for business.
The overall plan will provide your motorcycle coverage from storms, noise, compensation when the vehicle is total loss and towing. Mechanical failures will not be covered by most insurance policies, and you will not be covered if you take your motorcycle outside the country.
In addition, any individual driving a motorcycle in Australia will require third party insurance, or TPI. This is the type of insurance that protects you when you cause an accident and when other road users are injured against you.
Questions to your supplier
If you have special needs, talk to your insurance company. The policy should include liability protection, but even a comprehensive package may not be enough. Assembling a careful package that includes comprehensive insurance and third party insurance is a must for most insurance companies. Ask your supplier
How to claim
Whats covered and whats not covered be sure to be specific here What happens to your policy and premium payments when you have an accident and make a claim? Are there any discounts to connect your motorcycle insurance with others? types?
Way to save on motorcycle insurance
Get the right insurance package for you. If you do not drive your motorcycle often, it can qualify for cheaper vintage insurance. If you are using your motorcycle for business, be sure to let the supplier know about this in advance.
The most important way to get a lower price on your insurance for your motorcycle is to benefit from comparison shopping. Talk to several insurance companies to find out what they can give you. In many situations you will find discounts for additional policies as well. To insure your vehicle with your motorcycle can reduce the total you pay in total.
Beware before signing up
Read your motorcycle insurance policy thoroughly. The policy will have a specific page listing all items that are covered and not covered. Be sure to understand what is not covered and get an explanation of either of these. In the end, it will define whether or not to log. Be sure you have a complete understanding of your policy!
Additional coverage to consider
In addition to comprehensive motorcycle insurance, make sure that you also have third party property damage for motorcycles. Think of the benefits of adding any additions to your policy, if appropriate eg road assistance. Also, see what the lender will give you including discounts, rewards, rental car and after accident care, ons in certain situations. Some give you lifetime guarantees for repairs as well.