Insuring a motorbike is surprisingly a bit trickier than insuring your car. We took a look at what the differences are and how you can go about insuring your favourite asset!
Although petrol might have dropped in price for the meantime, traffic congestion is getting worse. There really is nothing more frustrating than sitting in traffic for hours on end before reaching a destination. South Africa has some of the worst traffic jams in the world.This traffic can all be avoided however, on two wheels. Yes, motorbikes are small, nippy and can get you to your destination faster than a car can.If you have considered purchasing a motorbike or currently own a bike, have you ever thought about motorbike insurance? Don't worry because we have all the answers on insuring your motorbike.
Before you purchase a motorbike you should determine what you will be using the bike for. Whether it be a leisurely ride on the weekend, your full time mode of transport or just a quick ride around town.Once you have determined how you plan to use the motorbike, you can then choose an insurance plan best suited to your needs.There are three different insurance plans which are suitable for motorbike insurance. It is always, however, recommended that if you are considering taking out an insurance plan, that you take out the Comprehensive plan.Here is a breakdown of the different plans available:
Comprehensive Motorbike Insurance
This policy is the most secure one as it covers almost every thing that could possibly go wrong with your two-wheeler. Although this might be the case, it is always recommended that you make sure you know what isn't covered. The following areas are, in a general Comprehensive policy, covered:
Accidental damage to your motorbike;
Damage to accessories(if motorbike is stolen or damaged at the same time);
Damage caused by acts of nature;
Third Party Only (TPO)
This is considered the minimum level of cover that an insurance company can provide. This policy doesn't include cover to your motorbike or your injuries in the event of an accident. It also doesn't cover you in the event that your bike is stolen or if there is a fire.The following features are covered with TPO insurance:
Liability of damage to third party;
Damage to property.
Third Party And Theft Insurance (TPTI)
This insurance policy is slightly better than the TPO plan. It will cover you if claims are made against you as a result of an accident. This policy will also offer cover for the following things:
Any damage caused during theft or attempted theft.
Remember that this plan doesn't protect you from damage to your bike in an accident or medical injuries.
What Am I Not Covered For?
Once again, it really all depends on your policy. If you decide to choose the Comprehensive plan, there are a few situations which are excluded from cover.According to Budget Insurance's Comprehensive Motorbike Insurance plan, the policy will not cover the driver in the event of the following instances:
The driver is driving under the influence of alcohol or drugs;
The driver does not possess a motorbike licence;
The driver doesn't possess a valid motorbike licence.
Most insurance companies follow a standard policy with exclusions. If you intend to ride the motorbike to race, this will not be covered either. If you are caught racing and you don't have the correct cover and are in an accident, your premium will increase.
Now that you know the variations of cover available for your motorbike, here are some tips to consider before hitting the road.
1. Low Risk Equals Low Premium
Remember that if you take out a motorbike policy, it is important to state what you will be using the bike for. The following factors could affect your premium:
Where you live;
The type of motorbike;
The type of security you have on the bike;
2. Get Permission
Although you might be insured with a Comprehensive plan, this doesn't mean you will be covered to ride other bikes. Many people think that their insurance applies to this, but most of the time it doesn't.If you are planning on riding someone else's bike, you need to firstly, make sure that they are covered. Secondly, you need to ensure that they have specified that you will be driving the bike, in case of an accident.This will make sure that, in the event of injuries, you will be covered, as well as the damage to the bike and others involved.Accidents do happen so just make sure that this is cleared up before you get on the bike.
3. Make Sure You Have Pillion Cover
The Pillion cover insures you if you are carrying a passenger in the event of an accident. In many cases, many South Africans tend to drive their motorbike with a learner's licence, which eventually does expire.A learners license is acceptable for just the driver on the bike, however, if they carry passengers they need a proper drivers licence. Another thing to consider is that the motorbike is suitable to carry a passenger. It is also legal safety requirements that both the driver and passenger wear a proper helmet.This type of cover is normally an extra option over and above the original cover.
4. No Claims Bonuses
If you are a good driver and don't claim for a long time, it would be beneficial to find out if your insurance policy offers a no claims bonus.For every year that you don't claim, you can receive a discount. The less you claim, the bigger the discount. Just be aware that if you make a claim for something that is your fault, you will lose some of your no claims discount.You also need to be aware that the majority of insurance companies will not transfer the discount to your car from your bike or visa versa.So now that you know the ins and outs of motorbike insurance, jump on the back of your bike and feel the wind gusting through your hair, worry free!