Motorcycle Insurance, the Nuts and Bolts

Motorcycle insurance costs are not as simple as 1, 2, 3 – A, B, C. In fact, motorcycle insurance is quite complicated and involves several factors that will weigh in on your expect cost. Here’s what you need to know:

Motorcycle insurance covers a driver against two basic events – accident and theft. Third party insurance for motorcycles is compulsory despite most claims involving motor bikes occurring as “solo events.” This happens because the driver is usually on their own when an accident occurs and generally presents no pose of danger to third parties or other vehicles.

Compulsory insure for motorcycles is usually low, however fire and theft are not taken into account. Motor bikes are easy to steal and insurance companies are timid when covering such a hot commodity. Expect high premiums if you wish to cover theft and fire.

Accidents are the number one claim for motorcycles. Unfortunately, accidents involving motor bikes usually pose serious or severe injuries and even death. The driver is exposed to other vehicles because he or she does not wear a seat belt. This is another reason why insurance companies charge a higher premium.

Insurance companies have no choice but to take into account these serious dangers. However they are also willing to reduce premiums by deciding how risky the driver and the bike are to society. The insurance broker will asset the driver’s age, years riding motorcycles, and size and power of the bike and engine.

While the driver’s age and riding experience is import, the insurance company cares more about past speeding and driving offenses as well as number of accidents the driver was involved in. If the number is low, the premium will be cheaper. Car and motorcycle insurance really pays off for drivers who are careful on the road.

If the driver uses the motorcycle only as a secondary form of transportation, than expect an even lower premium. If you only plan to take the bike out on the weekends or on holidays, inform the insurance company. Insurance companies understand your desire for a motor bike and are willing to work with you to reach a satisfactory premium.

Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Motorcycle Insurance information portal