Different Types of Motorcycle Insurance Policies and the Attached Add-On Covers

September 23, 2021

Do you require motorcycle coverage? If you are riding your motorcycle on the road, the answer is definitely yes. It is, above all, a legal necessity. You can only ride without insurance if you’ve declared your bike off the road and have a SORN (Statutory off Road Notification) to confirm.

When you’re found riding without insurance, you’ll face a hefty fine, or your license gets suspended, or in case if you are taken to court, you could be fined an infinite amount, have your license suspended, or have your bike seized. Thus to avoid this, it is highly recommended to purchase the right insurance policy for your vehicle at the right time. 

There are several types of motorcycle insurance, each of which insures you differently. Some are pricier, while others are less so. The most crucial consideration is what has been insured in the case of an insurance settlement. On the market, there are three types of motorcycle insurance:

  • Third Party only (TPO)
  • Third party fire and theft (TPFT)
  • Full Comprehensive

Let’s take a closer look at every one of them.

1. Third Party Only (TPO)

Third Party Only is the minimum bike coverage that you can lawfully obtain. It pays for the expenses of damage or injury to another person’s bike (the Third Party). Furthermore, it does not cover any medical care that you may require in the case of an accident.

TPO does not cover your bike in the event of a fire, theft, vandalism, or if you lay it down on your own. Get TPO cover plus additional protection to be on the safe side.

2. Third Party Fire and Theft

The advantages of third-party, fire, and theft are just like third-party. For example, it does not protect you if you are responsible for an accident, but it does protect the person you wounded or whose bike you wrecked (Third Party). That implies anyone else involved has the right to sue you for any damages you cause.

So, what exactly is the distinction between TPO and TPFT? If your bike is stolen or damaged in a fire, you’re compensated with TPFT insurance. Optional benefits can be added to your TPFT policy to increase your degree of protection.

3. Full Comprehensive

If you value your bike, comprehensive coverage is the best way to safeguard it. Like home insurance or car insurance, it is the most expensive type of insurance available. In addition to the above two policies, you and your bike are covered against accidents, catastrophic events, theft, and towing in the event of an accident, regardless of whether or not you were at fault. If your bike is written off, this coverage may pay for the cost of a new bike.

It also protects the property of anyone else involved, sometimes known as the Third Party. This implies that your insurance will cover any repairs that the third Party’s bike may require if you were at fault for the collision on your behalf. Furthermore, you would still be protected if your motorcycle is stolen or is damaged by fire.

Is it going to cover your medical bills? Yes, absolutely. Comprehensive coverage will pay your medical expenditures if you’re the real victim in the accident.

If you want to be even more protected, you can add a Personal Accident Cover to your policy. This will compensate you for any lost income because of the accident, even if you were responsible. However, it does not provide the full salary but only what it calls out as “pocket expenses.” It may pay out in some instances if you are in an accident with an uninsured rider.

Is it going to cover me if I have a breakdown? You are not covered if your motorcycle breaks down on the roadside. To be protected if you break down, you must buy additional breakdown cover to add it to your comprehensive insurance premium. This will save you money on towing or having your bike dragged to a garage.

  • Add-On Covers:

Social, Domestic and Pleasure and Social, Domestic, Pleasure and Commuting Cover

These two kinds of covers are intended to help you tell your insurance how you ride your bike. For example, Social, Domestic, and Pleasure will ensure things like visiting relatives and friends and going to the shops. It only provides coverage for trips taken for pleasure. It is not intended to cover you when traveling to and from work.

But with Social, Domestic, Pleasure and Commuting Cover, you’ll be covered for all of the above, as well as travel to and from work.

1. Cover for a Pillion

Riding a pillion is being a passenger on someone else’s motorcycle. Pillion insurance is required if you own a motorcycle and plan to transport people. This coverage is necessary because your insurance policy may not cover you if you are transporting passengers. Is this insurance required? Yes, if you intend to transport people with your bike.

2. Accident Insurance for Individuals

When it comes to motorbike insurance, this type of cover counts a lot. If you or any people you are transporting are critically harmed, it gives financial aid. It will also compensate your family if you are killed while riding the bike you have insured, even if the accident was your fault. Learn more on this website.

Bottom Line

From Third-Party Fire & Theft to Full-Comprehensive, there are multiple insurance policies accessible to protect your two-wheeler. Also, most of these policies come with add-on covers with intend to protect your vehicle against accidents, catastrophic events, theft, fire, or any unfortunate incident.  

This blog covers some of the different types of Motorcycle Insurance Policies, and the Attached Add-On Covers to help you find the right policy and multiply the joy of bike ride. Hope this helps!

Different Types of Motorcycle Insurance Policies and the Attached Add-On Covers was last modified: by

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