Getting the best motorcycle insurance takes time and requires some planning. Since motorcyclists are at immediate risk of accidents and theft, insuring the vehicle must be thought through. Reckless buying will lead riders to suffer losses, which can be hard to deal with.
So, here are some ways to get the best motor insurance plan that fits your budget and provides comprehensive protection. Follow these tips and get hold of the policy you want on your next renewal.
1. Buy comprehensive insurance
Like car insurance, motorcycle insurance is also available in the three types. They are comprehensive, third-party, theft and fire (TPFT), and the basic third-party plan. For the best and near-perfect protection, a comprehensive plan is highly recommended over TPFT and third-party plans, as it protects riders under various circumstances, including damage to their vehicle.
What is more profitable, comprehensive motor insurance allows for add-on coverage, such as special perils add-on, personal accident, and additional riders if necessary.
2. Renew early
Avoid renewing your motor insurance past the deadline, as this can make your premium soar than early renewals. Some insurers may also charge extra pennies to activate a dead policy. So, set reminders to ensure you do not miss important dates.
Ideally, it would be best to renew your motor insurance as early as two months before its expiry date. This way, you can get competitive benefits and a better price from the insurance company.
3. Compare prices
Never auto-renew your motor insurance with the same brand every year, as this could lead to potential losses. Compare prices and get coverage from a different brand. This allows you to snag the best deal at the best price while enjoying better benefits.
Comparing policies used to be difficult as there weren’t services or platforms readily available to view multiple brands at once. But now, online comparison platforms like Bjak make life so much easier as you can choose from top insurance brands anywhere, anytime.
4. Insure based on agreed value
Just like renewing a car policy, remember to insure your motorbike based on the agreed or market value to receive the right compensation for theft, fire or total loss.
Procuring insurance based on the agreed value, especially for new bikes, ensures a fair return of cash in your pocket and prevents issues of underinsurance — the insured value is lower than the actual market value of the vehicle. When you purchase a policy based on the agreed value, the compensation offered in the event of a mishap will follow the market value.
5. Pay by instalments
Instalments are a great way to afford expensive motor insurance. Comprehensive insurance and plans with many customised coverage options typically cost more than a basic policy. Therefore, looking for platforms offering instalments as an alternative payment method is ideal for securing the best bike insurance.
For example, Malaysia’s No.1 Insurance Platform, Bjak, supports 4 different payment methods (SPayLater, Atome, Grab PayLater or ShopBack PayLater) and offers instalments of up to 12 months without any minimum spending requirement. So, for those looking for affordable means to own vehicle insurance, here’s your chance!
Renewing insurance for bikes
There is more than one way of renewing your motorcycle insurance these days. But getting the best deal can be challenging with so many alternatives out there. So, remember to follow these tips on your next renewal and share these tips with a rider friend who may need help.
Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Get your free insurance quote from Bjak today!
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