Motorcycle insurance is a crucial financial product to have to protect the safety of riders. Although bikers are at a greater risk of road accidents, there are many who ride bikes without any coverage, leaving themselves and others in danger.
Bike insurance is a necessity as it offers a number of protections for riders. Here’s why you should never resort to riding your motorbike without insurance.
Why is motorcycle insurance important?
- Offers financial protection: Motorbikes are more vulnerable to accidents than cars, and the injuries that riders sustain can be more serious. But with insurance, medical bills, lost wages, and property damage resulting from an accident can be covered easily.
- Offers liability protection: Insurance protects policyholders from financial liabilities towards third parties involved in accidents such as personal injuries and property damage.
- Offers theft protection: Motorcycles are more likely to be stolen than cars due to their size. If this happens, theft coverage can cover the cost of replacing your motorcycle, which costs thousands of ringgits.
- Offers damage protection: Bikes are also more likely to be damaged in accidents and other natural disasters, such as hailstorms and floods. However, with insurance, the cost of repairing or replacing the motorcycle if it is damaged can be covered.
Other benefits
In addition to these essential reasons, motor insurance can also provide other benefits, such as:
- Personal injury protection (PIP): PIP can help to cover your medical expenses, lost wages, and other expenses if you are injured in a motorcycle accident, regardless of who is at fault.
- Collision coverage: Collision coverage can pay for the repair cost of your motorcycle if it is damaged in an accident.
- Comprehensive coverage: Comprehensive coverage can pay for the repair cost of your motorcycle if it is damaged by theft, vandalism, fire, or other events that are not covered by collision coverage, such as floods, landslides and storms.
Which policy to consider?
If you own a motorcycle, it is important to have it insured to protect yourself and your financial interests. Vehicle insurance policies are typically divided into three types, namely comprehensive or first-party insurance, third-party, fire and theft (TPFT) insurance and third-party insurance.
We recommend comprehensive or first-party insurance over TPFT or third-party policies because it offers wholesome coverage for your vehicle, as illustrated below:
Comprehensive insurance not only protects you from liabilities to third parties, but it also covers your bike for damages resulting from incidents of fire, theft and accidents. This policy also allows for the inclusion of special perils which cover vehicle damage from acts of nature, such as floods and riot-related damages.
Therefore, a comprehensive policy is always better to have over third-party insurance plans to safeguard your bike from a host of unforeseen circumstances.
While it’s undeniable that motor insurance is an investment in your safety and financial security, you should compare quotes from different insurers to find the best policy for your needs and budget.
Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Visit Bjak today to get your free insurance quote!
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