Having this cover in SA is an exhilarating experience, with the promise of independence on the highway & a low-cost mode of transportation. Motorcycles, however, come with threats, including theft, accidents, & sudden damage. This is why motorcycle insurance remains an integral part of responsible motorcycle ownership. Having the correct insurance quote to protect bikers economically and with the security it gives requires knowing the ins and outs of motorcycle insurance, cover, and the price that goes with it.
Which Type of Insurance is Best for a Bike?
In selecting motorcycle insurance in South Africa, you must decide the required coverage. The three primary categories for motorcycle insurance are third-party, fire and theft, and comprehensive, and the latter two fall under the former with varying degrees thereof. Comprehensive insurance has the most coverage, with third-party having the least.
Comprehensive motorcycle insurance is suitable for most motorcycle riders because it protects you against damages in the case of accidents, theft, fire, and third-party liability. Given the high motorcycle theft incidence in South Africa and the vulnerability to the possibility of on-the-road accidents, the policy has you covered monetarily against any number of issues. Cover against standard accessories, too, means any upgrade or modification to your motorcycle has cover against damage, and roadside assistance, medical bills, and emergency accommodation are typically covered by most insurers, all contributing to the policy’s value.
This third-party, fire, and theft cover costs less but covers damage to the other parties, as well as theft and fire, but not accidental damage to your bike, leaving you with costly repairs. This most basic type, third-party-only insurance, covers the other parties’ property but gives you zero financial security for your motorcycle. Riders usually choose this coverage for the smallest budgets. It’s also perfect for those with less expensive motorcycles.
What Does Motorcycle Insurance Cover?
It has different coverages with varying degrees that cover riders against financial loss. This is in case of accidents, theft, & other unforeseen circumstances. The extent of the coverage differs depending on the type of insurance, with the most protective coverage offered by comprehensive insurance.
Accident damage cover, which is a priceless addition to the policy with comprehensive insurance, covers the payment for repairs or the value of buying a new bike if your motorcycle gets involved in an accident. This applies to a country where road safety has not yet been optimized, and accidents result in substantial financial losses. Comprehensive insurance also covers theft, where your motorcycle gets stolen, and you are awarded according to the insured value of your bike. Since motorcycle theft has become widespread in South Africa, this cover should be something that no rider goes without.
Fire and weather damages are also covered by comprehensive motorcycle insurance. In the case of damage to your motorcycle due to fire, flood, hailstorm, or other natural disasters, your insurance firm pays for the repairs or the replacements. Most insurance companies offer third-party liability coverage. It covers you against legal & monetary claims. If you damage another individual’s property or car due to negligence, you get sued for the same.
Many insurance policies take the added step and cover personal accident benefits. Here, they cover medical expenses and wages if you suffer injury in the event of an accident. Add-ons that cover emergency towing, fuel supply, and tire puncture replacements so that you never find yourself stranded on the road are also available with riders. Cover for accessories and customizations, so that custom accessories fitted on your bike, be it engine performances or custom paint, are covered too, are offered by some insurance companies.
What is the Perfect Motorcycle Insurance?
OUTsurance ranks as a leading provider. It stands out with a fully customizable cover that allows riders to select the right policy based on their requirements. The firm offers cover for accident damage, theft, & roadside assistance. Thus, this ensures that the policyholders are fully covered during emergencies. The firm also gives policyholders cash-back bonuses when the year goes claim-free, making it the perfect insurance for responsible riders.
Budget Insurance also offers full motorcycle insurance, with coverages against accidents, theft, and third-party liability. Its most significant plus point is the low premium, and it’s the best value for budget-conscious riders who require maximum coverage. King Price Motorbike insurance stands out with its decreasing premium methodology, where the insurance premium decreases with the passage of years as the bike’s value decreases. It’s the perfect solution for riders who desire long-term value without compromising coverage.
Being a specialist motorcycle insurance company, Bikesure has specifically designed policies for bikers, e.g., covering off-road and high-performance motorcycles. Besides, health and wellbeing benefits are added to insurance coverages offered by Discovery Insure, and safe riders are provided discounts and rewards. Another reliable one, MiWay, has flexible policies and the option to personalize the cover per individual needs.
How Much is Bike Insurance on Average?
The premiums vary with many factors. These include the age/type of motorcycle, model, geographical location, & claims record. On average, premiums range from R150 to approximately R1500 per year. The more extensive coverage is offered through comprehensive insurance, which is more expensive.
Motorcycles with high values, sports motorcycles, and those with expensive fittings demand higher premiums due to the heavy repair bill and the high value placed on their theft. Similarly, riders who live in crime-ridden locations, including cities, are likely to pay more than those in rural locations.
A rider’s past and riding background also determine the premium price that has to be paid. New riders with claims and those with a dirty past pay more, whereas riders with good histories and more years of riding pay less. Some insurers also pay less for riders with security devices installed on the motorcycle, including alarms and trackers. Comparing insurers’ quotes and bargain hunting allows riders to choose the cheapest and the best insurance that meets their requirements.
Closing Remarks
The cover is an essential expenditure for the biker community in SA. It provides financial security against accidents, theft, and unexpected damage. From the several insurance policies available, including third-party, fire and theft, third-party only, and the more preferred comprehensive, bikers must consider their requirements diligently before deciding on the policy to opt for. Comprehensive insurance continues to be the preferred policy for most bikers, with maximum cover and utmost peace of mind. Many insurance companies available in South Africa offer affordable policies with a list of benefits and amenities.
