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Latest Consumer News

(Motor) Bike Insurance

What is bike insurance?

In the UK, bike insurance is compulsory in case you own a bike and would like to ride in on the road. In fact most of the countries make it obligatory for the bike for the owner to get bike insurance. This is because at the time of paying road tax, the bike owners will have to show a copy of their bike insurance to the concerned authorities.

Different types of bike insurance

Comprehensive insurance policy – A comprehensive insurance policy includes any charges or losses incurred by you because of damage to your bike due to accidents and also includes theft and fire insurance.

Third Party and Theft Cover
– This policy covers all the third party liabilities in case of road traffic and also covers the charges towards your motorcycle in case your stolen is stolen or damaged by fire.

Third Party Cover Only
– This policy covers your liability for any bodily injury or even to death of the third party. This policy also covers charges for injuries to the pillion driver and also for any damage to third party property.

Motor Bike Insurance Policy Schedule The policy schedule provides all the details, terms and conditions of the fire insurance policy. It is your duty as a policy holder to be aware of all the terms and conditions of the fire insurance policy including the terms in fine print. You should also make sure as to for what charges you are covered and for what charges you are not covered under the policy. You can also be in touch with your insurance company in case you have any doubts over any point.

Insurance premium - Bike insurance has no exception as compared to other policies in terms of paying a premium on policy. Currently in the UK an average premium of 5% of the value of the policy is to be paid by the insurance holder.

Rules for policy excess – In case you are involved in a bike accident and the bike is yours, then the insurance company won’t pay all the charges for your claims. A part of the claims you will have to shell out from your own pocket. These claims to be paid by you are known as policy excess. There are basically two types of policy excess, compulsory excess and voluntary excess. In the case of compulsory excess there is a nominal amount of excess applied by your bike insurer. The excess also applies to theft and fire claims. In the UK, the amount of compulsory excess averages about 50 pounds. However the exact amount differs from company to company. In the case of voluntary excess, you and the bike insurer agree to a voluntary amount to be paid by you as policy excess. Hence in the vent of a claim due to bike accident or theft, the voluntary excess amount will be added to the compulsory amount that you will have to pay towards the claim.

Other than the normal bike insurance policy, there is a policy for business use also, wherein the bike is used for business use like using it for courier and pizza delivery.



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