Motorcycle insurance is a special type of insurance policy that provides financial protection to motorcycle riders. The insurance company pays compensation in the event of unforeseen events such as accidents, theft, natural disasters, or third-party damage. Below is a detailed discussion of motorcycle insurance:
 |
| Somadanmedia.com |
1. Types of motorcycle insurance
Motorcycle insurance is usually made up of different coverages. The main types are:
A. Third-Party Liability Insurance
Compulsory (in many countries including Bangladesh).
It covers liability for bodily injury, death, or property damage to third parties.
Example: The insurance company will pay compensation if someone's injury or car is damaged due to your motorcycle.
B. Comprehensive Insurance
Voluntary and comprehensive coverage.
Coverage includes:
Damage to your own motorcycle in an accident.
Theft, Fire, Natural Disasters (Flood, Cyclone).
Third Party Liability.
Personal Accident Cover (Driver/Passenger Injury).
c. Collision Insurance
Covers the cost of repairing or replacing your motorcycle in an accident only.
d. Personal Accident Protection (PAP)
Provides medical expenses or death benefits in the event of injury or death to the driver or passenger.
2. Factors determining insurance premium
Price and model of motorcycle: Premiums are higher for high-priced or sports bikes.
Age and experience of the rider: Premiums are higher for new riders.
Geographical location: Risk of theft or accidents is higher in urban areas.
Insurance history: Previous claim record affects premiums.
Bike usage: Personal vs. commercial use.
3. Benefits of motorcycle insurance
Financial protection: Covers large repairs or theft damage.
Legal compliance: Avoids legal penalties as third-party insurance is mandatory.
Peace of mind: Reduces financial stress in the event of an accident.
Additional benefits: Some policies include roadside assistance, free towing, etc.
4. Claim process
1. Incident report: Report the accident to the police immediately and inform the insurance company.
2. Documentation: Submit photos, police report, repair quotations.
3. Survey: The insurance surveyor will verify the damage.
4. Compensation: If approved, money or direct repair is arranged at the service center.
5. Risks if you do not take insurance
Financial loss: You will have to bear all the costs in case of theft or accident.
Legal problems: If you do not have third-party insurance, you may be fined or have the car seized.
Social liability: Inability to pay compensation to third parties.
6. Things to keep in mind while buying insurance
Scope of coverage: Comprehensive vs. Third-party.
Claim ratio: Which company settles claims faster.
Exclusions: Not covered by the policy (e.g., drunk driving accident).
No claim bonus (NCB): Premium discount later if you don't make a claim.
7. Motorcycle insurance in Bangladesh
Compulsory third-party insurance: Required at the time of motorcycle registration.
Premium: Usually ranges from 500-3,000 taka depending on the CC and model of the bike.
Company: Companies like Sunmi, Pragati, Sandwip, Green Delta etc. provide motorcycle insurance.
8. Frequently Asked Questions (FAQ)
Q: Is insurance available for old bikes?
A: Yes, but the premium is determined according to the market value of the bike.
Q: How many days after the theft do I have to claim?
A: Usually, it has to be reported within 24-48 hours.
Q: What happens if I don't renew my insurance policy?
A: Coverage is canceled when the policy expires, so renew it on time.
Before choosing motorcycle insurance, compare the terms, coverage, and customer service of different companies. The right insurance policy will ensure your protection in any unexpected situation.
Conclusion
I have briefly discussed motorcycle insurance, I hope it was useful. If you like this article, don't forget to comment and stay with Somadanmedia.com to get such informative articles. Thank you.
