Comprehensive motorcycle insurance also known as fully com is a policy that provides coverage for the cost of repairing your damaged vehicle, regardless of who is at fault. It also provides coverage for damages to third-party vehicles, flood or fire damage to your bike, injuries to other people, and theft of your motorcycle.
There are three main types of insurance you can pick from when it comes to motorcycle insurance: third-party, fire, and theft, third-party, and comprehensive. However, the full comp gives you peace of mind for almost everything involving your bike. It covers everything third-party fire and theft do, including accidents that are caused by you.
How Does it work?
A fully compliant policy works in various ways. For instance, if you need to claim against your policy for damages done by you to your bike, you will need to pay for the excess policy. This will be noted in your insurance policy schedule. One of the most important reasons for this excess is that it helps create a financial interest in motorcycles and encourages riders to ride carefully.
What Does Comprehensive Motorcycle Insurance Cover?
A comprehensive motorcycle insurance policy is not compulsory, but it is very useful as a risk mitigation tool. Also, as mentioned above, it will help cover the full cost of repairing the damages done to your bike, theft of your bike, injuries done to other people by your bike, fire or flood damage to your bike, and damage to other people’s vehicles.
What Does it Not Cover?
Just so you know, the fully compliant policy does not cover all of the scenarios involving your bike. Here is a full list of the events the policy does not cover.
- Stolen bike due to carelessness
- Any injury or damage caused while driving under the strong influence of drinks or drugs
- Wear and tear
- Driving with an invalid license
- Someone who is not in your policy or uninsured is riding your bike.
This means that, in any of the scenarios listed below, your bike won’t be covered by the policy.
Benefits of Comprehensive Motorcycle Insurance
Different benefits go beyond the required insurance for your bike, so go for full comp instead. Although it costs a little more, the perks and additional coverage you will get make it worth the investment.
Below are some of the main reasons why comprehensive motorcycle insurance is superior to other coverage:
- Accidental damage done to your bike is covered.
- A new replacement for the old bike may be offered.
- Fire, cyclones, and floods are covered.
- Malicious damage is covered.
- You can hire a car in case of theft.
- Additional rider protection is provided.
The above are just the main reasons you need to purchase comprehensive motorcycle insurance. However, you should know that the reasons or benefits do not stop there.
Factors that affect the cost of comprehensive motorbike insurance
Various factors can contribute to the cost of a fully compliant policy. Here are some of the aspects of your motorcycle insurance that might fluctuate:
Type of Bike
The more powerful your bike is, the higher the cost might be. This means powerful bikes are more expensive compared to bikes with less power. This is probably because the rider might or might not ride it fast.
Age
The premiums are more expensive for young bike owners. You can also say that this is probably because the insurance provider sees you as inexperienced. Young riders also tend to be at high risk of crashing a bike.
Types of usage
Motorcycles for commercial use will also be charged a higher cost compared to those for personal use. This is why the provider will ask for the exact model of the bike before they can approve your bike registration policy.
Bike Registration
Older motorcycles present a higher probability of failure compared to newer ones. Especially if they are maintained poorly or are not well taken care of. Also, they are likely to cause injuries and damage. Thus, the insurer will naturally increase the price to reduce the high risk of loss.
No Previous Claims or Claim Discounts
If you have a long history of claims, then the tendency to get a high premium is very high. Just so you know, a no-claim discount refers to a name given to a policyholder who has not made any claim under the policy for more than one year under the insurer. This can be thought of as a credit given to the holder for being a good rider that year.
How to Purchase Comprehensive Motorcycle Insurance
To purchase full-comprehensive motorcycle insurance, you can go to various providers in the industry. Some insurers for this policy include Allstate, American Family, Lexham, Swann, and Progressive. Just visit any of these fully compliant insurance providers, get a quote, and compare the quotes to get the best one. After getting the quotes and comparing them, you can get the insurance on the website or by contacting the provider. You can also get in touch with an agent to get the process done for you easily.
Frequently Asked Questions
Is It Worth It?
Just so you know, the level of coverage you choose is entirely up to your needs and personal opinion. That is why it is advised to do research beforehand before purchasing insurance from a provider. to check if it is worth purchasing for your motorcycle or not.
Which type of insurance is best for a bike?
There are different providers for this policy out there. You can choose the one that suits you by comparing them based on different analyses.
What is the cheapest motorcycle insurance?
The cheapest motorcycle insurance is the one that provides everything you need at an affordable rate. Check out the best insurance provider today and choose the one of your choice.
When should I get a fully compliant insurance policy?
Whether your motorcycle is a means of business, a weekend leisure playmate, or an everyday commute, this insurance cover is required to protect you and your bike from different damages or hazards on the road.