Bike Insurance

Another form of insurance for two wheeled vehicles, although motorized, is bike insurance. This form of insurance provides cover for motorcycles used in a social, domestic or entertainment capacity.

Motorcycle insurance usually comes in the following 3 forms:

Third Party
This provides cover against losses caused to a third party and provides liability cover for the policy holder. Some third party bike insurance policies include cover for passengers. This is the cheapest form of motorcycle insurance as it doesn’t cover cost for the repair or replacement of the bike.

Third Party, Fire & Theft
This type of policy adds cover for damages or losses caused by theft or fires in addition to the cover of a third party policy.

Comprehensive
This form of cover includes the replacing or repairing the bike if it is damaged on top of all the cover offered by a Third Party, Fire & Theft policy. This is typically the most expensive type of bike cover.

Motorcycle insurance premiums are usually based on the following criteria:

Type of Use
Insurance rates differ depending on whether the bike is used for off-road or on-road purposes. Some insurers even separate on-road bikes into categories like street bikes and cruisers (like Harleys). Street bikes tend to be more expensive to insure as they are built for speed while cruisers and off-road bikes are slower and less dangerous.

Age of Rider
Young motorcycle riders tend to have higher insurance premiums. We all know why that is!

Experience
How long you have had your motorcycle driver’s license may also influence your premiums.