Insurance for Motorcycles
Riding a motorcycle is fun. In fact, it's so fun that people risk going out in the open despite the fatalities that they may experience on the road.
Unlike drivers who have some semblance of safety within their enclosed vehicles, motorcyclists are only armed with a helmet (and a bit of swag) for their protection. Aside from not wearing any helmet, they're more at risk because of the following:
- Motorcycles are small, fast, and maneuverable, which makes them harder to see.
- They can squeeze in tight spaces, and can be overlooked by drivers.
- Two wheels bring less stability and balance; a slight neglect on the road can result to accidents.
- Motorcycles are easier to steal.
- Motorcycles are more susceptible to greater damages in an accident.
- Motorcyclists don't have seatbelts or airbags to protect them in case of collisions. Helmets are only there to protect the head and neck, so chances of acquiring bodily injuries are extremely high.
It's a fact that motorcycle riders are extremely vulnerable to accidents, and are five times more likely to die in an accident compared with other road users.
The World Health Organization, in its Global Status Report on Road Safety 2015, announced that vehicle drivers make up 14% of road traffic deaths, while 53% of these fatalities are from motorcycle riders. This is more than half of all road accidents in the Philippines.
## Why is motorcycle insurance important?
Motorcycle insurance is valuable to riders as it not only provides them with financial protection if they suffer injuries, damages, loss, and theft, but also protects other people who are involved, as well.
Motorcycle insurance becomes all the more important for motorbike racers who plan to compete on level ground or even on on-road, motocross tracks.
## How does motorcycle insurance work?
Motorcycle insurance works just like any other car insurance in the Philippines. And just like it, you also need to pay an insurance premium, which is the amount of money that an individual or business must pay for an insurance policy.
## How much does motorcycle insurance cost?
Motorcycle insurance premiums depend on the net price of your motorcycle but there are also some factors that can affect how much you will pay for your motorcycle insurance. They include the following:
- Riding history (Have you had any prior vehicular convictions and claims?)
- Address (Do you live in a high-vehicle crime area?)
- Motorbike type (What kind is your motorcycle? Standard? Touring? Cruiser? Big Bike?)
- Security (What security features or devices you use to keep your bike safe and protected?)
- Modifications (Are there any post-manufacture changes in your motorbike?)
## What does motorcycle insurance cover?
Motorcycle insurance guarantees you and your family protection from all kinds of situations. The amount of protection that you'll get from your insurance company is called coverage.
Keep in mind that not all insurance companies in the Philippines offer coverage, and they might also be labeled differently. Use these terms only as guide, and make sure to ask (and clarify) with your insurance company about the coverage they offer.
### Motorcycle Liability Insurance Coverage
You are held legally responsible for damages or injuries that you've caused in an accident, so it's important that you have these two kinds of standard coverages:
__Bodily Injury Liability__
The insurance company will shoulder your medical costs (depending on your insurance premium).
__Property Damage Liability__
The insurance company will shoulder the repair and replacement of another person's vehicle or property.
### Uninsured / Underinsured Motorist Coverage
The insurance company will cover your injuries or death, family members and guests riding your motorcycle even if you're hit by a driver with little or no insurance.
The insurance company will shoulder damages to your bike or property if you're hit by a driver with little or no insurance
### Injuries from an Accident Coverage
If you're involved in an accident (it doesn't matter whether it's your fault or someone else's), you're insurance company will pay for your medical care and recovery. Your insurance company may (or may not) cover expenses for your x-rays, hospital bills, pharmaceuticals, surgeries, nursing services, and others caused by motorcycle accident injuries.
__Damage to Your Motorcycle Coverage__
What if your bike got damaged? Your insurance can help cover repair and replacement so you can go back to riding your bike as soon as possible.
Your insurance company will pay for any damages to your motorcycle for any collisions involving parked or moving vehicles, fences, concrete, or guardrails. It's also considered 'collision' if another person hits your motorbike.
### Comprehensive Coverage
Your insurance company will pay for any loss or damage to your motorcycle that's caused by something other than a collision. This may include acts of vandalism, theft, fire, acts of nature, and many others.
__Towing and Labor Costs__
Your insurance company will reimburse your towing and other basic roadside-assistance expenses.
__Guest Passenger Liability__
Your insurance company will protect 'guest passengers' sharing a ride with you.
__Vehicle Rental Reimbursement__
Your insurance company will pay back your car or bike rental costs (for a number of days) while yours is being repaired due to a covered accident.
### About Coverage Limits
Remember that all motorcycle insurance has limits, so your insurance company will only pay for damages up to that amount. This means that choosing a higher limit might mean paying more for your insurance premium. However, this can be beneficial as you wouldn't have the added stress of paying extra later.