Motorbikes are a great option for those who want to save on petrol or make daily commutes just a little “zippier”. These daring two-wheeled vehicles also tend to attract those who have an adventurous side. But when compared with their four-wheeled counterparts, motorcycles are far more vulnerable, so it goes to reason that you will need an insurance policy if this is your preferred mode of transport.
While a motorbike might make you feel like you are king of the road and invincible, the question is - are you really?
While we know you are eager to hop onto the motorcycle insurance bandwagon, we urge you to pull in the reigns just a little so that you can fully scrutinise and compare all of the quotes available. This is because we want you to get the right type of cover at a price you are satisfied with.
To start the comparison process, simply provide us with your details and we will request quotes from the best insurance companies on your behalf. The Money Expert comparison tool is a fast and efficient way to look for the best offers without having to hire a broker or leaving you to contact each insurance company individually. We look forward to being of assistance!
Frequently Asked Questions
What Does Motorcycle Insurance Cover?
When you purchase motorcycle insurance, you are entering a plan that will protect you from liability to yourself, to a passenger or any third-parties. Like with car insurance, you receive cover when you pay the agreed-upon monthly premiums to your insurer. In the event that you need to submit a claim, your insurance provider will either cover the cost of the repairs to your motorbike or they will pay out a replacement value so that you can purchase a new “ride”.
Because everyone’s needs are different, most providers offer plans with varying types of cover. When shopping around for the type of protection you need, you may want to take the following options into account:
Third Party Insurance
Third-party motorbike insurance is the minimum level of cover that you can get and it’s also the cheapest. But remember, this cover will not extend to your own injuries or damages to your bike. It also doesn't provide cover if your bike is stolen. Instead, this type of insurance will remain limited to covering the damage to someone else or their property if your motorcycle is involved in an accident.Third Party and Theft Insurance
This type of policy covers slightly more than your average third-party plan. It will pay out for third-party damages and it will also cover theft, any damages caused during theft or attempted theft as well as any fire damage.
Remember that this policy will not cover claims that relate to your own medical injuries or damages to your own bike due to an accident.
This policy offers the most protection and includes cover that extends to:
- Any accidental damages to your own motorbike
- Medical expenses
- Damage to accessories
- Fire damage
- Damage caused by natural disasters
- Theft and damages incurred during an attempted theft
- Damages made to any third parties
What Is Motorcycle Insurance?
Motorcycle insurance is similar to car insurance in that you purchase cover for you, your motorbike, and other accident-related damages. This cover will protect you financially in the unforeseen event that your bike is harmed or stolen. Some policies will even cover your medical expenses if you are hurt while riding your motorbike.
Because accidents do happen and no one is ever invincible, motorcycle insurance is something that all regular bikers should have. Whether you ride off-road or prefer to put rubber to tar, having the right cover in place will ensure that you do not feel any financial strain if something were to happen to you, your bike or any third-parties if an accident during one of your commutes were to occur.
Motorcycle insurance adds an element of responsibility to your more daring on-road antics and will be your saving grace if you are suddenly left without your most reliable source of transportation.
Do I Need Motorcycle Insurance?
These days, even minor damage to a motorbike can cost a small fortune to fix - a fortune that not everyone has immediate access to. Also, if worse comes to worst and your motorcycle is written off, it’s very likely that you won’t be able to scrape enough money together to even consider buying a replacement.
Whether you ride a motorbike for recreational purposes or rely on one as your sole mode of transport, having sufficient cover in place will give you peace of mind. You can rest easy at night knowing that if something were to happen to you or your bike, you wouldn’t have to flail under any financial burdens that would occur. You will also be able to fix or replace your motorcycle so that you can continue life as normal.
The more comprehensive your plan is, the more you can continue with life as normal knowing that if an accident were to occur or if your bike were stolen, then at least you won’t have to deal with any financial stress. From towing your motorbike in the case of a breakdown to replacing even the smallest motorbike accessory, comprehensive cover will keep those two wheels turning.
Benefits can also include:
- Peace of mind knowing that you will be able to get to work so that you can continue earning and income.
- An eased conscious knowing that you will have the means to fix or replace someone else’s property in the event of a motorcycle accident that you are responsible for.
- Room to breathe knowing that your small monthly premiums will prevent the scenario where you would suddenly have to fork out a huge lump sum to fix or purchase a new bike.
How Much Does Motorcycle Insurance Cost?
In South Africa, motorcycle insurance can cost as little as R370 per month, depending on the plan you choose. Of course, the more cover you have, the higher your premiums will be. There are also a few other factors that can determine the rate you pay, for example:
When it comes to riding motorbikes, the more years of riding experience you have behind your name, the lower your premiums are likely to be. Just like car insurance, you are not going to get an excellent deal if you are still young and do not have a history of proving that you have been safe on the road.
While the less fair sex might not agree, statistics show that men are more brazen on the roads than women. Because of this, males tend to be quoted more for bike insurance than females.
If you live in a neighbourhood that has a reputation for being a little rough around the edges, then there's a higher chance that your insurer will end up having to replace your motorcycle. This means that your protective cover will cost more than someone who lives in an area that has fewer risk factors.
Type of Bike
The higher the replacement of your motorbike is or the more expensive all the parts are, the more you can expect to pay towards your monthly premiums.
Your Driving Record
When applying for insurance, the underwriter may ask questions concerning your driving history. This will help to determine how much risk you pose and if it is likely that you will cause damage to yourself or others. To add, if you have a record of traffic violations, be prepared to possibly pay a higher rate.
No Claims Bonus
Most insurance companies will happily pay back a “no claims bonus” if you haven’t had to submit a claim over a certain number of years. This will also help you to save on your overall purchase amount.
How To Get Cheap Motorcycle Insurance?
Motorcycle insurance can often be just as costly as car insurance (if not more). But this is all for good reason. A motorbike can expose you to many risks and at the end of the day, a smooth ride doesn’t come cheap! But this doesn’t mean that insurance cannot be affordable. In fact, with so many providers, the competition ensures that there will be a company that can provide a quote that meets your needs and your budget.
Before you start to frantically email the numerous insurance companies for quotes, you might be eager to learn that a very user-friendly online quote comparison tool is right here at your disposal. The Money Expert site is a place where you can request insurance quotes and then easily compare the benefits and rates that the different providers have to offer.