Your bike can be the most affordable in the market, or the most expensive, but without a doubt, it’s always worthwhile to invest in a good insurance policy for bikes. Just like car insurance, you never know what’s going to happen while you’re out on the road, so it pays to be prepared.
When the cards are all on the table, it’s definitely better to pay a participation fee in place of a hefty repair bill, and more so when you’re not the only one that incurred damage. So let’s go over the reasons why comprehensive insurance is worth it.
What is comprehensive insurance?
To sum it up briefly, comprehensive insurance is like a protective blanket that keeps you from paying out a lot of money. Instead of paying for repairs that can cost hundreds of thousands of pesos out of pocket, the insurance company will have your back and foot the bill, in exchange, you get a participation fee that allows you to retain your financial stability.
Most motorcycles will come with the standard third-party-liability insurance policy, otherwise known as TPL. Remember that this insurance policy does little to protect your motorcycle, but it protects you from paying out of pocket for the other vehicle or person you hit.
So is it worth it?
The inherent risk involved with a motorcycle is enough to justify the purchase of a comprehensive insurance policy. One can argue that more affordable motorcycles are cheaper to fix, as is the case with most commuter motorcycles and scooters out in the market, but you never know what you’re going to hit should you get into an accident. You may hit a car or a more expensive bike, or worse, a pedestrian.
If you crash on your motorcycle and hit someone else’s property, that becomes a very sticky situation. If you are found to be liable for the damages incurred, then it will rest on your shoulders to pay reparations, on top of your own. It is for this reason that a comprehensive insurance policy is the best policy to have for you and your vehicle as it covers your property and it can also extend to the property of others.
We wholly recommend that if you have a more expensive bike, presumably 400ccs and up, insurance will be a must. These high-performance machines tend to require more expensive and bespoke parts, not to mention a hefty price tag. That being said, it’ll pay off in the long run especially if you are just starting out, where you might drop your motorcycle and cause some self-damage.
Most insurance policies will depend on the cost of your vehicle. Expect to pay around 5,000 all the way up to the tens of thousands depending on the market value of your motorcycle. As such, it’s important to do your own research and get quotes from motorcycle insurance providers for the best deal.