It’s a sad and unsettling reality that everyone, not just motorcycle riders, must face: accidents happen. Now, getting into an accident, regardless of how small, is definitely a harrowing experience. However, there are steps that we can take so as to make the experience just a little bit bearable, should all else fail. Now, we’ve covered in great detail what exactly you should do in the event you do go down in several articles in the past.
Assuming you’re unhurt and able to walk away from the accident, the next step would obviously be to settle the damages—be it with your own property, or that of others. At this point, if you don’t have any form of insurance coverage whatsoever, quite frankly, you’re screwed. Either the party involved will be filing charges against you for damages, or you’ll be left with a hefty repair bill and a hunk of useless metal lying on the side of the road. That being said, insurance is an expensive, albeit necessity, especially when it comes to riding a motorcycle. Here are a few things you should consider when getting insurance for yourself and your motorcycle.
Third Party Liability - TPL
TPL is the bare minimum when it comes to automotive and motorcycle insurance. In fact, it’s required by law, hence, it’s also referred to as CTPL, with “C” referring to the term “compulsory”. Simply put, you cannot register your vehicle with the Land Transportation Office (LTO) without first procuring TPL insurance. But what exactly does it cover? Well, the third party in TPL is basically any “unsuspecting person outside the vehicle who is not a member of the family or household.” This means that, in the event of an accident, any person involved in the accident that isn’t you, or part of your family or household, can be covered to a certain extent. It’s also important to note that TPL is not applicable to property, but is meant only to cover the medical or funeral expenses of persons involved in the accident. As such, it is highly recommended that you get a lot more than just TPL.
Comprehensive insurance is, quite possibly, your best bet when it comes to insuring your vehicle. It is, however, pretty expensive, however, it’s definitely something worth investing in, especially if you’re one who rides their motorcycle on a daily basis. Comprehensive insurance, as the name suggest, provides coverage for your entire vehicle, protecting you from everything ranging from self-accidents, hit-and-run incidents, and even theft. Additionally, comprehensive coverage also covers the individuals involved in the accident.
Most of the time, your comprehensive insurance rate is calculated based on the book value of your vehicle. As such, the more expensive the motorcycle, the more expensive the rate. For instance, we recently acquired a comprehensive insurance policy for our 2019 Kawasaki Ninja 650. The rate was around the P12,000 mark.
Acts of God/Nature
When availing comprehensive insurance coverage, you oftentimes have the option of deciding whether or not to include Acts of God/Nature (AOG/AON) in your coverage. Now, this clause tends to drastically affect the premium, as Acts of God/Nature incidents are particularly common in the Philippines, thanks to our inclement and oftentimes unpredictable weather. Events that fall under AON coverage include floods, earthquakes, fallen trees and other structures due to storms, volcanic eruptions, and other natural occurrences. Now, you may have the option to opt out of AON coverage, however, we highly suggest you avail of such, especially if you live in, or frequently use your vehicle in flood-prone areas.
Apart, of course, from insuring our motorcycles in the event of an untoward incident, we must also make sure that we, ourselves, are accounted for. As much as our vehicles are prone to damage in a crash, so are we. Even if you don the most expensive and technologically advanced riding gear, injuries can still happen, and these injuries can be very expensive and drastically alter our way of life. As such, we highly recommend investing in life and health insurance, if you haven’t already. Health insurance premiums tend to vary quite a bit depending on your profile, age, income, and lifestyle, so it’s best to inquire from a reputable insurance provider in order to get the best deal.