Third party fire and theft motorcycle insurance
Find out whether this is the right kind of insurance for your ride.
Motorcycle insurance is a lot like car insurance. Just like car insurance, it has similar options, including high-level comprehensive cover and basic third party only cover. Third party fire and theft motorcycle insurance falls between these two options in both price and cover. It delivers the all-important third party cover as well as protecting you against fire and theft.
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What does third party fire and theft motorcycle insurance do?
There are three main types of cover included in this type of policy:
- Third party property damage. This insures you against the cost of any damage you cause to someone’s property, for example if you damage someone else’s car while riding. This is an exceptionally important form of cover because third party property damage costs can be enormous. However, it does not cover your own motorcycle against damage.
- Fire damage. This covers your motorcycle in the event of damage or loss caused by fire, whether it’s your garage burning down, the bike itself catching fire or some other cause.
- Theft. This insures your bike against theft as well as damage caused by attempted theft.
Additional options to consider
Depending on the insurer and the policy, third party fire and theft cover may include additional forms of protection in an attempt to make policies more competitive. For example, you might be able to get cover for earthquakes. Sometimes, these may be included automatically or might be available as an optional extra.
It’s important to note that these options will typically only pay out for insured events. You will only be able to make a claim in the event of fire or theft, and you are generally not covered in any way for damage to your motorcycle as the result of an accident.
With comprehensive motorcycle insurance, you are able to make a claim in the event of almost any kind of damage, including accidents.
Comprehensive motorcycle insurance may include the following benefits and options:
- Replacement keys and re-coding of locks. You can access this benefit if someone has stolen your keys.
- Damage by uninsured drivers. If your motorcycle is damaged by an uninsured driver who does not have third party property damage cover, you can get cover for a limited amount of accident damage.
- Riding gear cover. This provides additional cover for your riding gear when it’s damaged as a result of an insured event. This will generally cover your riding gear when it’s lost or damaged by fire or theft, but not as the result of an accident.
- Emergency accommodation, transport and repairs. If an insured event occurs a long way from home, typically 100km or more, you can get cover for emergency repairs, additional transport and accommodation costs.
- Towing. This covers the cost of towing or transporting your bike when you can’t drive it following an insured event.
- Trailers. This provides equivalent cover for trailers you were towing with your motorcycle at the time of an insured event.
- Hire car cover. Policies will often pay for the use of a hire car following theft or a total loss.
Exclusions to be aware of
Exclusions, or times when the insurer will not pay out, apply to all policies. Some exclusions to be aware of include the following:
- Motorcycles must be stored securely when not in use. Some policies may specify that you are only covered for theft, including theft of riding gear, when your motorcycle (or riding gear) is in a secure, locked garage or was not left unattended.
- No cover for wear and tear, deterioration or faulty workmanship. You are not able to claim losses resulting from wear and tear, corrosion, deterioration or faulty repairs even if it results in an insured event.
- Motorcycles must be appropriately maintained and used. You are generally required to maintain the bike in line with the manufacturer’s official recommendations, keep it in a legally roadworthy condition and only use it within its capacity, such as by not overloading it.
- No cover while under the influence of drugs and alcohol. You are not able to make claims for losses that occur while the motorcycle is being ridden or in the charge of someone under the influence of drugs or alcohol.
- No cover for business use. You are not covered while using your motorcycle for business uses. Typical travel to and from work is still covered, but riding specifically for work purposes is not.
- No cover while using it for motor sports. You are generally not covered on a racetrack while competing in trials or similar events.
Excess that you need to pay
Your policy will generally include at least one excess, which you will need to pay when you make a claim. When more than one excess applies, you will need to pay all of them.
- Basic excess. This is the standard excess that comes with all policies. You may be able to choose this amount, and you can opt for a lower excess at the cost of higher premiums or a higher excess for lower premiums.
- Age excess. Drivers under 25 generally have an additional excess.
- Inexperienced rider excess. An additional excess may apply to inexperienced riders, such as someone who has been riding for less than one year or who has held their motorcycle license for under a year. Depending on the policy, this may apply only to those over 25 or to everyone.
What affects how much I pay?
Your premiums are the ongoing, regular cost of maintaining a policy. Your premiums are determined by the following:
- Your cover type. Third party fire and theft motorcycle insurance typically has lower premiums than comprehensive cover, but higher premiums than third party only cover.
- Your age and gender. People under 25 years of age can expect higher premiums. Women may get lower premiums than men because they are statistically safer on the road.
- The cost of your ride. More expensive bikes lead to higher premiums.
- Your location. If you live somewhere with a higher risk of theft, you may have higher premiums.
What to look for in a policy
To find cover that works for you, there are some key features you may want to look for in a policy:
- The price. You need to consider both the premiums and the excess. The premiums should be affordable, and you want to be able to pay the excess if needed. If premiums are still affordable with comprehensive motorcycle insurance, the extra cover may be well worth it.
- The repair, replacement and reimbursement conditions. Policies will specify exactly what you get in the event of a claim. Depending on the policy and the situation, you may be entitled to a new replacement bike of the same make and model. With certain policies, the insurer may choose to conduct repairs, reimburse you for the value of the bike or reimburse you for the cost of the damage. It’s important to be aware of what you can get.
- The conditions and exclusions. Be aware of your policy obligations, and the situations where you are not covered and cannot make a claim.
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