Motorcycle Insurance Law
Motorcycle Insurance law is as unglamourous as your dirty laundry but never fear as this jargon buster will keep your house in order! Reading up on
your insurance law is something most of us only do after we've been robbed clean by either getting the wrong insurance policy or by making a
mistake when we claim for our insurance! Take five minutes to read this page, or even better bookmark it or print it and keep it near by when you're pouring
through your policy. I have only summarised the basics of motorcycle insurance law but it's enough to keep you from being cheated without putting you to sleep!
Breakdown cover:
This will cover any costs incurred should you breakdown on your journey
Comprehensive:
This comes at a premium but includes cover for damage to your bike irrespective of whose fault the accident was.
Fully-comprehensive insurance should cover you for all of the liabilities listed for third party cover, as well as:
- Repairs to the insured vehicle brought about through an accident
- Loss to personal possessions within the car (within a specified limit)
- Medical expenses (within a stated limit)
Excesses:
An excess in insurance motorcycle law is a compulsory amount you have to pay towards the total cost of any claim you make
for damage or theft. You may also be able to add a Voluntary Excess in exchange for a reduced premium but you’ll have to pay the combined amount.
Legal Expenses Insurance:
This covers costs incurred if you become involved in claims for personal injury or loss of earnings in motorcycle
insurance law
No Claim Discount (NCD):
You will hear this term a lot in motorcycle
insurance law. Most companies will offer a “no claim discount” (NCD) for
every year that you do not make a claim which could save you up to 65% on
your premium:
- Most insurers offer protected no-claims bonuses to drivers with careful driving records of at least four claim-free years
- For an additional cost, you can protect your maximum No Claims Discount
- Choosing the maximum protected no-claims bonus will add anything from 8 per cent to 20 per cent to the cost of cover
- Your No Claims Discount can usually be reused for up to 2 years after a policy expires
- Usually, those who claim will see their no-claims bonuses reduced for the following two years
- Claimants can also expect to see their premiums increase by up to 50 per cent
Specialist provider:
This is a specialist in motorcycle insurance law who thoroughly understands motorcycling and the insurance risks involved
and will be able to advise you fully on all these elements
Personal Accident cover:
This could provide you with up to £10,000 in the case of an injury
Third party fire and theft:
This includes cover for fire and theft
Third party only cover:
This is the minimum legal requirement in motorcycle insurance law and it covers you for damage you
cause to someone else and their property. You cannot claim for your own vehicle. These policies generally cover liability for the following:
- Another individual's property
- A third party, including passengers
- Caused by a caravan or trailer that is attached to the insured vehicle.
- Caused by any passengers within the vehicle
If you would like to do some further reading, I would suggest this article which discusses motorcycle insurance law, and accidents and breakdowns in particular.