All motorcycles on the road must be insured as soon as they are purchased. If you are thinking of riding it to return home, you will have to take the necessary steps beforehand so that your insurance starts on the day of your purchase. It must be insured even if you don’t have a licence and it stays in a garage. The penalty for not having insurance is a severe fine, immobilisation of the vehicle and suspension of the driving licence for up to three years. If you have had an accident, you are obliged to pay for the damage caused and if someone is injured in the accident, the bill can rise very quickly. You will have understood this, so it is essential to be insured!
The first criterion for choosing your insurance
A few questions will help determine your choice. Ask yourself how you are going to use it, will it be for regular or occasional trips? Thinking about what you expect in terms of compensation is also important. Then calculate how much you can afford to pay. And finally, assess the value of your gear. The value of a motorcycle varies with the make, model, date of first use, mileage and general condition. You should also look at its Argus rating if you bought it used to assess the amount of compensation you want. Choose the plan you want to purchase based on these elements. If its value is low, all-risk insurance will not be useful, third-party insurance and a few additional guarantees such as theft, driver, natural hazards and fire may be sufficient. If you have bought your new motorcycle, take out an all-risk insurance without hesitation!
The different types of motorcycle insurance contracts
Third party insurance
The third party formula is the minimum and compulsory insurance for everyone. It insures material damage or bodily injury to a third party if you are declared responsible in the event of an accident. In this case, the insurance does not reimburse you for any damage to your motorcycle, nor for any medical expenses related to any injuries you may have suffered. Nor does it cover fire, vandalism or theft. However, you can take out these coverages as an option. Theft coverage is essential because of the high number of two-wheeler thefts. The same applies to legal protection and natural disaster cover.
All-risk insurance
The all-risk insurance contract is the most comprehensive. It is the best choice for a new motorcycle. You are covered for all contingencies that may occur, including material damage to your motorcycle, whether or not you have been found liable. It also covers bodily injury. Theft and fire are covered by these policies. However, you must pay attention to the exclusions that are provided for and the amounts of the deductibles.