MOTORCYCLE INSURANCE

If you own a motorcycle and you plan to ride it on public roads despite the use. Then it is a legal requirement to have an insurance. In this article we are going to explore more about the motorcycle insurance.

It is illegal to drive without an insurance and if caught you could be fined or disqualified from driving.  It is good to have an insurance policy for it provides you with financial protection/compensation in case your bike is stolen or involved in an accident. Also having an insurance policy protects you against any liability if your vehicle is involved in an incident and damages another vehicle or causes injuries to someone else

We have two categories of motorcycle insurance;

1.      MOTORCYCLE PRIVATE

This insurance policy offers protection against loss or damage of the motorcycle and accessories as well as protection against third party legal liability. It is designed for individuals who use the motorcycle for private, personal and family use

2.    MOTORCYCLE PSV

Offers protection against loss or damage of the motorcycle and accessories as well as protection against third party legal liability. It is designed for individuals who own and operate the motorcycle for business purpose and receive financial reward from the passenger

We have three main types of insurance policies which include;

1.Comprehensive insurance.

It covers the insured against accidental loss, damage, theft and other perils of the insured asset(motorcycle), death, bodily injuries and accidental loss or damage of third-party liabilities arising out of the insured asset.

Limits of liability/excess included;

·       Medical expenses

·       Third party property damage

·       Death or bodily injury to third party persons unlimited

·       Passenger legal liability

·       Towing/recovery charges

Extras;

·       Excess protector

·       Political violence and Terrorism

PSV-minimum is 6 months charged at 4k and 12 months at 8k. The rate is 4%

Private- it is only for 12 months charged at a rate of 5% with minimum payable premium of 6k

2.Third party fire and theft only.

 It covers all third-party liabilities arising from a road incident involving the insured. It also covers the asset(motorcycle) against loss or damage by theft or fire.

3.Third party only insurance.

This is actually the minimum legal cover any car owner should have for them to be legally on the road. It covers the insured from all liabilities arising from third party bodily injuries and property damage. Usually, this type of cover does not protect the owner or rather the driver from personal liabilities and incase of any repair costs the insured caters for the cost by himself.

Limits of liability/excess;

•  Unlimited third-party personal injury

•  Third party property damage

•  Young driver novice additional 2k

 

PSV- minimum is 6months charged at 2050/= and 12 months at 3700 

Private – annual cover charged at 2500/=

ENROLLMENT REQUIREMENTS

For you to obtain an insurance cover you must provide the following documents

·       A copy of an original national ID and KRA Pin

·       Logbook/ Sale Agreement

·       Driving license

·       Proposal form

·       Premium

ELIGIBILITY

Any one above 18 years and with a valid driving license 

EXCLUSIONS

Here are some things that are not covered under Motorcycle Insurance policy;

·       Speeding- This type of insurance does not cover accidents resulting from over speeding.

·       Loss of your asset’s keys

·       Consequential loss, depreciation, wear and tear, Electrical or mechanical failures or breakages

·       Loss of or damage to accessories or spare parts by theft unless the motorcycle is stolen at the same time.

·       It doesn’t cover for any accident or damage caused by minors or unauthorized riders

 

STEPS TO FOLLOW INCASE OF AN ACCIDENT

1.File a police report

2.Connect with your broker or agent.

3.Submit any photos or videos of the accident as proof to your agent

4.Review your coverage. The agent/broker should take you through your cover type so as to Understand the coverage, limits and any deductibles.

5.Contact your insurance company.

6.Claim investigation begins. - here an adjuster is sent to inspect the damaged vehicle, reviews the policy to determine what type of damage is covered and     what is not covered, he interviews the client concerning the accident and request for contact information from anyone who has information    about the claim might be a doctor or a witness

7.Review the settlement offer. Once the adjuster sends the report to the insurance company and the  claim is successful you will receive a settlement offer which you are supposed to go through before accepting it.

8.Receive payment and repair the damage.

 

Claim documentations

·       Properly filled and signed claim form

·       Police abstract

·       A copy of the insurance policy

·       A copy of your national Id card

·       Logbook

·       Driving License of the driver

·       Original repair bills and payment receipts

·       Statements