Motorcycle insurance works the same way other kinds of insurance do. Simply put, it’s a policy that will cover the repair or replacement of your bike in case it’s damaged or stolen. Depending on the type of coverage, it may also cover damage, personal injuries, and third-party injuries.

Yes. Just like with cars, the Land Transportation Office (LTO) requires every motorcycle to have Compulsory Third Party Liability insurance or CTPL.

CTPL insurance will cover only legal liability for bodily injury or death caused by the accident. This may protect you from certain liabilities that involve other people, but it will not cover you in case you get injured. This is why you should get the kind of protection that will protect you from a wide range of risks―and that’s comprehensive motorcycle insurance!

If you’re still hesitant about getting a comprehensive motorcycle insurance policy, just remember that the road is a dangerous place and full of uncertainties. You can’t just leave your life and motorcycle to chance.

Here are some of the things that should convince you to get comprehensive insurance for motorcycles.

1. Motorcycles are Easier to Steal

Motorcycles are light and easy to hotwire, which means thieves can effortlessly steal them. Your lock may not even stand a chance against people who have the right tools. If you happen to lose your bike to thieves, you may have to shell out between ₱20,000 and ₱80,000 for replacement (both used and brand new). A comprehensive motorcycle insurance policy, depending on the loss clause, may be able to cover this dilemma.

2. Motorcycles are Vulnerable to Damage

Motorcycles can easily sustain significant damage in case of a collision. Both driver and passenger are also susceptible to serious injuries since the only thing that protects them is their helmet. Comprehensive motorcycle insurance will help you deal with worries and anxieties brought about by your daily trips on the road.

3. Motorcycle Accidents are Costly

When you get in a motorcycle accident, chances are you will not only deal with your injuries and motorcycle damages. You will also have to deal with the hospitalization of the people involved in the accident and the damages your motorcycle has inflicted on their property. If you have a motorcycle insurance policy, you will not have to shell out a single centavo (unless the incurred expenses exceed your coverage).

Generally, this will depend on the total price of your motorcycle. For instance, if you bought your motorcycle at the price of ₱50,000, the sum insured value will be ₱50,000, too. However, you can decide on the amount of your insurance premium based on how much you can pay. If you add coverage, such as personal accident and third-party injuries, then expect to pay a much higher premium. 

Thankfully, many insurance companies already offer customized packages based on the budget of their clients. So, you’ll definitely find the one that suits your budget best!

Other than the net value of your motorcycle, these things  may also affect the price of your comprehensive motorcycle insurance:

Type of Bike. The more expensive the bike, the more expensive the premium.
Riding history. You may be asked if you have already made claims in the past or if you have been involved in accidents caused by your motorcycle.

Age. Younger riders are usually perceived to have risky driving behaviors. To mitigate such risks, the insurance company may charge a much higher premium.

Address. Assessors may subtly ask about the vehicle crime rate in the town or barangay where you live.

Coverage. Of course, the more benefits and coverage you have, the more expensive your premium will be.

Some insurance providers include additional benefits that will help drivers in an emergency. Examples are towing service, roadside assistance, and 24/7 teleconsultation. Depending on your chosen coverage, these services may be included for free or require an additional fee. The higher your premium and the more comprehensive your coverage, the more benefits will be included.

If you want to save on insurance expenses, here are some things you need to do:

Buy a Much Cheaper Bike

If you’re planning to buy a bike, e-bike, or scooter and you’re factoring in long-term insurance costs, it’s more practical to go for a more affordable unit. Remember that your insurance premium will largely depend on the value of your bike.

Keep Your Bike Safe

Some insurance companies may offer a discount on your policy if you install security features into your motorcycle, such as anti-theft devices.

Pay for What You Need

You don’t have to get every coverage that the agent suggests to you. Get only what you need, but base that decision on the type of risks you face every day. For instance, get natural disaster coverage if you live in a low-lying area that gets flooded easily.

Take a Motorcycle Course

You may be an experienced motorcycle driver, but it doesn’t hurt to refresh your skills. Furthermore, a driving safety course can be your ticket to getting a cheaper policy, as some insurance companies may offer a discount if they find that you’ve taken such classes.

Making a motorcycle insurance claim follows the same process as making a car insurance claim. You will need to prepare and submit the following documents:

• Policy copy and OR of premium payment
• Police Report affidavit
• Insurance claim form
• Before-and-after photographs of vehicles involved
• Repair estimate

Once you file a claim and submit the documents, wait for two weeks to receive the Letter of Attorney (LoA) authorizing your vehicle's repair. During these two weeks, inspections will occur to confirm the events in the police report.