Bike insurance explained
Motorcycle insurance is required by law. It is to make sure people can cover the costs of any
riding related damage or injury. For example if you crash your bike into someone else, motorcycle
insurance will pay for the repairs to the other vehicle.
The most important part of looking for a suitable insurance policy is understanding what cover you
need and what type of risk you are to an insurance company.
An insurance company will look at a number of factors to determine what type of risk you are i.e.
how likely you are to make a claim on a policy, such as:
- your riding history (have you a number of prior claims or convictions which may make you a greater risk?)
- the area in which you live (is there a lot of vehicle crime in your area?)
- the type of bike you ride (is it a high-performance bike?)
Almost every piece of information you are asked when you get a quote will have some influence
on the cost of your bike insurance.
Motorbike insurance is there to offer both financial cover and peace of mind for you and everyone
else on or about the road.
How do insurance companies protect the victims of uninsured riders?
Even though by law you have to have motor insurance, you can guarantee that somewhere there is
someone on the road without insurance cover.
In 1946 the Motor Insurers' Bureau was created. It ensures victims of untraced or uninsured
motorists are compensated for their losses. All motor insurers must be members of the bureau
and contribute to its funding.
The Bureau has a database with details of private and fleet motor insurance policyholders.
The police can access the database and see whether or not motorists have current insurance
during spot checks, or at the scene of an accident. The Motor Insurance Database is currently
run by the Motor Insurers' Information Centre.
What about uninsured riders?
When an uninsured or untraced driver injures a third party or damages their property, the
third party should receive compensation from the Motor Insurers' Bureau.
If a motorbike is stolen and the thief damages property or injures someone, the insurance company
for the bike will be liable to pay the costs involved.
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