Bike insurance services vary among different insurance companies in terms of their policies and coverage. In most cases, it has been discovered that people who insure their bikes get disappointed because they don’t have firsthand information about these policies before signing up to be insured even if the company has good reputation in that category.
Having adequate knowledge of their coverage services will help you choose a good insurance company and tailor your insurance policy to what you want or what suits you best. While the government legislates many parts of an insurance policy, the insurer and the insured get to decide the most important parts. Therefore, this is the part where you have a say in the type of coverage you want. This is the part where you get to choose the best bike insurance in South Africa and you have to make sure it counts.
This article contains comprehensive details of the basic policies that guide the best bike insurance in South Africa.
Policies Covered By the Best Bike Insurance in South Africa
The policies explained in this category are not just covered by the best insurance companies, but in the most favorable ways to you and your bike. Most of these policies include;
- Liability Policy
This is a Third party policy. It covers damages caused by you to someone else or their property when you are at fault. If you are legally responsible for an accident, Liability insurance will cover any claim against you. It also includes defending a claim against you or the legal costs that someone else claims from you.
A liability insurance policy follows a pattern when an accident occurs. The first pattern is the money the policy covers for bodily injury caused by you to another person, the second is the maximum amount that the insurance company pays for bodily injury per accident and the last is the maximum amount the insurance company will pay out per accident for property damage.
There can be serious legal consequences when you are responsible for an accident and you do not have liability insurance. All motorcycle insurance companies in SouthAfrica offer this kind of policy. Insurance companies like IWYZE insurance, Iron Horse, Outsurance, Dearham, Indwe Risk, McCrystal, BikeSure, BikeLine etc.
- Comprehensive And Collision Policy
If you want to choose these two insurance policies, you will have to purchase them together. The policies cover your motorcycle against loss, theft or accidents. It replaces your bike if it is lost or stolen and repairs it if it can in cases of accidents. This policy does not give any regard to who is responsible for the unfortunate incident that happens to you and your bike. Comprehensive policy covers your bike in instances of theft, vandalism, fire and natural damage while collision policy comes to fore when your bike is damages in any collision.
The cost of these policies usually depends on the value of your bike: the make, model and the chosen deductible, although this may vary from one insurance company to another. Generally, insurance companies in SouthAfrica and other parts of the world offer less expensive comprehensive and collision insurance for bikes than cars since the latter is more expensive.
Always protect your investment by ensuring that any comprehensive and collision policy you choose is able to pay out the amount needed for you to replace your bike. This is helpful when anything unfortunate happens in which your bike is beyond repair, so you will be able to purchase the exact model and make. Like the liability policy, all motorcycle insurance companies in South Africa too offer this policy. However, those who stand out with impeccable service are IWYZE, BikeSure, and Outsurance and Iron Horse insurance companies.
- Uninsured And Underinsured Driver Policy
This is a good and cheaper way to protect you from other road users. If you are involved in an accident with another road user who does not have insurance, an uninsured policy will see to it that you get payment for damages that happen to your bike.
Underinsured policy is for situations when the other party’s insurance is not enough to cover for the damages done to your motorcycle. These two policies are important, not as a necessity but as a precaution and they are less costly than other insurance policies. Make enquiries with any company you choose to buy these insurance policies.
- Medical coverage policy
This policy allows the insurance company to pay medical bills incurred by you when an accident occurs regardless of who is responsible for the incident. In most cases, the amount paid in this policy is not very much but still enough to cater for bills for non-fatal accidents and non-sever injuries obtained as a result.
Iron Horse insurance is one of the leading bike insurance in SouthAfrica that offers this policy. They also give emergency medical assistance, disability benefits and riding gear replacement. Dearham management services, Indwe Risk and McCrystal insurance also offers this with the latter two providing overnight accommodation too.
- Roadside assistance policy
Just like underinsured and uninsured policies, roadside assistance policy is a precautionary measure that you will need when you encounter a situation when it is highly needed. This policy will make sure the insurance company makes provision for assisting you if you are stuck on the road. They do this by either employing a two vehicle to move your non-function bike to a shop for repairs or they send someone to help you fix it at that spot. This coverage can help save you a big expense, time and a life.
Some of the best insurance companies in SouthAfrica who offer this policy go as far as getting fuel for you when you run out it and stranded as a result. Dearham management services, Iron Horse insurance and BikeSure insurance are one of the few with this kind of policy. Some of the best bike insurance in SouthAfrica like Miway insurance offers this policy at no cost but as an added bonus of doing business with them.
- Track-day policy
Some insurance companies in SouthAfrica such as Dearhammanagement services and BikeLine offer insurance covers that are applicable to track days and track schools. It does not matter if you are an experienced or a novice rider. This cover do not cost additional charges and are most times in your bike policy premiums. All you have to do is notify them of your intentions to attend so they will certify that their underwriters are covering the track day you are attending.
- Full Coverage policy
Only a few of the best insurance companies in SouthAfrica offer full coverage policies that contain every policy mentioned above. Some insurance companies regard having Liability, comprehensive and collision policies as having full coverage policy while some others include medical expenses, roadside assistance, free accommodation etc. in their full coverage policy.
It is important that you know what any insurance company stipulates in their full coverage policy so you do not get a substandard policy when you buy it. IWYZE, Dearham and Iron Horse are your best bet for full coverage policy at a very affordable price.
The importance of insuring your vehicle cannot be overemphasized. Sometimes, making these decisions is what stands between you and a quality service whenever calamity strikes. Many people say you cannot know how good your motorcycle insurance policy or company is until you need them. While this might be true in a time when getting insurance was always through a broker, it is not true for this modern age where companies offer their products online.
To get a good insurance policy, make adequate research of all coverage types and ensure you understand them. Get quotes from competing companies and then choose the most all inclusive and affordable policy available. Keep this up until you are sure the selected insurance company and the chosen policy meets your expectations. Life can be so much easier when you ride your bike on the road with the peace of mind that you have a good insurance policy in place to protect you. This can only happen when you choose the best insurance companies in South Africa.