7 Reasons You Should Have Motorcycle Insurance
Riding a motorcycle is a fun and convenient way to go around Metro Manila and nearby provinces. With a motorcycle, you can easily weave through heavy traffic and reach your destination in the quickest time possible. For this reason, the number of motorcycle units produced and sold has seen considerable growth. According to the Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF), there were a total of 339,395 motorcycles and scooters rolled out of manufacturing plants in the Philippines as of end-April 2021.
But as convenient as it is, riding a motorcycle also poses some risks. Riding on two wheels exposes the rider to fatal accidents. Statistics from the MMDA revealed that motorcycle accidents are one of the most fatal. As reported by the Metro Manila Development Authority, there were 198 motorcycle rider deaths and 10,226 injuries in 2020. You may have a “safety first” mindset but what about the other drivers? When accidents happen, you need financial protection from possible expenses and liabilities. This is where having motorcycle insurance comes in handy.
Reasons To Have Motorcycle Insurance
You may think of motorcycle insurance as an additional expense on your part. Motorcycle accidents are associated with a lot of expenses which can be overwhelming to your pocket when piled up. There are several reasons why having motorcycle insurance makes sense.
- Your motorcycle may be partially damaged in an accident
During a collision with another object or pedestrian, overturning, skidding, or overshooting, your motorcycle may suffer from partial damage. Maybe you executed an overtaking maneuver and lost your side mirror. If this happens, do you have the ready cash to cover the possible expenses you will incur. Assurance PH gives you the peace of mind that you won’t have to spend your own money for these damages.
- Your motorcycle may be totally damaged and beyond repair
During an accident, your motorcycle can become heavily damaged such that the cost of repairs is almost the same as the cost of a new or undamaged motorcycle of a similar brand, make, and age. You may not have the ready cash to buy a replacement unit. Assurance PH has got you covered for your repair funds.
- Your motorcycle is at risk of being stolen
Motorcycles are susceptible to theft. It can be easily lifted and loaded onto a thief’s vehicle. Data from the Philippine National Police shows that there are 1,649 motorcycles stolen in from January – September 2021. If not stolen, your motorcycle can be forcibly taken from you. As a delivery rider, your motorcycle maybe stolen from you while delivering food to a customer. When you have become a victim of motorcycle theft, do you have cash on hand to replace your lost unit? Assurance PH will provide the cash you will need for the replacement of your stolen motorcycle.
- You or Your Passengers May Get Injured During The Accident
As convenient as it is, riding a motorcycle exposes you to injuries. Should you get injured, become disabled, or die during a crash or collision, your medical bills may pile up and become too expensive for your own pocket. In case of untimely death, you may not have the financial benefits to leave behind for your loved ones. Motorcycle insurance from Assurance PH includes a personal accident rider to cover these unforeseen expenses.
- You May Cause Injury To Other People
During the accident, third parties like drivers, passengers, and other pedestrians may suffer injuries and you may not have the ready cash to cover the medical and hospital bills. In addition, if they hold you liable for the injuries, will you have the cash to pay for the legal fees? With an Assurance PH insurance policy, you don’t have to worry about these costs as we got your back.
- You May Cause Damage To Properties and Other Vehicles
During an accident, you may crash and damage other vehicles and stationary properties. When this happens, you may not have the funds to settle with the owners. Motorcycle insurance will provide you with the funds you need for settlement with the affected individuals. Our property damage rider will cover these damages.
- Natural disasters may damage or destroy your motorcycle
In the event that your motorcycle gets damaged or destroyed by Acs ot Nature like a flood, typhoon, earthquake, volcanic eruption, or other natural disasters, cash may not be readily available to clever the repair or replacement of your bike. Assurance PH will cover expenses for repair or replacement under “Acts of Nature.”
How To Save On Motorcycle Insurance
When people hear about motorcycle insurance, the first thing that comes to mind is expense. Here are some steps on how to do it.
Buy A Cheaper Bike
If you are planning to buy a motorcycle and factoring in the long-term insurance costs, it is more practical to go for a more affordable unit. The cost of your insurance premium will be highly dependent on the cost of your bike.
Some insurance companies will offer a discount on your policy if you install security features on your motorcycle like anti-theft devices.
Pay Only For What You Need
You really don’t have to get every motorcycle coverage that your agent suggests to you. Get only what you need depending on your daily risk. Aside from the required liability insurance, another possible coverage you can include in the policy is Acts of Nature especially if you live in a low-lying area that is prone to flooding.
Enroll in a Motorcycle Course
Just because you are already an experienced rider does not mean you do not need to refresh your skills. There might be new concepts and skills that you might need and some of the skills you know are no longer applicable to the current time. Aside from that, taking a driving safety course may qualify you for a cheaper insurance premium. Some insurance companies offer discounts to drivers who enroll in motor safety courses or other classes.
Maintain a clean driving record
Just like in car insurance, your driving record can have an impact on your motorcycle insurance cost. The fewer tickets and accidents on your record, the lower will be your insurance premium rate.
Riding a motorcycle offers a quick way to reach your destination but it is not a risk-free method of transportation. Accidents can happen anytime so you need to be ready and fully protected. Motorcycle insurance will give you peace of mind when riding around on your two wheels. Talk to an AssurancePh advisor for further details at email@example.com / 09157052031 or 09052050402.