Why having motorcycle insurance is the best route for bikers

Motorcycles are the most vulnerable form of transport with a 52 percent likelihood of fatalities, according to an analysis by Thinking Machines, a data science consultancy.

That is five times more than the likelihood of casualty in accidents involving cars. Thinking Machines has gathered and analyzed the findings of the Metro Manila Accident Recording and Analysis System (MMARAS).

In 2014, there were 90,258 traffic accidents in Metro Manila, MMARAS data showed. That’s more than 247 accidents a day.

The lesser the wheels your vehicle has, the higher the exposure to accidents and fatalities.

This is where insurance comes in.

Aside from being more prone to accidents, here is a host of other reasons why you need motorcycle insurance.

In the first quarter of 2015, three motorcycles were stolen per day compared to 1.4 in the case of car thefts. This was according to a report by the Philippine National Police (PNP) Highway Patrol Group (HPG).

Motorcycles are easier to steal than cars. Once the lock is off, it’s easy to store a motorcycle in a van or a large vehicle for a quick getaway. It is also easier to hardwire a motorcycle and then drive off from the crime scene.

Costs:

• P45,000–P80,000  for a brand new replacement

• P20,000–P40,000 for used replacement

2. More susceptible to damage

The less wheels a vehicle have, the higher the likelihood of incurring damage and rider injuries. Two-wheel vehicles and their riders are more exposed, with practically only the helmet as sole security against injuries.

Costs:

• P5,000 for towing and auto-detailing

3. Insurance covers repairs, replacement, medical bills

Motorcycle insurance policies vary, but a comprehensive insurance will cover the repair or replacement regardless of who was at fault or caused the accident. Along with the primary coverage, other policies also shoulder the medical and hospitalization expenses.

Costs:

• P2,500  for towing services

• Medical expenses (depends on type and severity of injuries)

Insurance premiums will add to your budget. However, the cost of insurance may be offset by the repairs, replacement, and medical bills after an accident. Motorcycle insurance gives you the peace of mind that you and your finances are protected.

Applying for motorcycle insurance is easy. MoneyMax.ph outlines the steps below.

Submit the following documents:

• Official receipt (OR) of your motorcycle

• Motorcycle registration document

• Valid government I.D.

• Photographs of your motorcycle

When all the documents are in and you've made the initial payment, your application will be processed right away. The processing time takes around 2 days, and your insurance policy takes effect after 48 hours.

Prepare and submit the following documents:

• Policy (copy), premium payment receipt

• Police report

• Insurance claims form

• Before-and-after photos of vehicles involved

• Repair estimate

Once the claims form and documents have been filed, it takes two weeks to get a Letter of Authority for the repair. In the intervening two weeks, inspections will be made to confirm the events stated in the police report.

Safety on wheels

There are numerous reasons why some prefer to ride motorcycles than cars. Motorcycles are usually less expansive to buy and maintain. At the same time, motorcycles are more fuel-efficient and take less parking space.

Before taking that bike out for a ride, make sure you’re safe on the road. Wear your helmet and other protective gear. Most of all, get a motorcycle insurance.

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This article first appeared on MoneyMax.ph.