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Motorcycle insurance is a policy which provides financial protection to your motorcycle in the event of a fire, accident, or theft. Besides that, motorcycle insurance also provides financial protection to you against any liability from the third party for injury, death or damage to their motorcycle.
Motorcycle insurance normally covers:
Any bodily injury or death caused to the third party in the event of a motorcycle accident
Any damages caused to the third party’s motorcycle in the event of a motorcycle accident
Any damages caused to your motorcycle in the event of a fire, explosion, or lightning
Any damages caused to your motorcycle in the event of a burglary, housebreaking, or theft
Any damages caused to your motorcycle in the event of a motorcycle accident
However, not every motorcycle insurance policy provides the same coverage. Some policies provide a wider coverage than others, so it is best to choose what coverage you want.
These are a few add-on coverage available:
Any damages to your motorcycle caused by natural disasters
Any damages to your motorcycle in the event of a strike, riot or civil commotion
Any liability claim from your pillion passenger in the event of a motorcycle accident
Any damages to your accessories fixed to your motorcycle
However, not every insurance package will allow all the following add-on coverage. Some may even provide a more add-on coverage than the ones listed above. If you require any add-on coverage, make sure to choose an insurance policy that provides the add-on coverage that you require.
These are the types of motorcycle insurance available in Malaysia:.
Third Party Coverage is the most basic motorcycle insurance you can apply for. This insurance provides very minimal coverage in the event of an accident such as injuries, deaths or damages to the motorcycle. However, this type of insurance will not provide any coverage to you but to the third party only. You will not be able to claim for any injuries, deaths or damages made to your motorcycle, but you can claim for any compensation needed to be made to the third party.
Third Party, Fire and Theft
Like the Third Party Coverage, it covers any claims made against you by a third party in the event of a motorcycle accident which causes bodily injuries, death, property loss or damage caused by your motorcycle. Besides that, this insurance policy provides extra coverage on any damages made from a fire or theft of your motorcycle.
A Comprehensive Insurance has a more coverage compared to the other policies. It has all the coverage in the Third Party, Fire and Theft Coverage but instead of covering only the third party, this insurance covers your motorcycle too. You will be protected for any damages or loss caused to your motorcycle which covers more than just fire and theft.
Bear in mind that all the policies available does not provide protection for any injury or death that has occured to you.
NCD is a discount for riders who has not made any insurance claim during the preceding period of your insurance. NCD discounts will increase over the years, however, once you have made an insurance claim, you will lose your NCD entitlement. The amount of NCD you can receive depends on the type of motorcycle, coverage, and the number of years you have not made a claim. Normally, motorcycles can get up to 25% of NCD.
You cancel your motorcycle insurance policy anytime you want by giving a written notice to the insurance company. However, you might have to pay a penalty fee if you were to cancel before the one-year period of your policy. You may be entitled to get a refund for your premium if no claims has been made before the cancellation. Please refer to the chart below for the total premium and customary short-period rates:
You'll only be charged fees for the road tax renewal, service and delivery, as well as SST.
Peninsular/West Malaysia: within 3-5 working days; Sabah & Sarawak currently not available for road tax renewal.
You can check your road tax delivery status by emailing us with your enquiry at firstname.lastname@example.org
As a general rule of thumb, your sum insured should be at least worth the market price of your motorcycle. This is to ensure that it is sufficient to cover the claims for the loss and damage caused to your motorcycle.