Still confused whether to choose all rider vs single rider coverage? Motorcycle insurance is important in protecting the owner in case of liability claims from third parties. It can help alleviate the financial burden for the policyholder. With motorcycle insurance coverage, the cost of repairs or damages will be covered by the insurance company.
All Rider vs Single Rider: Which is Best for Motorcycle Insurance?
Just like car insurance, motorcycle insurance is essential in the event of theft or accidents involving motorcycles. However, it depends on the type of coverage chosen – Single Rider or All Riders motorcycle insurance coverage. Therefore, it is important to select the type of motorcycle insurance that suits your needs for optimal protection.
1. All Riders Motorcycle Insurance Coverage
All Riders Coverage is highly recommended for all motorcycle owners. Typically, all owners who purchase a new motorcycle through a bank loan are required to obtain All Riders coverage to ensure better protection for the purchased motorcycle.
But what does All Riders coverage mean? All Riders Motorcycle insurance policies allow the policyholder and any authorized individuals to ride the motorcycle.
This means that you or anyone authorized by the insured party to ride the motorcycle can make insurance claims in the event of an accident or any damages or losses, provided that:
- You or the authorized rider have a valid motorcycle license.
- The authorized rider has permission to ride your motorcycle.
All Riders’ coverage usually involves an additional 50 percent insurance premium. Compared to the regular premium, the premium for All Riders’ coverage can be considered more expensive than ‘Single Rider’ coverage. Generally, this insurance coverage includes the following motorcycle insurance purchases:
Third-Party Motorcycle Insurance
Third-Party Motorcycle Insurance is the most basic insurance coverage plan. It protects third-party property damage in the event of injury, death, or damage to the motorcycle.
In simple terms, it does not provide protection for the policyholder. Instead, it offers protection to third parties only.
As the policyholder, you cannot claim any compensation or damages for the motorcycle in the event of an accident.
Comprehensive Motorcycle Insurance
Comprehensive Motorcycle Insurance not only provides protection against third-party property damage but also offers protection for the policyholder.
This policy offers protection against fire, theft, loss, and damage to your motorcycle and third parties caused by accidents.
Additionally, it also protects you in case you are responsible for third-party bodily injury, death, or property damage.
2. Single Rider Motorcycle Insurance Coverage
‘Single Rider’ coverage, on the other hand, only protects the named rider in the policy. If an accident occurs while the motorcycle is loaned to someone else, it is likely that insurance claims cannot be made.
Only the registered policy owner (typically the motorcycle owner) can ride the motorcycle and make claims in the event of an accident.
This means that if it is ridden by someone not named in the policy, the insurance company will not be responsible. Any losses or claims will have to be borne by you.
This can lead to confusion if not understood correctly. Therefore, the owner or policyholder needs to be aware of the type of insurance coverage taken to avoid insurance claims being rejected by the insurance company.
Optimize Your Protection, Get the Best Motorcycle Insurance Today
Based on statistics from the Malaysian Institute of Road Safety Research (MIROS), over 60 percent of road accident fatalities are recorded involving motorcyclists over a 20-year period. On average, 20 percent of the reported 500,000 accidents each year involve motorcycle accidents.
Therefore, it is important for you to have comprehensive motorcycle insurance coverage to protect you in the event of accidents, theft, or damage. The best motorcycle insurance coverage can prevent you from bearing high financial burdens and repair costs.
You can obtain affordable and the best motorcycle insurance coverage at Qoala. The quotation process is quick, and motorcycle insurance renewal can be completed in less than 30 minutes. Visit the Qoala website for more information.