Whether you are a novice or an experienced motorcyclist, you need to get your motorcycle insured. Buying a motorcycle insurance policy is not easy since researching and comparing different policies take time. However, with these tips by HoldCover, you can save time on choosing motorcycle insurance!
1. What kind of motorcycle insurance is available in Hong Kong?
Under Motor Vehicles Insurance (Third Party Risks) Ordinance, it is compulsory to take out insurance with an authorised insurer to cover your liabilities for injury or death of third parties arising out of the use of your motor vehicle. There are 3 types of motorcycle insurance policies available in Hong Kong:
i. Third Party Only (TPO)
It protects you against liability for property loss or damage and bodily injuries or death to the third party in the event of an accident.
ii. Third Party, Fire and Theft (TPFT)
It covers damage or loss caused by fire, theft or traffic accidents to your motorcycle, in addition to the Third Party Only policy. Some policies may also provide coverage for the cost of towing service incurred by an accident.
iii. Comprehensive (COMP)
It provides more extensive coverage to your motorcycle, including those mentioned above. On top of third party liabilities, damage or loss to your motorcycle in the event of an accident will also be covered.
The coverage of the 3 types of motorcycle insurance are listed as below:
2. What is the age limit for buying a motorcycle insurance policy?
People aged 18 or above can buy a motorcycle insurance policy, regardless of whether they are a newbie with a probationary driving licence or an experienced rider.
3. Declare the usage of your motorcycle
When you buy a motorcycle insurance policy, the insurer will require you to declare the usage of your insured motorcycle. There are 3 common types of usage: (1) private use, (2) commuting to work and (3) business use. Moreover, your insurer may reduce or reject your claims should you forget or incorrectly declare the usage.
4. What is No Claim Discount (NCD)?
No Claim Discount is a premium discount reward for policyholders who never apply for claims for every consecutive year. The maximum NCD for private-use motorcycles is 30%; and for business-use motorcycles is 30%.
5. What is Excess?
An excess, as known as a deductible, is a predetermined amount that a policyholder should pay in advance for any claims regarding damage or loss of the motorcycle. Normally, you can choose the amount by yourself; the higher the excess, the cheaper the policy will be.
6. Is a modified motorcycle insured?
Modifying your own motorcycle is one of the most satisfying things that a motorcyclist can do. However, it’s worth noting that illegal modifications may not comply with the requirements of your motorcycle insurance which may lead to a lapse in policy, or even violate the law.
How to buy a suitable motorcycle insurance policy at the best price effortlessly?
With HoldCover’s one-stop insurance online platform, you don’t have to spend a lot of time getting quotes from different insurers anymore. Whether or not you are a novice or an experienced rider with different purposes, you can get instant quotes, compare policies and buy the one that fits you best on HoldCover as we offer a wide range of motorcycle insurance products.
Click here to get quick motorcycle insurance quotes for free!
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Wave goodbye to the old-fashioned and confusing way of insurance and say hello to HoldCover, an online insurance platform where you can easily compare similar policies across different insurance companies. You can identify what’s best for you by optimising for cost, coverage and other perks. Our online platform is 24/7 which means you can shop and manage your insurance at anytime and anywhere.
