WHICH INSURANCE IS BEST FOR BIKES IN NIGERIA
Bike insurance is an agreement between the insurance provider and the bike owner. The insurance company/provider provides financial coverage to the bike owner in case of any damages or loss due to an accident, repair or theft.
Bike insurance covers accidental injuries sustained while driving the bike.
Your bike is an integral part of your life. Hence, keeping your bike safe and secure is important. Purchase bike insurance and get your priced possession covered so you can stay at peace.
It's possible for anything to happen while riding your bike in Nigeria, considering the low driving ethics, the poor road conditions, unregulated traffic problems, and morning and evening rush hours.
What Bike Insurance Covers
A bike insurance plan comes to your aid financially in some of the cases below :
- Personal accident coverage for driver-owner
- Third-party liabilities
- Damage to the vehicle because of the accident
- Theft or loss of the bike
- Damage due to natural disasters
- Damage due to man-made disasters
In addition to the normal benefits offered, bike insurance plans come with extra coverage. These additional benefits are offered on an extra payment you buy along with your bike insurance.
Personal accident cover: By purchasing this cover, you get insured against permanent disability or death due to an accident. If the insured unfortunately dies in an accident, the insurance company provides income for the family of the insured monthly.
Zero depreciation cover: With this cover, your bike gets the original value. Depreciation is not deducted in case it is damaged or lost.
This is a very important add-on cover to buy while getting your bike insurance.
To be able to get bike insurance, a person must have the following criteria:
- Should have a driving licence
- 18 years or above
- Should possess registration certificate of the vehicle
How To Apply For Bike Insurance
A person who is qualified to ride a bike in Nigeria can apply for a bike insurance policy either offline or online. The individual needs to have a valid driving licence.
Types Of Bike Insurance
Basically, there are two types of bike insurance coverage available in Nigeria. They are
1. Third-party insurance
2. Comprehensive insurance
1. Third-party Insurance: This is also known as liability insurance. The insured (first party) purchases this policy from an insurance company (second party) for safety against claims of another (third party).
Third-party insurance covers the insured's liability for injury or death to a third party and damage or loss to the property of the third party in the event of an accident.
This type of insurance is necessary for every bike owner and is among the compulsory insurance policies in Nigeria.
Benefits: Third-party insurance protects you against financial loss, legal or accidental liability, damage to property and third-party injury/death. This plan comes at affordable premiums.
2. Comprehensive Insurance: This type of insurance provides extensive protection to your bike against a large variety of damage which can be: accidental, theft, damages caused by fire or total loss event, and damages experienced in the wake of natural disasters like floods, earthquake or tornado and also man-made disasters such as acts of terrorism or riots.
Comprehensive insurance also provides protection against third-party liability.
Benefits: If you choose this policy, you get financial protection for your bike, yourself, and any third party that is affected. It covers its own damage as well as financial liabilities arising from the death of a third party in an accident.
With all mentioned above, getting comprehensive insurance is best for your bike in Nigeria as it offers a wider range of policies for you to benefit from and enjoy.