Motorcycle Insurance Coverage
Similar to auto insurance plans, motorcycle policies have the following coverages :
- Civil Liability: covers property damage and injuries caused to third parties by road accident.
- Limited: contemplates the total theft of the moped, civil liability for damages to third parties and passengers, as well as legal expenses.
- Comprehensive: supports material damage to your motorcycle, total theft, civil liability to third parties, damages caused by cargo, and legal expenses. And if you choose this package you can also hire additional coverage at an extra cost such as Medical Expenses for Occupants, Material Damage to Special Equipment and Death to the Driver.
Why take out motorcycle insurance?
When you drive a motorcycle, you are more likely to have a road accident that results in serious injuries or death, because the driver is more exposed due to the lack of bodywork to protect him and the high speeds that these vehicles reach.
In addition, the statistics do not let lie. Based on data from the National Institute of Public Health (INSP), they reveal that 60% of fatalities in traffic accidents are motorcyclists, cyclists and pedestrians.
On the other hand, according to the National Commission for the Protection and Defense of Users of Financial Services) an average road accident jeopardizes all your monthly income and if there are fatalities it can cost up to $3,000,000.00 pesos. That is why if you own a motorcycle, it is better to be prepared with an insurance that supports you financially in these unexpected events and also supports you with legal and medical services.
What do I need to take out motorcycle insurance?
It should be noted that each insurer has its own requirements, so it is likely that more or less documents will be required at the time of contracting the motorcycle policy. However, broadly speaking, the minimum that is requested is:
Usual Driver Data
- Proof of address
- Current driver’s license
- Business name
- Proof of Fiscal Address
- Data of the legal representative
- Current driver’s license
Technical sheet of the motorcycle
- Serial number
- cylinder capacity
What influences the price of motorcycle insurance?
Motorcycle insurance is more expensive compared to car insurance, because the risk that a motorcycle driver runs is greater by not being protected by a body. In addition, the cost of a policy influences :
- Driver’s age. By statistics, young drivers between 20 and 35 years old, run more risks when driving a motorcycle; therefore, the cost of insurance may increase for this age group.
- Place of residence. There are areas or localities that are more prone to crime, such as robbery with violence; which represents a greater risk, both for drivers and for insurers.
- Brand and model. There are motor vehicles that have spare parts that are more expensive or more difficult to obtain; consequently, the cost of auto repair and insurance may increase.
- cylinder capacity This characteristic determines the amount of gas that the engine admits and that can define the speed that a motorcycle can reach. Therefore, the risk related to the speed and use of the same can also be specified.
Did you know that motorcycle insurance is mandatory in Mexico?
In accordance with the Federal Roads, Bridges and Motor Transport Law, all vehicle owners, including motorcycles, must have mandatory insurance that guarantees damages that could be caused to third parties to their property and persons, better known as Civil Liability Coverage. .
Although the insurance of vehicles has been done gradually and based on the year of manufacture of these, by official decree since 2019 it is mandatory for everyone.
By contracting this type of coverage, the holders will be able to obtain compensation of $50,000 pesos for property damage and $100,000 pesos for injuries and death . In addition, the policy is mandatory in 17 states of the Republic such as Mexico City, State of Mexico, Chiapas, Baja California, Morelos, Jalisco, Morelos, Nayarit, Nuevo León, Querétaro, San Luis Potosí, Sinaloa, Sonora, Tabasco, Tamaulipas , Veracruz and Yucatan.
You should not overlook this insurance because if you are stopped by an officer you may be creditor with a fine and in case of accident your unit will be sent to a corral.
How do I find the best motorcycle insurance?
To find the motorcycle policy that meets your needs, it is advisable to compare prices and coverage from at least three companies. Reiterator helps you find Motorcycle Insurance at the best price in minutes as it allows you to compare the policy you need and at the best price, also using the quote is totally free. And if you have any questions you can ask in the web chat, so that an expert can help you with your comparison.
How to choose the ideal motorcycle insurance?
Any financial service, including insurance, is ideal when it responds to the needs of who uses it. And it is that it is not the same to use the motorcycle only to move in short distances, than to use the vehicle as a means of work.
Likewise, it is important to know what coverages the insurers offer in order to choose, in an informed manner, the one that best suits what the driver wants to protect. Since many insurers have coverage for driver’s equipment, special accessories or even offer higher insured amounts for injuries or theft of the motorcycle.
Therefore, experts advise comparing at least three options before making a decision. And make a reflection on the needs of the driver and his budget.
Motorcycle insurers 2022
In Mexico there are several insurance companies that offer motorcycle coverage . Some of the insurers that offer motorcycle policies and that have been evaluated by the Conduce are:
|Insurers||Resident Vehicle Insurance||claims|
|IN bursa Insurance||9.65||190|
It should be noted that the Bureau of Financial Institutions, an organization supported by the National Commission for the Protection and Defense of Users of Financial Services, makes evaluations for the Auto Branch, where Motorcycle Insurance is brought together.
These are some of the insurers that offer motorcycle insurance and that have been qualified by the Conduce.
How much does motorcycle insurance cost?
As mentioned, the cost of motorcycle insurance depends on several factors, among which the profile of the driver, type of motorcycle and type of coverage that you want to contract stand out. Likewise, it is important to take into account that insurers also have different prices depending on the service they offer.
Some companies have prices from $408 pesos per month to $1,000 pesos per month. For example, for a 2020 Vento NITROX motorcycle, and a 42-year-old driver, the average monthly cost of his Wide policy is between $399 and $426 pesos; while the Civil Liability coverage is between $269 and $296 pesos per month.
On the other hand, a high-end motorcycle such as a 2020 BMW C 400 GT, the monthly cost of $663 and $687 for Wide coverage and basic coverage is between $269 and $296 pesos per month.
It is important to underline that prices depend on many factors and that these may vary between companies, coverages and motorcycle models.
Advantages of comparing Motorcycle Insurance in Reiterator
Reiterator is the only comparator that does not have intermediaries, so it can be contracted directly with the insurer that most suits the driver. In addition, Reiterator offers other benefits such as:
- Reliable, impartial and objective information
- totally free service
- Quote in seconds
- Competitive prices and payment facilities
- Payment with bank cards
How to use motorcycle insurance in the event of an accident?
In the event of an accident , what experts recommend is to remain calm and verify that everyone involved is okay. Immediately call the insurer at the numbers indicated in the policy.
The insured must provide the policy information, such as the number and name of the contracting party, as well as the details of the place of the accident. The call center will send an adjuster to the address of the events.
It is advisable to try not to make arrangements with the others involved and wait for the insurance agent to come to help the insured.