What is theft coverage in motorcycle insurance?
Motorcycles are much more prone to theft than cars, which is why it is advisable to pay a little more for your motorcycle insurance, too, in return, have the peace of mind of having financial support if your motorcycle is stolen.
Motorcycle theft coverage would therefore be the one that includes compensation in the event that your motorcycle is stolen.
What is motorcycle insurance theft coverage?
The main function of this guarantee is to cover you in the event that you suffer an illegitimate theft of your motorcycle, in which case the insurer will take charge and indemnify you based on the type of theft suffered, whether total or partial or well to the damages suffered in your motorcycle in case the robbery is frustrated.
It is important, in any case, that you pay attention to the specific content of your policy since each insurer can establish specific exclusions. Thus, for example, unless specifically agreed, most companies do not cover motorcycle theft if it was caused by your own negligence, as happens if you left the keys in the ignition, since this is considered theft, not theft.
Why is theft coverage important in motorcycle insurance?
Having motorcycle theft coverage is essential when taking out motorcycle insurance since motorcycles are very vulnerable vehicles to theft. This follows from the crime balances published each year by the Ministry of the Interior, which indicate that motorcycle thefts are proportionally much more frequent than car thefts, especially in large cities.
Therefore, being protected against possible theft of your motorcycle will provide you with extra peace of mind, without prejudice to taking your usual security measures to prevent such a mishap from occurring as far as possible.
What does it usually cover?
Although you should always be aware of the specific conditions of your insurance policy, the truth is that most insurers usually include the following guarantees:
- Compensation for total theft. It takes place in case of the complete theft of the motorcycle. In this case, the company usually compensates the same as if it were a total loss. Generally, the new value of the motorcycle is offered during its first year of service. From the second year, the compensation offered is usually corresponding to the market value of the motorcycle.
- Partial robbery. It occurs when certain accessories are stolen from your motorcycle. Some companies do not cover this kind of theft. Others will only compensate you if the accessories are standard, that is if they were included with your motorcycle when you bought it. On the other hand, if they are accessories added later, they will only be covered if this was specified in the conditions of the policy.
- Attempted robbery. It applied when the robbery was frustrating but still caused damage to your motorcycle. In this case, the company will cover the repair of such damage, provided that such a guarantee appears in your policy.
What type of insurance includes theft coverage?
Theft coverage in motorcycle insurance is not compulsory, although it is always included in the all-risk insurance modality. This type of policy is, without a doubt, the most recommended, although it is also the most expensive.
You can also contract theft coverage as an additional guarantee in the extended third-party insurance modality. It is an ideal option if you do not want or cannot take out comprehensive insurance for your motorcycle.