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Owning motorcycle insurance is like owning any other insurance in the UAE. The policyholder pays a fixed amount as premium to the insurance company and in return, the insurance company hedges the possible risk associated with the ownership of the bike. The policyholder is compensated financially for the loss and or damages caused by accidents, thefts, natural calamities, and so on. All motorcycle insurance offers third-party cover for damages caused to third parties at the time of an accident.

Having motorcycle insurance is mandatory by law making it a necessary expense. There are many insurance companies in the UAE that offer motorcycle insurance, some of the famous names in the industry include the following: ADNIC, Dar Al Takaful Insurance, Noor Takaful Life Insurance, to name a few.

Types of Motorcycle Insurance in Dubai

There are different types of motorcycle insurance available in the UAE that caters to each individual requirements, they are as mentioned below:

Third Party Liability Motorcycle Insurance

Third-party bike insurance is mandatory by law if you wish to drive your bike on UAE roads. The policy covers the damages and losses caused to a third party in the event of an accident during the policy period. Please note it does not cover damages or loss caused to the insured vehicle. It is one of the cheapest types of motor insurance in Dubai and across the UAE.

Comprehensive Insurance

A comprehensive insurance policy is a more expensive version of third-party insurance. The comprehensive insurance policy covers the losses and damages caused to third parties but it also covers the damages and loss affecting the policyholder as well. It is one of the most widely used motor insurance in Dubai.

Fleet Bike Insurance

Fleet bike insurance as the name suggests is best suited for companies who have a motorcycle fleet. This type of insurance is most suitable for delivery companies, courier services, BtoD logistic companies, to name a few. What makes fleet insurance unique from other insurance types is its ability to insure multiple bikes under one insurance. This makes the overall experience hassle-free especially when you add or remove bikes at different stages of the business operation during the insurance period.

How to Buy the Right Bike Insurance?

Bike insurance premiums are a recurring expense and if you follow certain steps the policyholder can buy the right insurance at the right price. Mentioned below are steps that needs to be followed to buy the right bike insurance product:

Identify the Needs, Objectives, and Requirements of the Policyholder

The first thing to note while searching for insurance is to identify the needs, objectives, and requirements of the prospective customer. Is it barely to meet the legal requirements or is it to hedge against the possible future expenses.

The price of the bike also plays a major role in identifying what type of policy to choose from. If it is a very expensive bike then it is better to go for a comprehensive insurance policy or else a third party is good enough especially if you are on a budget.

Compare Different Insurance Policies

The best way to buy bike insurance is to compare various motor insurance online. Go to the website of an insurance aggregator like Policyhouse.com and compare different insurance products to find the one that best suits your requirement at your preferred price point. After which select the one that best suits your purpose.

Reputation, Claim Settlement Ratio, and Reliability of the Insurer

Finally, the reputation, reliability, and claim settlement ratio play an important role in identifying a suitable insurer. Always go for a reputed, reliable insurance provider even if it means you need to pay a bit extra as they offer high-quality hassle-free after-sale service. After-sale service is very important as far as a policyholder is concerned.

Always settle for insurance providers with a high claim settlement ratio. A higher claim settlement ratio is an indicator of the reliability of the insurance provider. Reliability should be a leading factor in determining the choice of the insurer.

To conclude, the motorcycle insurance market in UAE is large and matured hence the industry has the capability to churn products that suit each individual's requirements. With adequate research and peer-to-peer review, it is easy to find insurance products that meet all your requirements.