You are observing how your motorcycle burns are, without a doubt, a terrible experience, even more so if it is an essential vehicle for your daily commute. Hence the great importance of having fire coverage in motorcycle insurance. This coverage will allow you to repair the burned motorcycle or, if this is not possible, obtain the financial compensation that will help you to buy a new one.
In this sense, motorcycle insurance against fire covers the damages that your motorcycle and its accessories may suffer as a result of a fire, as well as the expenses of extinguishing the fire. In the event that the flames have left the motorcycle totally unusable, the company will compensate you with financial compensation.
What types of motorcycle insurance include fire coverage?
Third-party motorcycle insurance only covers civil liability and, therefore, does not cover damage caused by fire. That is why if you want to have motorcycle fire coverage, you must take out an all-risk policy or, at least, an extended third-party policy.
Now, it is important to point out that some companies apply a deductible for this type of claim. This means that the insured assumes an amount (the amount set in the excess), which he must pay out of his pocket for the repair or, in the event that the motorcycle is irreparable, it will be deducted from the compensation that he would have received from the company.
What does motorcycle fire insurance cover?
The specific coverage of fire motorcycle insurance is intended to compensate for the loss or damage that your motorcycle may suffer as a result of a fire. These coverages may vary from one company to another, as well as depending on the type of policy contracted. However, as a general rule, the motorcycle fire coverage would cover:
- Direct damage caused to your motorcycle by fire, explosion, or lightning strike.
- Damage was suffered by the motorcycle and its accessories due to a short circuit.
- The expenses derived from the extinction of the fire. The possible intervention of the fire service and the costs of salvaging the motorcycle would be included.
- Damage was caused to the motorcycle as a result of the necessary measures to prevent or extinguish a fire.
- Expenses for removal and towing of the motorcycle.
- Financial compensation for the loss of the motorcycle and its accessories in the event of a total loss resulting from fire, explosion, or lightning strike.
What compensation does motorcycle fire insurance cover?
If the fire of a motorcycle is of such a nature that it results in the declaration of a total loss, the company will satisfy the insured with a certain compensation with which to compensate for the loss. The economical amount of this compensation will be determined in the contracted insurance policy. In any case, the normal thing is that the amount of compensation is linked to the age of the damaged motorcycle.
The usual thing in this sense is that during the first year after the registration of the insured motorcycle, the compensation is for its new value. This new value is the price that the motorcycle would have if you intended to buy it new at a dealer. After the first year from the date of registration, the normal thing is that the insurer only compensates for the market value of the motorcycle, that is, its market value at the time of the accident. Some companies, however, usually add a certain percentage to said market value.
Why is it important to take out motorcycle insurance with fire coverage?
The probability that your motorcycle will be affected by the fire is much higher than you might think. It is, of course, not unreasonable that it could suffer a short circuit or that the impact of the fuel tank against a compact surface could lead to a fire. A malfunction of the battery charge regulator can also cause it. Similarly, if it is parked on the street, there are several external factors that can cause a motorcycle to catch fire, such as an act of vandalism, lightning, or an explosion in a nearby building.
All these reasons make it more than advisable to include fire coverage in your motorcycle insurance. In this case, the premium will be somewhat higher, but in exchange for this, you will have additional protection that will undoubtedly result in greater peace of mind in the face of these mishaps that can cause your motorcycle to end up in flames.
