Getting the right level of insurance is very important, otherwise in the event of a claim you could miss out. If you are not quite sure what they mean then continue to read this blog or discuss with an operator when arranging your insurance.
Third Party Only Insurance Cover
In the UK you are required to have insurance to cover a motor vehicle unless it is declared SORN. Statutory Off Road Notification (SORN) for those unaware is when you declare that you don’t use or keep your vehicle on a public road, eg you keep it in a garage, on a drive or on private land. The minimum requirement by law is Third Party Only which you most likely have seen abbreviated as TPO. What is Third Party Only? Well as you might have got from the name this cover protects the third party (the person you had an incident with) if that incident was your fault. To explain slightly further if you are responsible for an incident that injures someone or damages their property,you are protected if they make a claim against you. With this type of insurance you cannot claim for theft, fire, or damage done to your vehicle/property.
Third Party, Fire And Theft
Third Party Fire & Theft (TPF&T) is a nice easy one to describe you obviously have the same minimum level of cover which covers the third party but also it covers you if your bike is stolen or is damaged by fire or attempted theft. With TPF&T (and also Comprehensive) your insurance policy has an excess. Insurance excess is an agreed amount of money your insurance company requires you to pay towards the cost of making a claim. Generally if your bike is of low value, then it might not be worth getting TPF&T due to the excess amount; however, if you would like to receive money back in the event of one of these scenarios then Third Party, Fire And Theft is most likely for you - again though if you are unsure it is always worth discussing with one our call centre staff.
Comprehensive which is also referred to as Comp or Fully Comp also covers you against other sorts of damage. If you have an accident which is your fault your insurance company will arrange repair of your vehicle. Like TPF&T you will also need to pay your excess to claim. Comprehensive cover as the name suggests is the broadest insurance cover which can come in useful if you need to claim for yourself if you have damaged your vehicle in an incident. Comp cover may be required if you have arranged finance to buy the bike.
Want TPF&T or Comp cover but don't like the idea of having to pay an excess? We also offer Excess Protect insurance that will pay you back the amount of this excess once your bike claim has been settled so long as the claim is greater than the excess, effectively reducing your bike insurance excess to nothing! Why not read more on the Excess Protection Insurance page.
The views shared are that of the author and are not necessarily that of Lexham Insurance Consultants Ltd.