What is Motorcycle Insurance?
Motorcycles are the most commonly used mode of transportation, as they are convenient and easy to drive. The vehicle helps us transport, and it is our duty to insure the vehicle that provides us transportation support.
Additionally, while driving on jam-packed roads, there’s a chance of the vehicle getting damaged, like colliding directly with another vehicle. This is where insurance comes into play, and SGI Philippines General Insurance Company, Inc. provides Motorcycle Insurance.
Why do you need Motorcycle Insurance?
Motorcycle Insurance is important for all motorcycle owners as it provides protection against own damage, third-party liabilities, fire, theft, burglary, riots, earthquakes, cyclones, floods, accidents and malicious activities.
In case your motorcycle gets stolen or you are liable for third-party damage, you can claim it under Motorcycle Insurance. During tough times, Motorcycle Insurance will benefit you and provide financial assistance.
Types of Motorcycle Insurance in the Philippines
Compulsory Third-Party Liability (CTPL)
As the name suggests, Compulsory third-party liability is mandatory by law, and every motorcycle owner should have valid CTPL coverage. The policy provides financial protection against third-party liability for bodily injury or death.
Comprehensive Coverage
Covers the insured vehicle from the damages due to accidents, acts of nature, theft, third party liability for property damage and bodily injury or death.
Key Features of Motorcycle Insurance
An exclusive comprehensive cover specifically designed to accommodate insurance for motorcycle units. This features bodily injury coverage, property damage coverage and collision coverage. It also indemnifies loss due to theft the assured.
Why choose SGI Philippines for your Motorcycle Insurance needs?
SGI Philippines provides motorcycle insurance, which can be purchased online, anywhere and anytime. We have moved to digital platform, and the website is user-friendly, making services like purchasing and renewing easy and convenient.
What’s covered under Motorcycle Insurance by SGI Philippines?
SGI Philippines provides broad coverage aside from the third party liability.
Loss or Damage against the following:
- Theft
- Collision
- Self- Ignition
- Acts of Nature
Motorcycle Insurance Add-on Covers
- Personal Accident Insurance – covers the bodily injury or death of the insured
How to Calculate Motorcycle Insurance Premium?
Motor Insurance premiums are computed by multiplying the applicable rate per thousand, as to type of usage of the vehicle, which should always be comply to the Tariff Rate prescribed by the Insurance Commission to the current Fair Market Value of the vehicle. Expanded coverage and add-ons can be included by paying additional premiums.
Factors Affecting Motorcycle Insurance Premium
Type of Unit (specification like the model and brand) Age of the vehicle Usage
Benefits of buying Motorcycle Insurance
Motorcycle Insurance provides coverage against third-party liabilities and other damages. Additionally, Motorcycle Insurance will save you from burning your pockets during unforeseen events. It will provide the necessary financial protection and you need not spend anything from your pocket. Purchasing Comprehensive Insurance will cover third-party liabilities and other damages like theft, fire and natural calamities.
How to choose the right Motorcycle Insurance?
Choosing the right Motorcycle Insurance will help you during unforeseen times like third-party liability and direct collision.
Coverages
Consider the coverage offered by the Insurance provider. Most insurance providers would not offer a comprehensive coverage due to motorcycles has a high risk possibility to be involved in an accidents and can be easily robbed.
Premium
Compare the premium and coverage carefully. Low-cost policies may lack essential coverage, while high premiums may include unnecessary add-ons. Choose insurance based on your needs, not just the price.
Insurance Provider
Look for the stability of the Insurance Company and Claims Handling.
How to Buy/Renew Motorcycle Insurance?
01.
Present a clear copy of the vehicle’s Certificate of Registration and Official Receipt
02.
4 sides pictures of the unit
03.
Approved quotation of the Assured and his instructions to issue the policy contract
04.
For renewal accounts, just email SGI Phils. Of the Renewal Notice indicating your renewal premium and policy number and we will send you your epolicy copy
How to File a Motorcycle Insurance Claim at SGI Philippines?
The initial step is to call and inform SGI Philippines Claims Team and the team would assist you with the documents needed for such claim.
Documents Required for Filing a Motorcycle Insurance Claim
- Clear copy of the units Official Receipt and Certificate of Registration
- SGI Philippines Policy Copy / Policy Number
- Official Receipt that the premium has been paid
- Driver’s License
- Pictures of the damages
- Estimate (if available)
- Police Accident Report/ Notarized Affidavit with date of accident/time/complete narration of what happened/how accident happened
- If this is a 3rd Party Property Damage / Bodily Injury Claim
- Clear copy of the units Official Receipt and Certificate of Registration of the 3rd Party Claimant
- Certificate of No Claim from the 3rd Party’s insurance provider
- Driver’s License with OR
- Pictures of the damages
- Estimate
- Official receipts if Bodily Injury Claim
- Medical Certificate
- Government IDs of the claimant
- Contact Number/ Email Add of the claimant, preferably the number is a viber number also for inspection purposes.
- For theft claim, a non-recovery report from Traffic Management Police is needed.
Key Features of Motorcycle Insurance
An exclusive comprehensive cover specifically designed to accommodate insurance for motorcycle units. This features bodily injury coverage, property damage coverage and collision coverage. It also indemnifies loss due to theft the assured.
Why choose SGI Philippines for your Motorcycle Insurance needs?
SGI Philippines provides motorcycle insurance, which can be purchased online, anywhere and anytime. We have moved to digital platform, and the website is user-friendly, making services like purchasing and renewing easy and convenient.
What’s covered under Motorcycle Insurance by SGI Philippines?
SGI Philippines provides broad coverage aside from the third party liability.
Loss or Damage against the following:
- Theft
- Collision
- Self- Ignition
- Acts of Nature
Motorcycle Insurance Add-on Covers
- Personal Accident Insurance – covers the bodily injury or death of the insured
How to Calculate Motorcycle Insurance Premium?
Motor Insurance premiums are computed by multiplying the applicable rate per thousand, as to type of usage of the vehicle, which should always be comply to the Tariff Rate prescribed by the Insurance Commission to the current Fair Market Value of the vehicle. Expanded coverage and add-ons can be included by paying additional premiums.
Factors Affecting Motorcycle Insurance Premium
Type of Unit (specification like the model and brand) Age of the vehicle Usage
How to Buy/Renew Motorcycle Insurance?
01.
Present a clear copy of the vehicle’s Certificate of Registration and Official Receipt
02.
4 sides pictures of the unit
03.
Approved quotation of the Assured and his instructions to issue the policy contract
04.
For renewal accounts, just email SGI Philippines Of the Renewal Notice indicating your renewal premium and policy number and we will send you your epolicy copy
How to File a Motorcycle Insurance Claim at SGI Philippines?
The initial step is to call and inform SGI Philippines Claims Team and the team would assist you with the documents needed for such claim.
Documents Required for Filing a Motorcycle Insurance Claim
- Clear copy of the units Official Receipt and Certificate of Registration
- SGI Philippines Policy Copy / Policy Number
- Official Receipt that the premium has been paid
- Driver’s License
- Pictures of the damages
- Estimate (if available)
- Police Accident Report/ Notarized Affidavit with date of accident/time/complete narration of what happened/how accident happened
- If this is a 3rd Party Property Damage / Bodily Injury Claim
- Clear copy of the units Official Receipt and Certificate of Registration of the 3rd Party Claimant
- Certificate of No Claim from the 3rd Party’s insurance provider
- Driver’s License with OR
- Pictures of the damages
- Estimate
- Official receipts if Bodily Injury Claim
- Medical Certificate
- Government IDs of the claimant
- Contact Number/ Email Add of the claimant, preferably the number is a viber number also for inspection purposes.
- For theft claim, a non-recovery report from Traffic Management Police is needed.
Motorcycle Insurance Terms Explained
Excess Bodily Injury / Death – covers the third party against bodily injury, medical expenses and death. Other medical expenses in excess of the Compulsory Third Party Liability Insurance. Voluntary Third Party Property Damage – covers the third party property damages up to the limit stipulated in the policy.
Frequently Asked Questions
Yes, it can be included in the coverages subject to additional premium.
SGI Philippines accepted year model range of motorcycle unit is 1-5 years