Understanding the difference between type 1, 2, and 3 motorbike insurance
Learn the differences of each type of motorbike insurance and choose which one will help you based on your needs of protection cover.
Is Insurance Necessary For Motorbikes?
You must have insurance regardless of the type of motorbike, moped, or scooter you ride. If you are arrested by the police without evidence of insurance, you can face a fine as well as the seizure and loss of your car. You may also receive penalty points on your license, making it more difficult and costly to obtain insurance in the future.
If the case goes to court, the fines are much worse because the fine is limitless and you may lose your license.
Key Points
- You must have insurance regardless of the type of motorbike, moped, or scooter you ride.
- Motorbike insurance type 1 is the highest level of coverage available in Thailand.
- Type 3 motorbike insurance is the basic minimum you can obtain.
Type 1 Motorbike Insurance
Motorbike insurance type 1 is the highest level of coverage available in Thailand. It protects you and your motorbike in the event of an accident whether it is your fault or not. Your provider will offer coverages for the damage to the bike and all personnel involved in the accident, also known as the third party.
Type 1 motorbike insurance is also the only type of insurance that covers an injury that occurs without the involvement of a third party, such as crashing into a wall, hitting a dog, receiving a scratch, and so on. Non-third-party coverage may require an additional fee in some cases, while in others, it is included in the policy. Any eventuality is covered by Type1 motorbike insurance. It offers the following benefits:
1. Car repair compensation – When the other party is unable to identify the cause of the accident, such as hitting a sidewalk, a tree, or riding a vehicle, the type 1 motorbike insurance stands out from the others.
2. Cover all medical costs – Insurance will assist with this. In addition, medical costs for both insured and uninsured passengers are covered. In addition, the insured is responsible for third-party expenses. If the insured or a third person is injured before they become permanently disabled. It is possible to file a claim if you died at the stated time.
3. Cover your vehicle from theft, fire, and flooding – The vehicle, as well as any factory-installed equipment, is protected under Type 1 motorbike insurance. In the event that it is stolen, motorbike fires and flooding, as well as theft and extortion, compensation amounts are determined by the terms of the policy.
Type 2 Motorbike Insurance
Type 2 motorbike insurance is for motorbikes up to 5 years old. The coverage is equivalent to that of first-class insurance but at a lower rate. The distinction is that it only includes vehicle accidents with other citizens. Insurance would not protect the car if it crashes and slips on its own. In Thailand, Type 2+ is the second most expensive motorbike insurance choice. Its coverage is similar to Type 1 insurance, but it prohibits incidents with no third party.
Take note of the following and make you understand its covers before buying it.
1. Car repair compensation – Only the accidents can identify the parties. Motorbike insurance type 2+ does not cover an accident where the other party cannot be found, such as hitting a sidewalk, a tree, or riding a vehicle.
2. Cover for medical costs – Insurance will assist with this. In addition, medical costs for both insured and uninsured passengers are covered. In addition, the insured is responsible for third-party expenses. If the insured or a third person is injured before they become permanently disabled. It is possible to file a claim if you died at the stated time.
3. Secure your motorbike against theft and fire – The motorbike, as well as the factory-installed equipment, is protected under type 2+ motorbike insurance. If a fire breaks out or a robbery results in a loss, compensation amounts are subject to policy conditions in cases of robbery, extortion, and theft.
Type 1 motorbike insurance covers injuries that occur without the involvement of the other parties, which is something that other insurance classes do not provide.
Type 3 Motorbike Insurance
Type 3 motorbike insurance is the cheapest insurance premium that provides the bare minimum of protection. Covers an accident with a vehicle only if the car is stolen, and insurance does not provide out in the case of a fire. In terms of accident damage, both the vehicle and the individual can file a claim for the motorbike up to ten years old.
Coverage will be minimal as follows.
1. Car repair compensation – Only the accidents can identify the parties. Motorbike insurance type 3+ does not cover an accident where the other party cannot be identified, such as hitting a curb, a tree, or riding a motorbike.
2. Cover for medical costs – Insurance can aid with paying medical costs. Medical costs for both covered and uninsured passengers. In addition, the insured must pay third parties. If the insured or a third party is injured before they become permanently disabled It is possible to claim the benefits if you died at the prescribed time.
Each type of motorbike has its own set of advantages and disadvantages. Choose the choice that best fits your needs.
The Difference Between Each Types of Motorbike Insurance
Motorbike insurance comes in three types, just like car insurance. These are the three mentioned above named as Type 1, Type 2, and Type 3 motorbike insurance.
Type 3 motorbike insurance is the basic minimum you can obtain. It will compensate for any damage to other people’s motorbike, but not your own. Type 2 motorbike insurance is the same general policy as Third Party, but it also covers you if your motorbike is stolen or is destroyed by fire. On the other hand, a Type 1 motorbike insurance policy includes all of the above, as well as any damage to your own bike, even though you were at fault in the accident.
While you would think that a Type 1 policy will be more costly because it provides all options, this isn’t always the case. As a result, don’t ignore comprehensive insurance plans out of hand when searching for insurance because they differ from insurer to provider.
The Importance of Purchasing Motorbike Insurance
Any time you are on the road as a motorbike rider, you should be alert and cautious. Remember your own life, your bike, and other people’s lives. Motorbike insurance is an ideal way to cover yourself in the event of an accident. Motorbike insurance is essential for a number of reasons.
1. Medical bills can add up quickly – Motorbike insurance can cover the majority, if not all, of your medical expenses if you are involved in a collision. You may need further care after your initial hospital stay. Having insurance will give you peace of mind in the event of a disaster.
2. Injury to others – You will be liable for compensating those involved and injured as a result of an accident caused by your negligence. Your insurance will be able to cover the expense if you have a suitable policy.
3. Total loss protection – It’s possible that repairing your motorbike after an accident would cost more than it’s worth. The cost of a repair or the actual cash value of your bike may be compensated by total loss coverage.
4. Property damage – You would want to get back out on the road as soon as possible after an accident because your bike is valuable to you. It might be months before you can ride your motorbike again if you don’t have the means to repair it. If you’re insured, you might be able to get your bike fixed easily.
5. Collision coverage – You may want to consider including collision coverage in your policy. If you are in an accident and must pay for the loss of another person’s property or vehicle, collision insurance will help. If the accident is found to be your fault, this will come in handy.