patch 0 Posted February 21, 2013 Share Posted February 21, 2013 Hi all. I'm looking at buying a Harley, so I've been doing a bit of a look around for full comprehensive motorcycle insurance. I've had 2 quotes so far.... one for 44000Php, and the other for about 79000Php. Bike cost based on around the 950,000Php mark. Firstly, when I mention harley davidson, there is a deathly silence over the phone... seems they are asking 15 of their colleagues what a harley davidson is... meaning to me that they are kinda picking a number out of the air. Secondly... 79000 Pesos??? Are they kidding? My car, which is insured for 880,000 Php cost 18000 pesos to insure, which I think is pretty fair. So... anyone here got a big bike, and can recommend a good insurance company? They seem kind of reluctant here to get back to you... first one they just threw a number at me over the phone... kinda seemed like they were plucking a number out of the air. No details on what it was covered for or anything like that. The second one is the big banger, which covers for flood, acts of god, all that stuff. We are in Cebu at the moment, but looking at perhaps moving to Luzon later in the year. Not sure if this is relevant to the subject or not, but thought I'd throw it in for arguments sake. Thanks. Patch Link to post Share on other sites
David_LivinginTalisay 1,115 Posted February 21, 2013 Share Posted February 21, 2013 (edited) In addition to Insurance: Health / Medical, Life, Home, Auto, Etc. see also Vehicles, Driving & Licensing Information Post# 446675 I read on MCP Forum that Malayan was the Best Comprehensive Cover for BIG Motorcycles. They had a good track record of settling claims honerably and quickly. So Idecided to check this Insurance Company, that is part of the RCBC Group. owned by the Yuchenkos.I went with Malayan Insurance for Fully Comprehensive Insurance of my Yamaha XT225 'Serrow'(normally this particular Policy is for Foreigh Imported Motorcycles >400cc, but after showing I passed the UK 'Advanced Motorists' test forMotorcycles and have 40 years Experience on Motorcycles, from Honda C70 to 750cc Norton Commando and Triumph Trident T160). We also have our House and Contents covered by Malayan Insurance that includes Family Hospitalization, and my Hyundai Matrix 1.5 CRDi VGTOne gets No Claim Discount and additional Discount for taking out other Insurance Cover with Malayan Insurance.NB: I am just REPORTING as satisfied USER of Malayan Insurance.I don't mind if you dont want to follow the same insurance Cover as I did. I have never had to make a claim, so unable to report 1st hand, ifthat reputation is deserved? In fact I am glad to bever REPORT having any real experience of Claims Reporting / Handling / Payment.Like all GOOD Insurance you are paying for NOT using it, but is THERE, in case you HAVE TO! · findpost&p=158783 All approved Motor Insurance covers 3rd Party Liability.The Limit of Liability for such is normally Php50,000 now Php100,000Types of Coverages Compulsory Third Party Liability (CTPL) - is provided for by PD 612, making compulsory the motor vehicle insurance against third party liability death and bodily injuries. The CTPL coverage is a requirement before the registration and operation of any motor vehicle. The minimum required coverage can be increased as requested through Excess Third Party Bodily Injury/Death Cover (EPTL). Third Party Liability - the insurer will pay all sums (subject to the schedule of limits of Liability) necessary to discharge liability of the assured in respect of accidental damage to property not belonging to or held in trust by, or in the custody or control of the assured or any member of the assured's household or being conveyed by the insured vehicle as a consequence to the operation of the vehicle. Loss or Damage -this coverage specifies the protection afforded the assured in so far as his vehicle is concerned. It covers all accidental damages and malicious damages by any third person (other than an employee of the assured) to the insured car and/or its accessories and spare parts (excluding mechanical breakdown and wear and tear but including damage resulting from these causes when such resultant damage is caused by accidental means). Theft - this covers loss or damage arising out of burglary, housebreaking or theft. Personal Accident - this provides indemnity (benefits) for loss resulting or solely from bodily injuries caused by external accident causes while the Insured/authorized driver or any of his or her passengers are riding in, boarding or alighting from the insured vehicle.Benefits provided are as follows:a. Deathb. Permanent Disablement or Dismembermentc. Medical or Surgical Treatment This us from my Malayan Insurance Policy Document:-Policy No. MC-0051-200802472SECTION 1/II LIMITS OF LIABILITY PREMIUM PAIDTHIRD PARTY LIABILITY =p= 100,000.00 =p= 200.00(SUBJECT TO THE SCHEDULE OF INDEMNITIES)SECTION III PREMIUMSINSURED'S ESTIMATE OF VALUE OF SCHEDULED VEHICLE =p= 135,000.00 SECTIONS 1/II ........................ 200.00SECTIONS III OD/THEFT......3,915.00SECTIONS 1V-A ..........................70.00SECTIONS 1V-B .......................370.00 AUTO P.A ................................600.00TOTAL PREMIUM ...................5,155.00 MUNICIPAL TAX............................20.78VAT................................................ 618.60DOCUMENTARY STAMPS....... 659.50COC-AV FEE 56.00TOTAL AMOUNT FEE =P= 6,514.00 SECTION IVA. BODILY INJURY B. PROPERTY DAMAGE 100,000.00 100,000.00 See this copy of the Policy Document:- MOTORCYCLE 1 POLICY.docx 27.05K 28 downloads http://mico.malayan.com/motorcycl1.html Enjoy your ride with full protection from the No. 1, Malayan Insurance 1) Compulsory-Third Party Liability Cruise through the hassles of your Motorcycle Registration 2) Loss/Own Damage Malayan takes pride in its claims settlement reputation in the same way proud owners value their exotic bikes.Financially protect your precious bike from damage or theft. 3) Third Party Liability Protection Riding involves great responsibility, and you always run the risk of accidentally hurting someone or damaging another person's property. Malayan shoulders this risks to keep your riding experience refreshing as if it was your first time to ride again. 4) Riders' Personal Accident Protect yourself and your passenger against misfortunes of accidents. 5) Acts of God Protection Secure your precious bike for the unexpected. This optional cover will provide coverage for damages directly caused by typhoon, flood, hurricane, volcanic eruption, earthquake, or other forces of nature. 6) Riots, Strikes & Malicious Damage Coverage We make sure our customers are not victims of social unrest and lawless elements. This optional cover will respond to losses incurred due to damages intentionally or unintentionally done by third parties. QUALIFICATIONS: 1) Product limited to motorcycles with at least 400cc displacement. 2) Minimum market value of Php 100,000.00. 3) Exotic Brands: American, European, Japanese. Edited February 21, 2013 by David_LivinginTalisay Link to post Share on other sites
ancienrocka 346 Posted February 21, 2013 Share Posted February 21, 2013 Hi all. I'm looking at buying a Harley, so I've been doing a bit of a look around for full comprehensive motorcycle insurance. I've had 2 quotes so far.... one for 44000Php, and the other for about 79000Php. Bike cost based on around the 950,000Php mark. Firstly, when I mention harley davidson, there is a deathly silence over the phone... seems they are asking 15 of their colleagues what a harley davidson is... meaning to me that they are kinda picking a number out of the air. Secondly... 79000 Pesos??? Are they kidding? My car, which is insured for 880,000 Php cost 18000 pesos to insure, which I think is pretty fair. So... anyone here got a big bike, and can recommend a good insurance company? They seem kind of reluctant here to get back to you... first one they just threw a number at me over the phone... kinda seemed like they were plucking a number out of the air. No details on what it was covered for or anything like that. The second one is the big banger, which covers for flood, acts of god, all that stuff. We are in Cebu at the moment, but looking at perhaps moving to Luzon later in the year. Not sure if this is relevant to the subject or not, but thought I'd throw it in for arguments sake. Thanks. Patch Hi mate, I have just taken over the Insurance brokerage that Andy (Stagger on LinC) used to run in Cebu. I have no experience/knowledge of whether your 2 quotes are fair or not, but if you can shoot me an email with a few details - personal and about the bike and its value - I will contact the Manila office and get you a quotation. Up to you after that - my email is [email protected] 1 Link to post Share on other sites
Hy H 1,987 Posted February 21, 2013 Share Posted February 21, 2013 Lloyd's of London Link to post Share on other sites
smokey 21,914 Posted February 21, 2013 Share Posted February 21, 2013 Hi all. I'm looking at buying a Harley, so I've been doing a bit of a look around for full comprehensive motorcycle insurance. I've had 2 quotes so far.... one for 44000Php, and the other for about 79000Php. Bike cost based on around the 950,000Php mark. Firstly, when I mention harley davidson, there is a deathly silence over the phone... seems they are asking 15 of their colleagues what a harley davidson is... meaning to me that they are kinda picking a number out of the air. Secondly... 79000 Pesos??? Are they kidding? My car, which is insured for 880,000 Php cost 18000 pesos to insure, which I think is pretty fair. So... anyone here got a big bike, and can recommend a good insurance company? They seem kind of reluctant here to get back to you... first one they just threw a number at me over the phone... kinda seemed like they were plucking a number out of the air. No details on what it was covered for or anything like that. The second one is the big banger, which covers for flood, acts of god, all that stuff. We are in Cebu at the moment, but looking at perhaps moving to Luzon later in the year. Not sure if this is relevant to the subject or not, but thought I'd throw it in for arguments sake. Thanks. Patch call Felix at meridian phone 254 3025 this is a land line in cebu ... if he asked who sent you mimie ,, friend of carlos.. expect it to be more for a bike especially theft and OD but not that much Link to post Share on other sites
patch 0 Posted February 22, 2013 Author Share Posted February 22, 2013 Thanks very much for your input. Everything except Lloyds of London was perfect!!! ;-) I got a bit of following up to do. Thanks again. Patch Link to post Share on other sites
SkyMan 23,722 Posted February 22, 2013 Share Posted February 22, 2013 I went with Malayan Insurance for Fully Comprehensive Insurance of my Yamaha XT225 'Serrow'But do they cover big bikes? Link to post Share on other sites
David_LivinginTalisay 1,115 Posted February 23, 2013 Share Posted February 23, 2013 (edited) I went with Malayan Insurance for Fully Comprehensive Insurance of my Yamaha XT225 'Serrow'But do they cover big bikes? Malayan Insurance don't normally* insure anything BUT Big Bikes under this Motorcyle 1 Policy (which in the Philippines is >400cc) Malayan Insurance made an exception* for me to insure my XT225 Serow, 1) * only 224cc, it qualified under 2) & 3) however! See my Reply #2 QUALIFICATIONS: 1) Product limited to motorcycles with at least 400cc displacement. 2) Minimum market value of Php 100,000.00. 3) Exotic Brands: American, European, Japanese. Edited February 23, 2013 by David_LivinginTalisay Link to post Share on other sites
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