Motorcycle Insurance - Big Bike.

[patch 0]

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

[David_LivinginTalisay 1,115]

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 for
Motorcycles 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 VGT

One 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, if
that 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 Php100,000


Types 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. Death
  
  b. Permanent Disablement or Dismemberment
  
  c. Medical or Surgical Treatment

This us from my Malayan Insurance Policy Document:-

Policy No. MC-0051-200802472

SECTION 1/II

    LIMITS OF LIABILITY     PREMIUM PAID
THIRD PARTY LIABILITY     =p=      100,000.00      =p= 200.00
(SUBJECT TO THE SCHEDULE OF INDEMNITIES)


SECTION III     PREMIUMS
INSURED'S ESTIMATE OF VALUE OF SCHEDULED VEHICLE   =p=      135,000.00     
SECTIONS 1/II  ........................ 200.00
SECTIONS III OD/THEFT......3,915.00

SECTIONS 1V-A ..........................70.00
SECTIONS 1V-B .......................370.00
    AUTO P.A ................................600.00


TOTAL PREMIUM ...................5,155.00

MUNICIPAL TAX............................20.78
VAT................................................ 618.60
DOCUMENTARY STAMPS....... 659.50
COC-AV FEE      56.00

TOTAL AMOUNT FEE     =P=  6,514.00


    SECTION IV
A. 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

[ancienrocka 346]

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]

[Hy H 1,987]

 

Lloyd's of London   

[smokey 21,914]

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 

[patch 0]

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

[SkyMan 23,722]

 

I went with Malayan Insurance for Fully Comprehensive Insurance of my Yamaha XT225 'Serrow'

But do they cover big bikes?

[David_LivinginTalisay 1,115]

 

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