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For many, Fully Comprehensive motorcycle insurance is the only option they consider when choosing insurance. However, for a certain amount of people, third party, fire and theft motorcycle insurance is their favoured option for a variety of reasons. One of the primary reasons why this type of insurance is chosen is due to its price, more often than not, it carries a very respectable and competitive price tag, making it available and affordable to many motorcycle riders. The reason why this insurance type can regularly be seen as a cheap option is due to the lack of cover it provides when compared to Fully Comprehensive motorcycle insurance. For example, if a rider is involved in an accident with another vehicle and sustains damage to both themselves and their motorcycle, as well the other party sustaining the same damage to themselves and their motorcycle, Fully Comprehensive insurance will payout on claims made from all parties. However, this cheap level of insurance will only provide money to the other party and not the policy holder. As the risk to the insurer of having to pay out is reduced, they can therefore reduce their premiums and pass the savings onto their customers. Although Third Party, Fire and Theft insurance is often the lowest insurance level most will go to, there is a lower level, Third Party. Third Party motorcycle insurance provides the policy holder with the minimum legal amount of insurance cover allowed. Only covering the policy holder in the event there is an accident and the other party claims against them, this cover does not provide any assistance should the motorcycle be stolen, set on fire or need to be repaired or replaced in anyway. Due the basic level of cover it provides, it is often the cheapest but is also often not a viable option for many. It has to be noted that whilst Third Party, Fire and Theft motorcycle insurance covers the policy holder should their motorcycle be stolen or set on fire, all reasonable means of reducing these events occurring should be carried out. For example, if possible, the motorcycle should be stored in a securely locked garage when not in use, with all access to the garage and motorcycle stored away safely. If the motorcycle is left in open view with the keys in the ignition, it is very rare that a motorcycle insurance company will consider paying out on a theft claim, as the policy holder has not carried out their responsibility of ensuring the motorcycle is as safe and secure as is feasibly possible. Overall, Third Party, Fire and Theft motorcycle insurance is ideal for those riders looking to get out on the road with more than the basic level of cover, Third Party only. It covers the policy holder should someone claim against them because of an accident, as well as if their motorcycle is stolen or set on fire and is often the most suitable level of insurance for many.
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