Theft/comprehensive bike insurance

[quote=“Jeeves_Cripes”]For what it’s worth, I’ve been driving here for nearly 5 years with nothing more than a now-long-expired AAA international driving permit from the U.S.

Even expired, I was able to use it to purchase a new CB1300 motorcycle, and to apply for insurance. Also, after an accident last year, both the Taichung police and the insurance company of the monkey bastard who hit me accepted it without complaint.

Your mileage may vary, of course, and do I intend to get a real Taiwanese license one of these days, but if you’re coming from the U.S., it’s worth picking one up. Or pick up the equivalent sort of thing from wherever you live.

It’s worked fine for me, but maybe I’ve been super lucky.[/quote]
where do i get an insurance? what kind of insurance do u have? i am not talking about the one they always give u when u buy a bike, i mean like damage against 3rd party or if ur bike gets stolen or stuffs like that… how much would that cost?

[quote=“omerojs”]
where do I get an insurance? what kind of insurance do you have? I am not talking about the one they always give u when u buy a bike, I mean like damage against 3rd party or if your bike gets stolen or stuffs like that… how much would that cost?[/quote]

Tokio Marine ( tmnewa.com.tw )offers theft coverage and collision (pays for your own bike if your at fault), but it’s expensive. As I remember, it runs around 10% of the value of your bike per year.

As for 3rd party coverage, I have mine through Zurich ( www.zurich.com.tw ), but it’s my understanding that for red-tag bikes, it’s now available from any company in Taiwan that would normally insure cars.

Right now, I’ve only got the insurance that came with the bike. I’ve been told that it’s impossible to get theft insurance for a big bike, which is what I really want.

edit

That’s good news, but Jesus, that’s expensive. Yeesh.

well 10% is a bit expensive, but it covers both right? collision and theft… u said (pays for your own bike if your at fault) sorry bcz my English is not so good sometimes, by that sentence u mean even if its my fault they will pay me?

and about zurich insurance, how much do u pay for that? that is only for 3rd party coverage right? or does it covers ur own car or bike?

Thanks for the help that u are giving us !!! and i also think that many other Forumosans wanted to know about this !!!

omerojs, for your specific questions:

10% did cover both Collision and Comprehensive (theft), so yes, even if it’s your own fault, they will pay you.

For Zurich, it ran around NT$4k or so a year - and it did only provide 3rd party coverage - it did not cover your own car/bike. Tokio Marine should also be able to provide this type of coverage too. I just chose Zurich since at the time I also used to have a car insured by them and was able to get a “multi-vehicle” discount on Liability coverage (they didn’t offer Comprehensive/Collision for motorcycles).

Anyway, here’s a more thorough explanation of insurance terminology for different types of coverage:

Liability: This is mandatory to some degree in Taiwan, and covers the other guy in the case of an accident which is your fault. It’s typically broken down into two catagories:
1) Personal Injury – this is paid to the other guy for bodily damage to him or his family (i.e. hospitalization, treatment, etc.)
2) Property Damage – this is paid to the other guy for damage to his car/bike/scooter/home, or whatever property of his is damaged.

An example of when this coverage would be used is if are riding your motorcycle and you ran a red light, hitting a scooter, which cracking it’s side panel, and breaking its rider’s leg. Likewise, your finger is broken, and your front wheel bent. In this case the Personal Injury portion pays for the doctors/hospitalization bills for the scooter rider’s broken leg. The Property Damage portion pays for his scooter repairs.

Collision: This covers your bike for damage that you caused in an accident. It also applies in the case where no one is around to accept responsibility (i.e. someone knocks over your bike while parked and then leaves the scene).

Using the same example as in Liability above, this coverage would allow you to collect from the insurance company the amount to repair your broken front wheel. Note that for motorcycles there’s no coverage available that covers personal injury to yourself (or your own passenger’s). So you’d have to either rely on NHI or pay cash to take care of your broken finger.

Comprehensive: This covers things like theft of the motorcycle (or parts), damage (i.e. someone pours paint all over your brand new bike), and other losses not related to traffic (i.e. fire, flood, etc.)

Thanks for all the info my friend, now i will start making decisions about what kind of insurance do i need !!!

[quote=“peanut”]omerojs, for your specific questions:

10% did cover both Collision and Comprehensive (theft), so yes, even if it’s your own fault, they will pay you.

For Zurich, it ran around NT$4k or so a year - and it did only provide 3rd party coverage - it did not cover your own car/bike. Tokio Marine should also be able to provide this type of coverage too. I just chose Zurich since at the time I also used to have a car insured by them and was able to get a “multi-vehicle” discount on Liability coverage (they didn’t offer Comprehensive/Collision for motorcycles).

Anyway, here’s a more thorough explanation of insurance terminology for different types of coverage:

Liability: This is mandatory to some degree in Taiwan, and covers the other guy in the case of an accident which is your fault. It’s typically broken down into two catagories:
1) Personal Injury – this is paid to the other guy for bodily damage to him or his family (i.e. hospitalization, treatment, etc.)
2) Property Damage – this is paid to the other guy for damage to his car/bike/scooter/home, or whatever property of his is damaged.

An example of when this coverage would be used is if are riding your motorcycle and you ran a red light, hitting a scooter, which cracking it’s side panel, and breaking its rider’s leg. Likewise, your finger is broken, and your front wheel bent. In this case the Personal Injury portion pays for the doctors/hospitalization bills for the scooter rider’s broken leg. The Property Damage portion pays for his scooter repairs.

Collision: This covers your bike for damage that you caused in an accident. It also applies in the case where no one is around to accept responsibility (i.e. someone knocks over your bike while parked and then leaves the scene).

Using the same example as in Liability above, this coverage would allow you to collect from the insurance company the amount to repair your broken front wheel. Note that for motorcycles there’s no coverage available that covers personal injury to yourself (or your own passenger’s). So you’d have to either rely on NHI or pay cash to take care of your broken finger.

Comprehensive: This covers things like theft of the motorcycle (or parts), damage (i.e. someone pours paint all over your brand new bike), and other losses not related to traffic (i.e. fire, flood, etc.)[/quote]

Sorry, but from the above description I don’t get the difference between “Liability” and “Third Party”. My understanding was that the compulsory insurance here (described as “mandatory to some degree” above) was some kind of government administered victim compensation fund and was NOT comparable to third party insurance as understood in “The West” (well, UK actually. I dunno what they understand in the US).

My further understanding was that the compulsory insurance leaves one essentially uninsured and likely to be negotiating personal settlement of third party claims.