If you have a motorcycle, are you aware of the essential and necessary motorcycle insurance?
Because come on, do you know that motorcycle insurance is a real thing, that it exists and that you should get it?
We will assume that if you are reading this, it is because you have a motorcycle or are thinking of buying one and want to investigate.
Unfortunately, with motorcycles, as with cars, those that are insured seem to be the exception.
There are no exact data in Mexico, but if in automobiles, only 30% are insured, with motorcycles, the percentage could be much lower.
Due to its popularity as a method of transportation and a work tool, motorcycle insurance should have more penetration in Mexico.
And more important is having insurance when we take into account one of the most popular motorcycle sayings:
“There are two types of motorcyclists, the one who has already fallen and the one who is going to fall.”
Obviously, the popular wisdom in this saying is that the chances of having a motorcycle accident are much higher.
Therein lies the importance of having good insurance, which protects you and your motorcycle.
WHY IS IT SO IMPORTANT TO HAVE MOTORCYCLE INSURANCE?
To understand the need for motorcycle insurance, let’s see how the market is in Mexico.
Until 2017, the last year with available data, more than 3.5 million motorcycles were in Mexico.
Exactly 3 million 574 thousand 402 motorcycles, according to the INEGI (National Institute of Statistics and Geography).
In comparison, there are a total of 30.8 million vehicles between individuals and the public in the country.
That is, for every 11 cars on the streets, there is a motorcycle.
And, obviously, with the increase in motorcycles, the number of traffic accidents involving motorcycles also increased.
An increase of 386% compared to the 9,701 accidents in 1997, 20 years ago.
Add to this the fact that motorcycles (particularly light ones) are also at higher risk of theft.
So yes, motorcycle insurance is a very important thing.
WHAT ARE THE DIFFERENCES BETWEEN MOTORCYCLE INSURANCE AND AUTO INSURANCE?
Let’s start by reviewing the similarities and differences between motorcycle insurance and auto insurance.
First of all, you should know that motorcycle insurance, like car insurance, is managed by coverage.
Coverage establishes the risks against which the motorcycle will be protected and for which the insurer must respond.
To illustrate it, we will show you a table with the Quálitas packages and specify what each one covers.
If you notice, it is practically the same as auto insurance, with subtle differences.
For example, Civil Liability coverage is included for damages caused by loading the motorcycle.
The additional protections inherent in riding a motorcycle are also different from auto insurance.
For example, you can add extra protection to your motorcycle’s special equipment.
That is any equipment that did not come from the factory and that you have added to it.
Motorcycle insurance coverage can protect a delivery box, a couple of rigid side cases, or even a helmet and special protective clothing.
THE DIFFERENCES: NOT ALL INSURERS HAVE MOTORCYCLE INSURANCE
This is one of the reasons why motorcycle insurance is not as well known among the population.
Not all insurers that handle auto insurance also have motorcycle insurance.
In fact, in a survey we did at ARCA, we found that only seven insurance companies offer motorcycle insurance. You can see all the information in our article “Motorcycle insurance, which insurers have it?”.
That is, only 7 of the total of 33 insurers have auto insurance or 21%.
One of the reasons for this inequality may be that insurers take more risks with motorcycles.
Because there is more chance of a loss or theft, not all insurers want to take the risk.
This greater probability of risk also affects a higher cost of the motorcycle insurance premium.
Especially if you compare it with auto insurance, this is also an impediment for people to purchase motorcycle insurance.
Now let’s see which insurers in Mexico have motorcycle insurance, as well as its main characteristics.
Quality
We have already seen the coverages that Quálitas offers for its resident motorcycle insurance.
In the General Conditions of the insurance, Quálitas gives more details of the coverage and the definitions that will govern it.
Remember that Quálitas is one of the insurers in alliance with ARCA to give you the lowest price.
Mapfre
Another insurance company that works with ARCA and has motorcycle insurance is Mapfre.
They divide their coverage for motorcycles into four packages: Elite, Comprehensive, Limited, and Civil Liability.
Elite insurance is divided into ten different coverages and offers protection for everything from the motorcycle to the accessories.
For its part, the Comprehensive Package is good for choosing tailored coverage according to your needs.
While the Limited insurance, as its name indicates, is limited to some material damage.
Although it is also possible to add additional coverage to complement your protection.
Civil Liability, as you already know, covers only the following:
- Civil Liability of third parties and their property
- Legal defense
- Medical expenses
ANA Insurance
One of the insurers that work with ARCA, ANA Seguros, only offers two packages: Comprehensive Coverage and Civil Liability.
The two packages protect you from catastrophic civil Liability, legal assistance, and roadside assistance on trips for goods and people.
But the Comprehensive coverage package is the only one that covers Property Damage and Total Theft of the motorcycle.
If you want to protect the special equipment of your motorcycle, helmet, and special clothes, you must do it with the additional covers.
GNP
The last of the insurers that offer motorcycle insurance and works.
They stand out from the rest because they do not divide it by packages but rather offer it customizable, according to the needs of the insured.
To do this, they offer insurance options according to the following criteria:
- They insure more than 50 motorcycle brands
- Insurance is for 2005 and newer models only
- Offer compensation at commercial value
- You can cover adaptations, conversions, and special equipment.
BBVA Bancomer
BBVA Bancomer is one of the few insurers that offers insurance for any motorcycle use: delivery, messaging, or personal use.
But the limitation is that they only offer insurance for motorcycles up to 10 years old.
With BBVA, there is coverage for tires, cosmetic surgery due to an accident, accessories, and special equipment.
BBVA Bancomer motorcycle insurance packages are Broad Plus, Broad, Basic and Essential.
Wine
The BBVA Bancomer Insurance subdivision, Wibe, also offers motorcycle insurance.
They ensure that, with only $2,000 pesos a year, your motorcycle will have enough protection so that you can ride with peace of mind.
While packages are the same as those of BBVA Bancomer:
- Broad Plus, you will have all the coverages available in this package.
- Wide, this package allows you to assemble it in a personalized way, with the possibility of adding additional coverage.
- This package covers total theft, roadside assistance, and the normal Civil Liability.
- Essentially, this package only covers the basics of Civil Liability.
Banorte
Unlike BBVA, Seguros Banorte only insures motorcycles for private use with license plates from the Mexican Republic.
There are four Banorte packages: Comprehensive, Protected Plus, Protected and Preventive.
But, the peculiar thing about Banorte’s motorcycle coverage packages is that there is no single one that covers everything.
Better see for yourself:
As you can see, the comprehensive package, in theory, the most complete, does not cover the total loss, which the Protected Plus package does include. The other packages are pretty average by the standards of motorcycle insurance offered by other insurers.
Among the requirements to contract a Comprehensive, Protected Plus, or Protected plan is that the motorcycle is a maximum of 10 years old, while the Preventive plan allows you to insure motorcycles up to 15 years old.
FIND YOUR MOTORCYCLE INSURANCE IN ARCA
We invite you to look for and hire your motorcycle insurance at ARCA now that you know how important it is.
You can use our quote or get in touch with our advisors, who will help you get the best motorcycle insurance, with the best price according to your needs.
Rest assured that we will help you find the ideal motorcycle insurance for you.
