Scooter insurance is an insurance coverage for the two-wheelers which have low powered engines and smaller (as compared to say a motorcycle) wheels. The low powered engine can either be operated by electricity or gas. All the scooter owners should have scooter insurance for providing coverage to various aspects related to the scooter. Apart from protection for vehicle, scooter insurance also provides protection to the scooter owner. Every state has different set of insurance policies and scooter owners can study them by visiting any of the insurance agencies.
In United States, scooter insurance agencies are everywhere and have wide reach of claim centers. Scooter owners can apply for the insurance by visiting the agency, submitting online form or talking on the phone. There are variations in premium rates and these rates can be higher for high speed vehicles. Scooters are low speed vehicles and generally, their premium rates are low. Scooter owners should carefully read the policy guidelines before committing to a scooter insurance company.
Scooter Insurance Benefits
Scooter insurance is required to safeguard a scooter owner financially against minor and major damages to his scooter. There are various coverage aspects which are :
Replacement Scooter Cover : Some scooter insurance companies provide replacement scooter if pre-insured scooter has crossed the possession limit of 2 years. Insurers make sure to pay rego, on-road expenses and Compulsory Third Party (CTP) insurance. Other companies may not provide the complete coverage but a small percentage of the replacement scooter price can be obligatorily offered.
Scooter Apparel Cover : This coverage comes into existence when scooter is stolen or damaged due to an accident. There are no supplementary costs for including helmet and riding gear. Under this coverage, scooter owners can claim up to $2,000 per item and $4,000 per incident.
Discount/ NCB (No Claim Bonus) : There can be up to 60% decrease in the premium amounts. There is privilege for transferring no claim bonus plan from one insurer to another. Employees using company vehicles can also transfer their NCB to their employers’ NCB. NCB is required to record the driving history and decent riding proof of the insurance holder for providing one with the significant savings.
Entitlement to Choose Between Market Value and Agreed Value Policies : Most of the insurance companies provide an opportunity for the policy holder to choose any of the policies between market value and agreed value policies. Agreed value policy tells policy holder about the amount of coverage after total scooter loss. Market value policy makes sure that policy holder gets the true scooter value when the scooter is written off. There are fluctuations in the scooter values depending upon their demand in the marketplace.
There are other scooter insurance benefits like club membership discounts, high usage credibility, flexible excesses, emergency accommodation, travel expenditure coverage, mandatory temporary repairs, removal expenses coverage and re-delivery expenditure.
Types of Scooter Insurance
Scooter insurance can be classified into three categories. These categories are:-
Third Party Theft and Fire : Third party theft and fire provides coverage against the damage to the vehicle due to fire, attempted theft, theft and lightening.
Third Party Only : Third party only provides coverage for third party injury/death, third party property damage and rides in the other countries. Third party injury/death coverage is applicable when scooter owner hits someone on the road who is insured against injury/death due to road accident. If third party files a claim against the insurance holder, then third party only can cover the insurance holder from the third party claims. In the same way, third party property damage can cover the scooter owner if one has damaged someone’s property.
Comprehensive Insurance : Comprehensive insurance covers the scooter owners against the following conditions:-
- Accidental vehicle damage: in this case, insurer would pay for the vehicle if it can be fixed or replaced. Also, if the scooter is irreparable; insurance company can pay the vehicle’s market value.
- Malicious damage – it provides coverage against minor and major vandalism acts
- Damage or loss to the standard accessories
Major Scooter Insurance Providers
There are three major scooter insurance companies and they are:-
GEICO (Government Employees Insurance Company)
GEICO represents the oldest scooter company with over 11 million auto insurance policy holders and 17 million insured vehicles. GEICO has three affiliates namely GEICO General, Indemnity and Causality with standard financial stability and quick claim processing. GEICO is preferred by scooter owners because of the following advantages:-
- Round the clock access to their qualified insurance professionals
- Flexible payment policies and affordable premiums rates
- Exceptional customer service
- Safe account management and online payment
Apart from these benefits, GEICO also offers discounts for decreasing the premium rates. These discount offers include:-
- Renewing the vehicle policy
- Insuring the car or multi-insurance
- Separate advantages for matured riders
- Transference of policy from other insurance company to GEICO
- Insuring more than one scooter
Foremost Insurance Group
Founded in 1952 , Foremost Insurance Group provides following covers for the scooter owners:-
- Safety apparel coverage
- Annual policy
- Collision coverage
- Increased limits
- Liability only coverage
- Underinsured/uninsured motorist coverage
Moreover, Foremost Insurance Group provides discount options if scooter owner has taken safety course, multi-insurance policies and approved safety equipment.
One Bike Insurance Solutions
One Bike Insurance provides bike as well as scooter insurance. They are also associated with 12 leading insurance industry names like Lloyds Underwriters and major insurers. One Bike Insurance Solutions represents a part of Brightside Group plc. Their major benefits include:-
- Replacement scooter in a non-fault mishap
- Round the clock customer care helpline availability
- Coverage for the loss of keys
- Varying rates for different vehicles and their conditions
- Legal cover for keeping the scooter owners out of the lawful formalities