Motorcycle insurance in Luxembourg: a practical guide to choosing the best option for you
Whether you're a seasoned biker or a newcomer to the scene, motorcycling is often much more than just a means of transport - it's a passion, your passion! But this passion also comes with responsibilities, with insurance at the top of the list. This article will help you choose the best motorcycle insurance for you, so you can roar along the Grand Duchy's roads in complete safety.
The legal framework governing motorcycle insurance in Luxembourg
In Luxembourg, third-party liability insurance is compulsory for all motorised vehicles, including motorcycles.
This means that, if you cause an accident, your insurance will cover the damage suffered by others. Not having this cover could lead to severe financial consequences, or even legal action.
Luxembourg law imposes a minimum level of cover:
- Bodily injury: unlimited
- Property damage: minimum €1,000,000
What are the different types of cover available to insure your motorcycle?
Third-party liability insurance (TPL)
This is the basic compulsory cover that protects you against third-party claims.
But beware, as it doesn’t cover damage to your motorcycle or personal injury.
All Inclusive cover (also known as “Comprehensive” or “Casco”)
An All Inclusive insurance offers more comprehensive protection, covering both damage to others and damage to your motorcycle, whether or not you were at fault in the accident. It generally includes coverage for theft, natural damage, fire or glass breakage.
Intermediate cover
This offers you extensive coverage with a few additional guarantees. It's generally a good compromise between price and quality of cover.
To pick the right insurance, you need to define your needs as precisely as possible. Is the motorcycle new or used? Do you want coverage that insures you in all circumstances? What equipment do you have? Do you want protection against theft?
Comparison criteria
To help you choose the best option for your motorcycle insurance, here are a few criteria to factor in.
Look at what’s covered
Accident assistance, vehicle repatriation, driver protection, legal protection and deductibles are essential criteria to analyse and compare between different insurers.
Here are a few concrete examples:
- Your equipment (helmet, accessories, etc.) is often a major expense: think about insuring it for optimum coverage.
- Your trips abroad: Luxembourg is a small country, so don't forget to cover accidents abroad.
Consider your budget
Choosing the best motorcycle insurance for you depends on your needs and personal circumstances. Your type of motorcycle, its use, your driving experience, and of course your budget.
So it's essential to understand your insurance and premium, and take into account:
- the amount of the annual premium
- deductibles in the event of a claim
- payment terms
What influences the cost of your motorcycle insurance?
Several criteria can influence the amount of your insurance premium for your 2-wheeler:
- Driver profile: age, driving experience, driving history, number of claim-free years, etc.
- The characteristics of your motorcycle: cubic capacity, power, value, year of registration.
Tips for saving on your motorcycle insurance premium
There are a number of things you can do to save on your motorcycle insurance premium, such as taking driving and road safety courses, opting for a telematic box, consolidating several insurance policies, or installing an anti-theft system.
We also advise you to compare at least 3 quotes to get the best deal.
Pitfalls to avoid when buying motorcycle insurance
Here's a list of common mistakes you can make when taking out motorcycle insurance:
- Not reading the general terms and conditions
- Underestimating coverage
- Overlooking legal protection
- Failing to declare changes
- Choosing solely on price
To make the best choice, ask your insurance advisor the following questions:
- What are the policy exclusions?
- How are claims handled?
- Am I covered abroad?
- How is my premium calculated?
Some careful thought needs to go into choosing the right motorcycle insurance in Luxembourg.
One of the main advantages of motorcycle insurance is the financial protection it provides. In the event of an accident, expenses related to repairs, medical care and possible legal fees can quickly mount up.
Don't hesitate to take your time, and get in touch with an advisor.
With Optidrive motorcycle insurance, find the ideal coverage.
