Can Motorcycles Purchase Theft Insurance?

[Gregory]

Motorcycles do not have theft insurance. Only personal accident insurance within life insurance policies can include a clause for full vehicle theft insurance, but the process is quite cumbersome. It requires periodic vehicle assessments, and in the event of a claim, the procedure is also complicated, necessitating proof from the public security bureau. Moreover, the payout is not in full but based on the last assessment. Below are detailed explanations about theft insurance: 1. Definition: Theft insurance, officially known as Motor Vehicle Theft Insurance, covers losses due to the vehicle being stolen, robbed, or hijacked, as well as reasonable repair costs for damages or missing parts and accessories during such incidents. Thus, Motor Vehicle Theft Insurance encompasses two aspects: losses from theft, robbery, or hijacking of the insured vehicle, and reasonable expenses incurred due to these incidents. The insurance company is responsible for compensating these two types of losses within the insured amount. 2. Current Situation: Currently, there is no theft insurance for motorcycles. Due to their small size and high mobility, motorcycles are at a greater risk of theft, which is why insurance companies have not yet introduced this type of coverage.