Motor cycle transportation has become part of the public transportation in Nigeria. Unfortunately, these very vital tools to mass movement are often times not insured. Motorcycle insurance falls under the motor insurance category. It is the protection against financial loss should a motorcycle accident occur.  Almost all insurance companies in Nigeria underwrite motorcycle insurance. Motorcycle insurance works the same as any other type of insurance where you pay a premium and the insurance company agrees to payout on certain criteria should the insured events happen. Depending on the insurance provider, policies may change as well as insurance rates.
Full coverage motorcycle insurance is much like full coverage car insurance where drivers are covered for almost every situation. Full coverage motorcycle insurance provides for the following protection; Repairs to your motorcycle to restore it back to its original condition, replacement of your motorbike should it be declared non-repairable.
If you are at fault, the insurer will repair or replace property of the third party, as well as savage fees and transportation expenses while your motorcycle is being repaired
As we have in motor car insurance, third party motorcycle insurance is similar to third party car insurance, Motorcycle owners are only covered for the damage they cause to a third party. The cost to replace or repair the motorbike would not be covered.
Every insurance company has slightly different policies, but it is basically the same rules. It is important that you check and understand your policy to ensure that it covers all your needs.
There are guides to saving some premium in motor cycle insurance and it is expedient that prospective buyer of insurance should understand them in order to be well placed.
For instance, it is important to know that motorcycle insurance varies, depending on the size of the engine and a few other factors. The most common types of motorcycle insurance purchased in Nigeria are mainly the Japanese brands such as Bajaj, Honda, Boxer. Others are Yamaha motorcycle and Suzuki motorcycle.
Most insurance companies provide motorcycle insurance however it is not as common as other policies such as travel insurance, life insurance, car insurance, or property and contents insurance. Because of the importance of this means of transportation in the country, it is worth noting that prospective buyers should understand a few tips that can assist them in getting the best cover.
The following tips can help you to save on your motorbike insurance:
 Shop around for motorcycle insurance quotes. Contact at least three insurance companies and evaluate their policies carefully. Consider grouping your motorcycle insurance with other insurance policies, this is because most insurance providers give package discounts.
Also, it is wise to consider paying your motorcycle insurance annually. This reduces administration and invoicing costs for the insurer and the savings are usually passed on to the policyholder.
To reduce your motorcycle insurance, it is important that riders maintain a good driving history. This is inclusive of past driving record. Most Okada riders in Nigeria are known for rough driving. Such notion of them can influence the premium that may be chargeable to them. Consider completing a defensive driving course. This is another great way to get cheaper motorcycle insurance rates.
Store you motorbike in a safe place, preferably in an enclosed place within the home. If you don’t have enough space as its typical in the areas mostly populated by these group. Ensure that is packed in a place where you can keep a close watch over it.. This will reduce the risk of theft. Make sure you bring this to the attention of your insurance provider when prospecting for a cover.
Consider purchasing comprehensive motorcycle insurance as opposed to third party motorbike coverage. In a low speed accident, a motorcycle incurs more serious damage than a car would incur at the same speed. If you are at fault, the damage you cause to the other vehicle is covered; however, you will not be reimbursed for the replacement of your motorbike.  Therefore, it is important to evaluate the pros and cons of cheaper motorcycle premiums carefully.