KUALA LUMPUR, April 19 (Bernama) -- Allianz Malaysia Bhd’s general insurance arm, Allianz General Insurance Company (Malaysia) Bhd has launched the first motorcycle insurance for motorcycles below 245cc, Allianz Motorcycle Plus, that covers both motorcycle as well as the rider.

Allianz General chief of sales and distribution division, Horst H. Habbig said the insurance coverage comprised two categories -- Allianz Motorcycle Plus (comprehensive) and Allianz Motorcycle Plus (third party only).

“With 13.6 million motorcycles on the road last year and which have been the leading cause of motor vehicle fatalities, it is important to be insured. So far, other motorcycle insurance in the country only covers the vehicle, not the rider,� he said in a press conference at the soft launch of Allianz Motorcycle Plus here today.

The Allianz Motorcycle Plus (comprehensive) covers accident coverage of RM5,000 for death and permanent disability, hospital income of RM50 per day up to 60 days and all special perils full sum insured protection that covers flood, landslide and other natural disaster.

Meanwhile, Allianz Motorcycle Plus (third party only) offers accident coverage of RM5,000 for death and permanent disability, as well as hospital income of RM50 per day up to 60 days with no added premium.

“The insurance premium for Allianz Comprehensive is between RM150 and RM230 and RM70 to RM100 for third party. These coverage does not come with an additional cost to the riders as most of the current insurance policy is about the same rate,� he said.

On market share, Habbig said that currently, Allianz holds about 10 per cent of the market share and with the new product line, he hoped to double it to more than 20 per cent.

“Products and services should be curated for the purpose of protection and with Allianz Motorcycle Plus, we hope we can reach the masses,� he said.

The policy will be launched officially on May 1 and will be available at post offices and Allianz insurance agents.

-- BERNAMA