If you have a third part fire and theft insurance cover on your motorcycle. Then your motorcycle insurance company will cover you in case of theft and fire problems. The insurance company will still not recover you if you motorcycle have been damage.
Every car insurance company is a risk taker. The car insurance company need to make enough money to survive as a business. They always need to have a large capital of money so they can pay out claims made against the car insurance company.
Third party fire and theft is the next level of car insurance cover after third party only. The car insurance company will cover you if your car was involved in fire or theft. But remember you will not be covered for any accidental damage on your car.