Given that some of the larger insurance companies don’t offer policies for motorcycles, mopeds or scooters, finding a good quality and good value policy can seem a challenge. However, it’s still possible to save money on your bike insurance, and it’s worth putting the legwork in to make sure you get the right coverage.
Ultimately, how much you pay will depend on the insurer you choose, the level of perceived risk you represent to them, and the level of coverage you decide to take out. The pricing model is also at least partly dictated by the kind of customer an insurer wishes to attract.
Motorcycle Insurance Tips And Advice
If you’re considering taking out insurance for a new or existing motorbike, you should think about the following things:
• Premium costs tend to come down after riders have turned 40, and it’s even costlier for those under 21. However, younger bikers can often find cheaper third party insurance offering the bare legal minimum of cover for other people’s bikes and property.
• If your bike isn’t your main method of transport, don’t base your bike mileage on how many miles you travel by car – the amount of miles you travel by bike could be a much smaller figure and push your premium up artificially.
• Ideally, store your motorcycle in a locked garage or somewhere sheltered. Some insurers won’t cover bikes kept outside in the open. Others may be happy to do so as long as you use a security device like an anchor lock that has been approved by the insurance provider, but they still may charge more.
• Unfortunately, points on your driving record bump up insurance premiums. Although speeding points on licenses generally become ‘spent’ after four years, insurance companies often check for any convictions from the past five years. So familiarize yourself with your record history and watch those speed limits.
• Helmets and other specialist gear don’t often come covered as standard in many policies. However, providers are increasingly including the option to cover these items for an additional charge. The extra cost may not be necessary if you don’t have a lot of expensive gear.
• Riders also need to think about excess – the portion of any claim that you pay yourself. In many cases, making claims for under $800 USD / £500 worth of damage can raise the cost of future premiums as well as invalidating any no claims bonuses you may have.
Don’t Forget About The Weather And Your Riding Frequency
You should also consider how often you ride your bike: if you’re a fair-weather rider and you tend to keep your machine in storage in the colder months, it may be worth opting for six month temporary insurance. However, this means you won’t be able to build a no claims bonus. Additionally, since 2011 it’s been compulsory to get Statutory Off Road Notification (SORN) for uninsured bikes while they’re off the road.
There are other options to consider as well. For example, you may be able to find a pay-as-you-go policy and cover yourself one month at a time, or think about a ‘six wheel’ policy that covers both your car and your motorcycle.
Once you’ve found the best deal on your insurance, there are couple of extra checks every rider needs to make. Firstly, if you’ve used a comparison website, click through to the provider’s own site and double check the quote you’ve been given before committing.
Secondly, be sure the policy really is the right one for you and covers everything you need. See if you can shave some extra pounds off the cost of the premium by changing the excess or adding extra security to your machine.
Finally, it’s always worth haggling with your insurer, especially if you are renewing a policy – in a competitive marketplace, providers are keen to retain business.
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