For most riders, insurance constitutes a larger part of their overall expenses, and motorbike owners are no exception.
With rates being variable, however, it is important to explore every avenue available to obtain the best policy at the cheapest price.
How Insurance is calculated
Before you shop for cheap insurance quotes, it’s important to know the factors that determine the cost of your premium as they can help you negotiate a lower price. Some of the most influential variables include age of the rider, make and model, the security of your bike, motoring convictions and your claim history.
Obtaining a Lower Rate
Taking into consideration the factors listed above, you can take steps to insure you get the best value for your motorbike insurance. As motorbikes are more dangerous than cars, consider using the motorbike for pleasure and alternative transport for your commute. Although the postcode you live in may be high in traffic and theft, you can save by purchasing an immobilizer or parking your bike in a secure garage. Adding experienced riders to the policy can further decrease your risk factor. In contrast, adding a young driver to your policy may increase the cost of your premium.
Paying a higher excess will also lower the cost of your policy. Many insurance companies will grant significant discounts to those with a high excess, as it will exclude having to pay the customer in the case of minor accidents. The less money an insurance company has to defray in the event of a claim, the lower their overall risk and the cheaper your annual premium.
Choose a Suitable Coverage Type
Ultimately, the type of coverage will be the most heavily weighed factor in determining your premium. Generally, the more comprehensive the policy, the more expensive the insurance premiums. Individuals who drive less often or tend to avoid peak traffic hours may opt for a trimmed down coverage. Conversely, those in need of comprehensive protection may steer their search toward companies that offer discounts for extended coverage.
For those on a budget, it’s critical to decide in advance how much you are willing to pay and what type of coverage you deem absolutely necessary. Be honest in your evaluation of risk and what you can afford to pay should the worst happen. Planning ahead in this fashion will better prepare you to choose a suitable coverage type.
In the UK, the three types of motorbike insurance are as follows:
Third Party Only
The bare minimum allowed by law. This will only cover victims or property damage for which you were at fault. A useful coverage type for riders on a strict budget or those who use their motorbike for pleasure.
Third Party Fire and Theft
The same coverage as Third Party Only with added protection for theft and damage by fire. Individuals living in more theft-prone neighborhoods will likely see higher premiums for this type of coverage.
Protects damage and injury for both third parties and yourself even if you were at fault.
Exclusions and Additional Coverage
Even fully comprehensive insurance has special exclusions that may prevent you from filing a claim. Naturally, covering these exceptions will raise the price of your premiums. If such coverage is necessary, however, it may be possible to receive a discount by bundling these products together or with other types of insurance coverage.
Additional coverage may include:
Legal Expenses – Provides assistance or protection for legal expenses in the event of an accident
Personal Accident – Compensation for medical fees and loss of wages
Breakdown – Roadside assistance and coverage for mechanical breakdown or failure