MoneyMagpie

Jul 06

How to get cheap motorbike insurance

Are you looking for cheap motorbike insurance?

If you own a motorbike and ride it on the road you must have motorbike insurance. Riding with no insurance is against the law and will land you in big trouble. Motorbike theft is also big business in the UK, so you’d be a bit of a wally not to get yours insured.

Got it? Ok, now let’s focus on finding you the best deal. There are lots of ways to cut the cost of your motorbike insurance without compromising on the quality. Here’s how….

 

Step 1: Decide which type of cover you need

Everyone’s needs are different, and the cover which suits your fellow biker might not suit you. Make sure that you understand what the various types of cover offer. That way you can be the best judge of what you need, not the insurance broker on the other end of the phone.

Here are the general types of cover you can get. But remember, insurance policies differ so make sure you check all the terms and conditions before signing on the dotted line.

Third Party Only

This is the most basic type of motorbike insurance you can get. motorcycle insuranceIt’ll cover you against the damage to a third party’s property and/or themselves if you are involved in a collision. It will NOT pay anything towards getting your bike fixed or any injuries you sustained because of the crash. In short, the person you collided with will be financially covered, but you’re on your own. Should your bike get stolen or set on fire (it happens!) your ‘Third Party Only’ cover will NOT pay anything towards getting your bike retrieved or repaired.

Third Party Fire & Theft

The same rules apply as with ‘Third Party Only’ cover, except this insurance policy WILL pay out should your bike get stolen or set on fire.

Fully Comprehensive

This is the most expensive type of cover because it offers the most security. It will cover you against damage to a third party and their property, your bike being stolen or set on fire AND any damage to your bike.

Modified and custom bikes

motorcycle insuranceIf your motorbike has been modified or customised in any way, shape or form, you HAVE to let your insurance company know about it. If you don’t and then need to make a claim, your cover could be deemed invalid.

Some insurance companies won’t touch modified or customised bikes with a barge pole. You can understand where they’re coming from, as modifications aren’t always geared towards saftey. If your bike is modified check out Bennetts , Devitt or bike insurance from Carole Nash. They do have their limitations, but these guys are experts in the modified field and will be able to help.

 

Step 2: Use these motorbike tips to save you money

Cut the cost of your motorbike insurance with these simple tips:

  • Park in a garage – insurance companies like it when bikes are kept in a secure place, instead of sitting pretty and vulnerable by the roadside. Park in your garage and some insurance companies will reduce your fee by as much as 10%.
  • Fit an alarm – according to motorbike insurers Bennetts theft is responsible for around 40% of all motorbike insurance claims. Shocking eh? If you install a decent, recognised alarm/immobiliser you could get up to 10% off the cost of your insurance. Thatcham security devices are said to be highly regarded amongst insurers, and can also be bought on eBay (just make sure that it’s fully functioning before you buy it).
  • Take a riding course – completing an advanced riding course will often reduce the amount of insurance you have to pay. Check out the Institute of Advanced Motorists website for information on their approved courses.
  • Cut down on how far you ride – lower mileage equals cheaper insurance.
  • Go for voluntary excess – the more excess you’re prepared to pay the less your premium rate will usually be.
  • Ditch your pillion – insurance companies will often give you a cheaper deal if you ride without a pillion (passenger).
  • Keep a clean license – a clean license reassures insurers that you’re not a liability. So keep it clean!
  • Shop around – don’t go for the first motorbike insurance quote you find. There are lots of big companies out there vying for your business, and tonnes of comparison websites who will do all the searching for you. Start off with  and MCN Compare who should both be able to find you a great deal.
  • Look after your bike – keep your bike in decent nick and there’s less chance you’ll ever need to make a claim. No claim equals cheaper insurance and no excess fees.

Other factors which should make your insurance cheaper:motorcycle insurance

  • Being a woman – it’s true; women are less likely to crash so their insurance is cheaper.
  • Being old – if you’re in your 30s, 40s or even 50s, your insurance will be much cheaper than that of a teenager or someone in their early 20s.  Something to do with the young being reckless….

If you know of any other tips to keep the cost of motorbike insurance down, share them with us at the bottom of this article.

 

Step 3: Shop around

There are some well respected motorbike insurers out there, so you won’t be stuck for choice. These guys are used to meeting the demands of bikers, so whatever your situation they should be able to handle it. Check out Bennetts , Devitt, Carole Nash, Gocompare and Motorcycle Direct.

Learn to haggle. Get a quote then shop around to see if it can be beaten. If you find a company willing to charge you less, take their quote to the original company you dealt with and see if they will beat it. You could save yourself a few hundred pounds just by shopping around.

 

Step 4: Insurance lingo

In this day and age you can insure just about anything. Footballers insure their legs, singers insure their voices, Dolly Parton is rumoured to have insured her, ahem…you get the point. Every insurance policy is different but a few key phrases generally always pop up.

Understanding these phrases is the key to being insurance savvy. Learn what they mean and you’ll be better equipped to spot a good deal (for the various types of insurance cover see Step 1).

Premium – is the amount you pay each month (or year) for your motorbike insurance.

Compulsory excess – is the amount you will have to pay on any claim. For example, let’s say that your compulsory excess is £200. If you were to make a claim for say, £3,000, you would have to pay the first £200 and your insurance company would cover the remaining £2,800. So before agreeing to any deal, make sure that you’re happy with the amount of compulsory excess that you’ll be expected to pay.

Voluntary excess – most insurance companies will lower your premium rate if you volunteer to pay a greater amount of excess. So your compulsory excess might be £200, but if you offer to pay say, £500, you premium will be lowered. This is a great way to get cheaper motorbike insurance, but bear in mind you’ll have to fork out more if and when you need to make a claim.

No-claims bonus – If you’ve ridden for a while and never made a claim, you should receive cheaper insurance. You’ll sometimes be allowed to protect your no-claims bonus by paying a bit extra on your premium. That way if you do make a claim, you won’t lose your no-claims bonus. There are usually limits to how many times you can claim though, so do check before committing.

Further questions you should ask

Before signing-up to any contract make sure you know the answers to these questions:

  • Do you have a multibike policy (i.e. are you insured on more than one bike).
  • Can I insure more than one rider on the same bike?
  • Are you insured to ride abroad on your bike?
  • Can you purchase extra cover? (e.g. helmet and leathers insurance, breakdown cover).

 

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