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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….
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. It’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.
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
If 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 safety. 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.
Cut the cost of your motorbike insurance with these simple tips:
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.
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.
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: