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Sep 11

The finances behind your biking hobby

Reading Time: 2 mins

There’s nothing like taking your bike out on the open road and spending an hour or more just riding and letting all your problems drift away. It’s a thrilling and yet meditative experience all at once. As with every hobby though, it does come with a price tag, along with a multitude of other costs which will need to be covered in order for you to get out onto the road.

Here is a rundown of some of the main financial implications that owning a motorbike brings with it.

 

Insurance

Not a surprising cost, but an important one to mention, nonetheless. Without appropriate motorbike insurance, it is illegal to ride your bike on public roads. As with car insurance, there are several different types of policy you can opt for, with discounted policies often in place for households with more than one bike.

If you have just the one bike, the type you have will determine the insurance you should buy. There are different options for road bikes, off-road bikes, quad bikes and even trikes! It’s worth researching in-depth about the necessary requirements your bike needs insurance for before buying.

 

Tax

Over recent years the details for taxing your motorbike have altered slightly, but the fact still remains that your motorcycle must be taxed to be considered road legal. The amount of road tax, or Vehicle Excise Duty as it is now known, that you have to pay on your bike corresponds to the size of the engine you have and not the amount of carbon emissions it produces as is the case with cars.

 

Maintenance

As with all vehicles, looking after them properly and taking them to a mechanic for regular check-ups is vital to maintain optimum performance, and to ensure that it is running safely. Whilst a lot of basic maintenance can be done at home, visiting a mechanic at least once a year will help spot and amend any more technical errors.

A yearly check-up with the mechanic is also likely to be a condition of maintaining any type of warranty you have standing with the shop from which you purchased your bike.

 

Storage

Unlike cars, motorbikes can easily be loaded onto a vehicle and stolen if the proper precautions are not taken, hence why it is a good idea to invest in a garage or adapt an old shed or outbuilding for your bike to be stored in order to reduce the risk of theft substantially.

 

Fuel

As electric bikes are still very new and not yet widespread, for the majority of us filling up our tanks with fuel is still going to be a common occurrence for any motorcyclist. It’s a part of motoring that you can’t get away with, and whilst there are techniques such as “hypermiling” which can help reduce your fuel usage, making sure that you allocate budget aside for fuel will stop any unwanted financial shortfalls from getting in the way of you and the open road.

 

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