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Thursday, 24 April 2014

How to save money on your bike insurance

Given that some of the bigger insurers sometimes steer clear of this kind of cover, good value motorbike insurance quotes can initially seem hard to come by.
But the good news is that there are things you can do to reduce the perception of the risk you pose to the insurer:
• Your mileage. The less you ride, the less of a potential risk you pose and so the less you pay. If your bike is your secondary mode of getting around, and your car your main form of transport, don’t use your motoring mileage to estimate how much ground you cover on two wheels, as it’s likely to be less. Overestimating could mean you end up overpaying.
• When you ride. If you’re a fair-weather biker, consider temporary cover for the six months or so of the year you’re on the road. Bear in mind, though, that you won’t be able to build up a no-claims bonus. Another consideration is that your vehicle, however many wheels it has, must be insured, even if it isn’t used. If it’s off the road completely, you’ll need a Statutory Off Road Notification or SORN document.
• How secure is your bike? Less secure models are costlier to cover. You may not even be able to protect your machine against theft if you can’t store it in a locked garage when it’s not on the road. If you keep your bike outdoors, use an insurer-approved anchor lock or security device. While this will help keep premiums low, these gadgets are not always cheap, and the lower premiums may not make up for the expense immediately.
• Your record. Speeding points stay on your licence for four years, but motorbike insurance providers generally check the last five years of your record for convictions. You’ll pay more the more points you have on your licence.
• How you pay. It can be worth treading carefully when it comes to paying for your motorbike insurance by monthly instalments, as interest rates may be high. Look into paying a year’s premium in one lump sum, or even using a 0% credit card and making repayments that way.
• The excess. Consider this one carefully before committing to agreeing to pay more yourself (a higher excess) in the event of a claim. You may find that claims of less than £500 are not worth it anyway, given that they can affect your no-claims bonus, and have an impact on the cost of future policies.
And there are some things, unfortunately, you can’t do anything about:
• Your age. The reality is that costs are steeper the younger you are. Premiums rise for those under 30, and more if you are under 21. Admittedly there’s not much you can do about this one. However, younger riders could consider cheaper third party cover – but remember this only pays for damage to others’ property or bikes, not your own. And theft can be a real problem, despite police crackdowns in some areas of the country.
Finally, you will need to be sure to tell insurers about any changes to your circumstances, and any unusual situations. These might include, for example, any claims made in recent years, if you have a modified bike or plan on riding hundreds of thousands of miles yearly. Changes to circumstances could include a new address or job.

Failure to provide the most up to date and accurate information could invalidate any claims, and deliberate lying on the insurance paperwork is fraud. In the worst case scenario, you could find yourself facing a criminal prosecution for riding while uninsured, so don’t do it.
Click here to learn more about great value motorcycling insurance from specialists Express Insurance.


 

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