Motorbike Insurance Guide and Money Saving Tips
Riding a motorbike can be a cheaper alternative for transport than a car, but one of the biggest expenses can be motorbike insurance. It always seems a good idea to get the cheapest motorbike insurance quote going, but always ensure the cover you take out protects you for everything you need.
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It is always good to think about exactly what level and kind of cover you need, before you go looking for your low cost motorbike insurance.
Motorbike insurance is not voluntary: it is against the law to ride without cover, no matter what type of bike you ride.
What determines the cost of motorbike insurance?
Understanding what risks affect the price of your motorbike insurance quote will go a long way to help you keep the costs down. The following examples may help you find cheaper motorbike insurance.
The type of bike you own
A more powerful motorbike is going to have a higher motorbike insurance premium than that of a lesser powered bike.
For example, a Kawasaki Ninja is capable of higher speeds than that of a Yamaha Belle, and so insurers will feel that it is more likely to be involved in an accident, or causing greater damage for the accidents it is involved in, that is why the motorbike insurance quote for it will be higher.
The age of the bike will also affect any quotes you receive as the costs to replace a new bike are generally higher than the costs to replace a bike that is 5 years old.
Use of the bike
The more you travel each year on the bike increases the likelihood of the bike being involved in an accident. Reducing your riding will also possibly reduce the cost of your policy.
Your motorbike insurance quote may also be higher if you use the bike for going to work as this is when the roads are busiest, and so the chances of an accident increase.
Where you keep your bike and how secure it is
The harder your motorbike is to steal, the lower your motorbike insurance could be. Keeping the bike in a garage is going to be the safest method of storage for the bike overnight, and so you should see a cheaper motorbike insurance quote than if you were to keep it on the road at night.
Security features like ground anchors, immobilisers and bike locks will all make a difference to the price of your policy. Just make sure these devices are accredited by companies that insurers recognise, such as Thatcham or Sold Secure.
Previous claims or convictions
If you have made a claim in the past five years, or have any unspent motoring convictions, regardless of type of vehicle, your premiums could increase. Some insurers specialise in dealing with convicted riders, so see our article on Motorbike Insurance for convicted drivers to see if we can save you money.
It may be a criminal offence to not make your insurer aware of any claims or convictions and could invalidate your motorbike insurance.
Who else will be riding the bike
Insurers will also want to know if you want to include any named riders on the policy. Adding an 18-year-old with little riding experience, for example, could be especially expensive.
The excess is the amount you have to pay in the event of a claim before your bike would be repaired. If you were to have a claim, and your bike needed repairs worth £1000 and your excess is £100, you’ll have to pay £100 and your insurer the remainder.
Choosing a higher voluntary excess will cut your premium down.
What level of motorbike insurance cover do you need?
If you are happy to cut back on some aspects of cover, you may be able to save money and get a cheaper motorbike insurance quote.
Broadly speaking, motorbike insurance can be broken down into three categories: third party only; third party, fire and theft; and comprehensive.
- Third party is the most basic level of cover and provides cover, should you cause damage or injury to anyone else as a result of an accident involving the bike. However with Third party only bike insurance no cover is provided should your bike be damaged as a result of an accident, fire or theft.
- Third party, fire and theft is the next step up and, as its name indicates, covers you if your bike is stolen or damaged by fire as a result of fire or theft. Theft is one of the greatest risks to motorbikes, so this additional cover is well worth considering. However with Third party fire & theft bike insurance no cover is provided should your bike be damaged as a result of an accident.
- Comprehensive cover provides the same cover as Third Party Fire and Theft plus covers you for damage to your own motorbike following an accident. You won’t be covered for absolutely everything with a comprehensive policy, for example it won’t cover your bike against breaking down so you may want to consider breakdown insurance cover.
Cutting back on cover, perhaps by going for a third-party policy, can be a false economy, think about the potential consequences of an accident. Could you afford to repair or replace your bike following an accident?.
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