Seven Motorbike Insurance Tips
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Motorbike insurance is less complicated than car insurance. For that reason, there are fewer tips to give you, once we omit obvious statements like: 'Less powerful bikes, and bikes locked in garages at night, will have lower premiums'. Still, here are a few things I learned during my time in the insurance industry:
1. Compare the small print
Like all insurances, cheapest isn't always best. Compare terms and conditions for driving abroad, the policy excess, whether your no claims bonus is protected, and so on.
2. Important stuff about 'riding other bikes' cover
A 'riding other motorcycles' extension covers you for third-party damage only or sometimes even less cover than that, i.e. the lowest cover possible, which is called Road Traffic Act cover. You can only use the extension if the bike is insured by its owner. Furthermore, once you park the vehicle using this extension, it's not insured at all till the owner re-takes possession!
One more thing, bear in mind that you don't automatically have this cover if you have a comprehensive policy. So check your insurance certificate to see if it's included.
3. Modifications aren't all that bad
Unlike car insurance, most modifications don't increase the premium, or if they do it's just a little. Obviously, if it enhances performance a lot you can expect higher premiums. Even so, if your mod doesn't increase performance, you must still disclose it to the insurer. Non-disclosure of any modifications could result in your claim being rejected, and your policy even classed as void.
4. Free legal cover
Legal-expenses insurance can be useful, but try to pay nothing for it if you can. It costs the insurer nothing, or at most a few pounds, so it can be quite easy to negotiate on this.
5. Try decreasing your voluntary excess!
Increasing your voluntary excess can decrease your premium. That's old news. However, did you know that sometimes it can't? This can work in your favour, too. When you get quotes, try both increasing and decreasing the excess; you may find you get the same price for a lower excess.
6. Avoid paying by direct debit
Don't pay by direct debit, because it's very expensive. You could easily pay interest at 30% APR! If you can't pay for the whole policy up front, use a 0%-on-purchases credit card, and pay off the balance in full before the interest-free deal ends.
7. Loyalty isn't rewarded
As with any insurance, always check prices elsewhere at renewal, because it's likely that another insurer is now cheaper. Loyalty is not rewarded, sadly.
That's about it. I hope you've picked up something from that lot. I'll have more tips on motorbike insurance in the near future, including some tips to win claims when the other driver is disputing liability. Winning non-fault claims is not always an easy task for a motorcyclist!
> Compare motorbike insurance.
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