Motorcycle ownership in the UK keeps on increasing, with Department for Transport figures showing 74% more motorbikes darting their way along Britain’s roads in 2016 compared to 1994 – 1.11 million in all! Every single one of these motorcycles needs to be insured, but if you’re part of the gang, which should you go for? Which type of motorbike insurance is right for you?
How to reduce your bike insurance premiums
Before we look at the different types of insurance, let’s look at the choices you can make to reduce your premiums from the get-go. According to Compare the Market, 50% of people could get a £386 quote in late 2020.
First, it may seem obvious, but the smaller, older, and less expensive a bike is, the lower you will pay. Additionally, avoiding modified or nonconventional motorcycles can both speed up the application process and reduce costs. Paying annually can also be cheaper, alongside only insuring yourself on the bike, and making sure the bike is securely parked in between rides.
What to consider when choosing a bike insurance policy
When comparing and selecting policies, go through the following factors in order to work out what you need from your bike insurance, and how your personal situation will affect your choice.
- Price – What are you able to pay? How much have you previously paid for your insurance? And since it will affect the following answers, what insurance features can you get within your price range?
- Type – Will your bike be used by you (personal use), or for your business (business use)?
- Renewal quote – Does your current insurer offer a low-cost renewal quote, and if you switch, will your new insurer?
- Start date – When do you need your cover to start?
- Excess – What excess can and are you willing to pay?
- No claims – Do you want your insurance to offer no claims discount protection?
- Legal cover – Are you looking to cover potential legal expenses as part of your plan?
- Overseas cover – Do you plan on riding in other countries?
- Courtesy bike – If your bike breaks down, would you like your insurer to provide a courtesy bike?
- Breakdown cover – Do you want breakdown cover included within your policy?
- Additional rider – If a family member or friend regularly rides your bike, you will need additional rider cover.
- Third-party or comprehensive – Are you fine with third-party insurance, which covers your legal obligations only, or comprehensive, which includes third-party, fire, theft, and accidental damage?
With so many factors to consider, choosing insurers which provide specialised cover for these vehicles can be a good choice, since they understand the needs and concerns of riders. Once you have answered these questions, you will be in pole position to compare and contrast policies in order to get the best deal on a plan that is best suited to how you ride.