10 Things to Consider Before Buying Motorcycle Insurance
Whether you’re looking at motorcycle insurance for the first time, or you’ve been riding for over 20 years, researching insurance can be confusing and can cost you serious money if you’re not careful. Finding the right policy and knowing how to get a great deal can save you hundreds of pounds if you’re responsible and do your research. With this in mind, we’ve listed some top money-saving tips to consider before buying your motorcycle insurance.
Don’t go for a top-end motorcycle immediately!
Going for a high performance motorcycle might seem like fun but you have to remember it is far more expensive to insure (as well as buy!) a top end motorcycle. This is mainly for two reasons:
Repair - Top end vehicles simply have expensive or more unique parts. If something breaks on an expensive or rare model motorcycle, it’s most likely going to be costly to get new parts or to replace the existing parts.
Replacement Value - If the vehicle is stolen or if it is written off for any reason, the insurance company will have to pay out a lot more money to replace your vehicle. As a result they will make sure you’re paying much more every month to cover this possibility.
We would suggest just taking your time and picking your motorcycle with care. What motorcycle suits your needs? If you’re just commuting to work in London or you just want a quick and easy form of transport, you won’t be needing a top of the range Harley Davidson or Triumph. Perhaps start with an older model or look at buying second hand, you can still get a motorcycle or scooter with great performance, but at a fraction of the cost.
Avoid modified motorcycles:
It might sometimes seem attractive to go for a motorcycle with modifications and unique qwerks. However it is worth considering that modified motorcycles will increase your insurance premium. The main reasons for the added costs are that:
Modifications make you more of a target for thieves so there is a perceived higher threat of your motorcycle being stolen.
As with the previous point, in the event of an accident it is far more expensive to repair or change unique parts.
Improve your motorcycling skills:
Even the best riders in the world will tell you they still have plenty to learn when riding a motorcycle. It’s a complicated but wonderful hobby. If you take advanced riding lessons and courses, you may well see your insurance premium drop. Insurers do quite often offer a discounted price when insuring more qualified riders. These courses aren’t free but over time, the money you will save on your insurance may well pay for the courses. This means you’ll gain experience and qualifications that will pay for itself!
Make sure you secure your motorcycle properly:
Unfortunately it’s a sad fact that in London and other cities, motorcycle theft is high. Police figures show over £28 million worth of motorcycles and scooters are stolen in the capital alone every year. The more secure you can make your motorcycle when you aren’t riding it the better. There are simple, easy and cheap ways of doing this, check here to make sure you've taken the right precautions. This includes adding a Thatcham approved alarm or immobiliser as well as adding locks and chains to your motorcycle.
Another thing to consider is where you leave your motorcycle. Can you secure it in a locked garage rather than on the street? This will make a huge difference to your insurance quote. If you compare the two it can be staggering how much money can be saved by locking your motorcycle away. Even just having a driveway will help significantly.
Look around for good motorcycle quotes.
It’s always important to see what different insurance companies have to offer. So have a shop around for cheap bike insurance quotes. We’ve included a list below of some of the most well known and respected motorcycle insurance brands:
Build up your insurance no claims:
It isn’t always best to keep renewing with the same insurers as loyalty doesn’t always pay off. However, building up a no claims discount from the moment you pass your CBT can make a significant difference to your insurance quote. Not claiming on your insurance will be rewarded with a very low premium and you could expect discounts of 20% or more for just one year without a claim! Keep an eye out for other deals though.
It is worth noting that quite often new riders are surprised to find out that their car driving no claims won't mean anything when taking out a motorbike policy. You should keep this in mind when looking for your motorcycle insurance.
With this in mind it may be worth considering paying for damages yourself rather than through insurance if you only have a minor incident. It isn’t worth losing your no claims discount if it is a cheap repair. Paying out of your own pocket may mean you make the money back in savings when it comes to insurance renewal.
Don’t pay your motorbike insurance monthly.
It can be tempting to pay your insurance in a monthly payment plan as it isn’t so daunting. We can’t all afford to pay for the year upfront, however if you can budget and save to pay annually we would strongly recommend it. Insurers often charge you interest at an inflated rate if you decide to pay monthly. This will mean by the end of the year you will have paid far more than if you had just paid the lump sum upfront at the beginning.
Riding your motorbike solo makes a big difference.
This will depend on how you want to use your motorcycle. However if you’re planning on just using a motorcycle to get to and from work, solo riding will cut your insurance premium substantially. By agreeing with your insurance company not to take a passenger, insurers may agree to cut your quote by up to 10%..
Only pay for what’s necessary.
Firstly make sure you check what is covered on the optional extras when choosing a quote. A fully comprehensive motorcycle insurance will cover everything you can think of, but is it really necessary? If you can secure your motorcycle well and you have a garage to store it in, you might not need as much cover. Don’t pay for more than you might need, pay close attention to what is included in your package and how essential all the items are.
Check your mileage.
I certainly wouldn’t want to say you should ever ride less. Riding is the best way to unwind after a long day and at RideTo it’s our hobby and passion. However keep an eye on how many miles you are doing over the course of the year. It is a simple calculation for the insurers, the less miles you do on the road, the cheaper your insurance will be. It’s best if you don’t use your motorcycle or scooter to get a pack of chewing gum from the local shop. If you can reduce the pointless miles you clock up it will help considerably. Once your renewal does come around, make sure to tell your insurers how many miles you’re clocking up, they may well reward you for this.
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