Finding the correct motorcycle insurance can be expensive and time consuming.
With a whole world of insurance companies, brokers and compare sites it can be difficult to know where to start and what to look for.
There are however, a number of little tips which can help bring the price down and save you money.
The Number One Rule
It sounds boring and you may have probably read and heard it a million times already but…don’t go for the cheapest quote all the time!
MCN Compares quotes from 37 insurers and although it’s tempting to just plump for the one at the top with the smallest number next to it, take your time to go through the list and see if any of the other companies offer something that the top one doesn’t. Maybe the excess is cheaper, or breakdown cover is included.
Always take a little more time to make sure you’re getting the best deal.
Even if your insurance company was the cheapest you could find last year, it does not mean that they will be when it comes time to renew.
The UK government estimates that savings of up to 35% can be made on insurance premiums from shopping around alone.
One of the major factors affecting how much you fork out for your insurance is where your bike will be kept overnight. Ideally, the beloved should be parked in the living room, however this is not always possible.
Insurance premiums are significantly slashed if the motorcycle is wheeled inside the house or tucked up inside a locked garage when compared to the cold drive or the dreaded street. If your bike is destined to brave the elements then counter measures such as security devices will drive the price down…
A thick, brutish looking chain can go a long way in deterring the chancing thief’s of the world. As well as a visual and physical deterrent the chain can also lower insurance prices. But this is dependent on which chain you use as a cheap chain can be cropped in seconds.
A solid chain that cannot be cropped with a recognized name, coupled with a securely fixed ground anchor can significantly drop the premium.
Chains and anchors can be expensive, especially for quality products, it may even take some time to cover the saving you made on the insurance. However, you are securing your motorcycle and it is an investment. After all a £100 chain is easier on the wallet than a stolen bike.
It is an easy mistake to make, overestimating yearly mileage but a costly one at that. The miles covered on your bike should be carefully thought out as it does make a difference to your insurance price.
If you are basing your motorcycles yearly mileage on your cars then make sure that it is accurate as you may not be doing that many miles per year due to weather etc.
There are many riders who only unleash the steed during the summer months. If the motorcycle is kept tucked up during the cold then why pay for it? Temporary 6 month insurance may be a possibility.
There is a downside to this option though, as you won’t be able to build up a full years no claims bonus and the bike must be declared SORN for the remainder of the year.
There are companies which provide a Pay As You Go policy whereby insurance can be purchased one month at a time, however there are admin charges.
It is certainly worth taking the time to actually figure out what exactly you would claim for. As a minor claim could boost your insurance premium up considerably, many riders simply wouldn’t bother with a claim.
If for example you would not claim for anything below £500 then why have an excess at £100? Bumping the excess up to £500 reduces insurance premium significantly but remember you would have to pay that amount if you had to claim.
Instalments do work out more expensive compared to paying your premium in one go. Understandably, it is easier on the wallet having a smaller outgoing per month instead of one big wallop per annum. But be warned, the interest associated with instalments is not particularly pleasant, so do check first.
If you do not take pillions on your sunny Sunday rides, be sure to inform your insurance company as this will usually affect the premium.
The benefits of advanced training are two-fold. As well as making you a safer rider with an increased skill level, advanced training also lowers your insurance, with most companies discounting up to 20%.
Adding additional riders to your policy can either reduce or increase your premiums dependent on their specific risk factor.
Male riders under 25 on average increase costs whilst experienced, older riders with no claim history decrease costs due to a lower risk level.
It is wise to be 100% truthful when handling your insurance. It is important to remember that insurance companies can be meticulous.
If in the event of a claim they discover your bikes undeclared hoard of modifications your year’s insurance payment will become invalidated. It is simply not worth the risk.
Do tell the insurance companies everything as even your profession makes a difference to your premium.
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