Motorcycle insurance advice: modified motorcycles and cooling off periods
28 April 2010 14:52
Insuring modified motorcycles
unlike cars, bikes are far more likely to be modified in some way, so when you compare bike insurance be sure to include any technical details that are different in your quote so you can compare quotes easily.
Small modifications, like different indicators, a set of crash bungs or a coloured screen shouldn’t add anything to the cost. But if you have got a custom paint job or an engine tune, even a fuel injection kit like a Power Commander, you should declare it. A failure to do so could invalidate the policy you eventually take out.
If the modifications add value to the bike or increases the performance significantly over standard, then the bike insurance companies will compare it to the standard machine, giving it a higher risk rating and therefore meaning you may have to pay an increased premium to cover it adequately.
It's also worth keeping hold of the original parts. If you intend to eventually sell the motorcycle on original parts are worth far more than aftermarket add-ons.
Cooling off period
Mistakes happen, after all, that’s the supposition for most insurance, and it’s possible that your newly-chosen motorbike insurance doesn’t give you the cover you thought you had in comparison to other policies.
In that case you have a 14-day cooling off period that allows you to cancel the insurance for your motorbike, less any time that you were on risk and an “administration charge”.
It’s well worth finding out what the admin charges are when doing a motorbike insurance comparison as some of them can be quite high. Ensure you read the contract carefully before you sign anything.