Yamaha to cut cost of insuring all its bikes

Yamaha is in the process of removing the biggest barrier to motorcycling in the UK with an across-the-range insurance deal.

Its scheme earlier this year, to make premiums on 2001-model R1s affordable, proved such a success that the firm will now offer a similar deal across its entire 2002 range.

Anyone looking for insurance on a secondhand Yamaha will also be able to take advantage of the deal.

Sales of the firm’s R1 and R6 sports bikes stalled last year as insurance premiums rocketed. But the R1 has just been named as the top-seller for March – when the scheme took effect.

Now the firm is really ramping up its sales drive by ploughing an undisclosed, but undoubtedly very hefty, sum into subsidising the scheme.

The new package won’t just be a one-year wonder. In the past, when a deal has run out after 12 months, riders could be faced with a huge premium hike and many opted to sell their bikes rather than cough up the extra.

This new deal is a long-term part of the firm’s business strategy and is aimed at keeping buyers locked into the Yamaha brand. Yamaha is convinced that its range offers a bike for everyone’s taste and that the only stumbling block to purchase has now been removed, or at least significantly reduced.

The original scheme opened previously closed doors for younger riders. Many firms wouldn’t touch a 21-year-old on an R1.

But, with Yamaha, if he lived in a Northamptonshire town, without any no claims bonus, he could get cover on an R1 for £1690. It’s still a lot but at least it made owning a big-bore superbike possible.

Within weeks of that scheme starting the remaining stock of 2001 R1s had sold out. It offered Third Party Fire and Theft cover from £195 and fully comp cover from as little as £325.

A 32-year-old with five years no claims, living in that Northants town, could get fully comp cover on an R1 for £495.

The details of the new scheme aren’t finalised, but are expected to follow similar lines.

Norwich Union, one of the biggest insurers of bikes in the UK, said it would not cover a 21-year-old at all. And it would not cover a 32 or even 40-year-old just TPFT on an R1.

And a 21-year-old without any no claims bonus would have to pay almost £5000 for fully comp cover on a Fazer 1000 and nearly £4000 for Third Party Fire and Theft.

Dan Harris, of Yamaha UK, said; ” We are close to sealing a deal and we just need to settle the finer points, but we expect to be able to offer cover to a very wide age group. There will be some restrictions, but they should not be too harsh.

” We don’t want to leave our customers stranded and see this as an on-going plan, not a short-term project. ”

Even people with some convictions – probably up to six points on their licence – should still be able join in.

And if the extended scheme proves as popular as the initial offering, Yamaha will further close the sales gap on UK market leader Honda. So far this year the R1 has sold almost 30 per cent more than the Blade.

This scheme could be a double positive whammy for UK bike buyers. Not only will we be able to get this brilliant deal with Yamaha, but other manufacturers are bound to hit back with deals of their own.

Some have deals in place already, but none on the scale of this.

Yamaha dealers were only told of the initiative at the end of last week.

” This is great news. The only thing stopping us selling sports bikes in the numbers we used to is the cost of insurance, so this is really positive, ” said Tony Moore of Motorcycles and Moore in St Albans, Herts.

” It seems the manufacturers are realising there is no point waiting until September for this kind of thing. ”

As soon as the ink has dried on the insurance deal we’ll bring you a full rundown of cover and quotes Yamaha can offer on the scheme.