August 3, 2013
Finding cheap motorbike insurance can be tricky. Many of the big name insurance companies stay clear of it but it is possible to find a cheaper quote, if you’re willing to do some research. The following steps will help you to find the right motorbike insurance that could save you hundreds of pounds:
The Right Cover for You
It is important to understand that the payments you make to insurers (insurance premiums) depend on the chosen insurer together with your level of cover and your risk level. If you are able to reduce your insurers perception of your risk, then you can reduce the price you pay.
Ways to reduce your risk and payment include:
- Age – The older you are, the cheaper it costs
- Mileage – Many people assume their motorbike mileage will be similar to their car mileage. In most cases it’s much less. You pay less if you drive less so be accurate with your motorbike mileage.
- Security – Keep your motorbike indoors or in a locked garage. Many insurers don’t cover theft if you don’t. If you need to keep it outside, make sure you use a insurer approved security device or lock.
- Work out what you actually claim for – Consider a policy with a higher access
- Gear – It is unlikely that damage to your helmet or specialized clothing will be covered. However, some insurers include this as an extra cost
- Temporary Cover – Consider temporary cover if you don’t use your bike all year round.
- Installments – Pay monthly installments seem like an easy option but many insurers charge interest. Pay off in full if possible
- Changes and Special Circumstances – Tell your insurer if you’ve modified your bike, lost your job, moved address etc. This could save you cash and make it easier for you to claim in the future
- Don’t Lie – Tell the truth, the whole truth and nothing but the truth
Finding the Best Bike Quote
There is not one single cheapest provider out there. Insurance prices depend on the individuals’ circumstances. Using screenscraping websites will help you get the most quotes in the shortest space of time. Compare in order the big companies such as Go Compare and The Bike Insurer as well as looking at insurers that aren’t included on comparison websites to find yourself the best deal.
Once you’ve tried the comparison sites its worth considering extra ways of reducing costs that include;
- Temporary Insurance
- Six Wheel Policy
- Special Deals
Once you’ve found the cheapest quote, always remember to double check the quotes and examine the chosen insurers policy coverage so that there are no nasty surprises when you take out the policy
Also consider looking for hidden cashback deals as well as haggling on the price of your chosen insurer.
It is also important to know that if your insurer goes bust then you’ll be protected by the government supported Financial Services Compensation Scheme which will result in them finding you another provider to take over your policy or provide a substitute policy.
If you drive well and don’t claim, then your insurance premium should go down. You should also look at what other providers can quote you. Your current policy may not still be the best for you after year 1.
If you do proper research into your motorbike insurance, then you have the chance of reducing your insurance premiums.