Insuring Your Motorbike

Motorbike insurance is an important part of protecting yourself, your bike, and other drivers on the road. It is also required by law. Accident rates, especially for young riders, are alarmingly high in the UK. As motorcycles become increasingly popular due to their economical advantage, theft rates are also on the rise. It is crucial to have a comprehensive motorbike insurance policy in place that not only protects against damage and theft, but also provides cover for medical expenses and personal belongings.

Before you go shopping for motorbike insurance quotes, you need to determine what level of cover you need. Research the market, and get as many quotes as possible from different insurance providers. This will ensure that you receive the best possible cover for the lowest possible rate. Carefully evaluate each provider for customer service availability, history of claims denial, and speed of claims processing. Should you become involved in an accident, these factors will be very important.

You also need to ask about policy extras, such as personal possessions cover, cover for legal expenses related to an accident, and personal injury protection. Ask each provider what factors they use to determine risk levels, and carefully examine the fine print of each policy to uncover hidden fees or penalties. It is also important to make certain that any motorbike insurance provider you consider is GSIC compliant.

If you take the time to shop around, motorbike insurance cover does not need to break your budget. Depending on your risk factors, such as age, location, occupation, and past driving record, motorbike insurance can be as affordable as standard auto insurance. If you have previous accidents or claims on your record, however, you may end up spending a considerable amount of money on your motorbike premiums. Unfortunately, because motorbike insurance is required by law, you will be forced to pay if you intend to continue riding your motorcycle.

Motorbike Insurance: Tips to Help Save You Money

Motorbike insurance can be quite expensive, especially for young riders and for those with a history of accidents or claims. While you cannot do anything to reduce many of the common risk factors that increase your premiums, you can save money on your premiums in other ways.

No Claims Bonus:

If you can prevent making a claim for at least two years, it can drastically reduce the premiums on your motorbike insurance. This may mean riding your motorcycle less often, or not at all. Keeping your record clear of accidents and claims for several years can result in significant financial savings.

Lowered Mileage:

If you do not ride your motorbike every day, you may be able to save money on your insurance policy. Motorbike owners who ride less than 5000 miles each year may receive special discounts from some insurance providers. However, if you agree to one of these discounts, and then exceed the allowed mileage limit, you may end up paying even more in fees and penalties than you would have otherwise.

Security Features:

Ask your insurance provider what security features will enable you to receive credits and discounts on your policy premiums. Many providers offer discounts for features such as lock and alarm combinations and wheel immobilizing devices. Garaging your motorbike will also significantly reduce your premiums, especially if you live in an area known for crime.

Restrict Your Cover to Named Riders:

If you insure your motorbike to cover anyone who rides it, your premiums will be considerably higher. Restricting your cover to named riders, unless those riders are high risk or very young, will reduce the cost of your motorbike insurance.

Motorbike Insurance: Personal and Business Cover

Depending on how you intend to classify and use your motorbike, your premiums and cover levels may be completely different. Motorbikes used for personal use are generally less expensive to insure, while those used for business purposes require additional types of cover and can cost considerably more to insure. It is essential to disclose all of the details of your motorbike use with your insurance provider in order to prevent any future claims from being denied.

Personal Motorbike Use:

Motorbike riders are at an increased risk of becoming involved in an accident due to the size and near invisibility of their bikes. This makes it even more important to have a comprehensive motorbike insurance policy. Motorbike insurance is mandatory in the UK, and provides cover against such things as accidents, repair costs, replacement cover, personal injury, loss of personal possessions, and legal expenses. A comprehensive and valid motorbike policy will protect you financially and legally in the event that you are involved in an accident.

Business Motorbike Use:

In addition to the cover required for the personal use of a motorbike, a motorbike used for business purposes will require extra coverage for potential employee compensation claims should an accident occur. Claims made by third parties in the event of a fatal accident are also required to be covered, and cover must be taken out for all business goods and money that may be transported on the motorbike.

If your business owns and operates several motorbikes, some insurance providers may offer you a group discount. As when shopping for a personal motorbike insurance policy, it is always wise to shop around, compare premiums, and examine cover levels before taking out a policy.