Whether you ride a motorcycle, moped or a scooter, motor bike insurance is something that you just can't afford to live without, not least because it's a legal requirement.
Taking the time to protect yourself and your bike with an affordable insurance policy that fits the way you ride will help to ensure that you'll be financially protected should the unforeseen occur.
Motor bike insurance companies use risk-based statistics to calculate how likely any one individual is to make a claim, which in turn determines your premiums. These statistics cover how likely your bike is to be stolen, to break down, or to be involved in an accident, etc.
Honesty is always the best policy when dealing with insurers, but there are ways to cut the cost of your motorcycle insurance premium without compromising on the level of cover. We explain how:
1. The bike you ride
As a rule of thumb the more expensive your bike and the bigger its engine size, the more costly your premium.
In order to offer the cheapest motorbike insurance UK providers often 'specialise' in different categories of cover. Some will tailor their policies to suit classic motorcycles, while others focus on off road bikes or superbikes. Choosing the right category will mean you aren't paying for things you won't need.
Many providers also offer special policies for mopeds and 50cc scooters. However each company defines their categories differently, so you will need to check to ensure your bike is included - if in doubt ask the provider directly.
For this reason, completing a motorcycle insurance comparison really pays off. Make sure to compare not only the guide price but also these add-ons, assumptions and concessions, in order to get the best deal.
Any modifications to your bike are likely to add to the cost of even the most basic cover, as statistically they will make you seem more risky to a potential insurer.
On the other hand enhanced security measures such as alarms and immobilisers can help reduce the cost by making your bike harder to steal.
2. Your driving record
Just as the type of bike you ride affects your insurance, so too does your driving history. Any previous claims, driving offences or motor convictions are likely to push up your premium considerably as you'll pose a 'higher risk' to the insurance company.
On the other hand, many insurers will offer you a no claims discount as a reward for a clean driving record. It can be a good idea to protect this when you take out your policy, and can help to guarantee that you don't suffer raised premiums thereafter if you do need to make a claim.
Because of this, cheap motorcycle insurance quotes need to be considered in both short term and long term views. Getting multiple bike insurance quotes is vital, but choosing a policy should encompass more than just the headline price.
3. How you use your bike
When you request bike insurance quotes you will need to declare how you use your bike:
Occasional riders are likely to attract the cheapest premiums, while commuters are likely to pay a bit extra to cover the increased risk of driving more miles and at busier times.
Those who intend to use their bikes for business purposes should make this clear to their insurer as a different level of cover may be needed.
If you use your bike for track riding only, or a combination of track and road use, you will need to notify your insurer so they can assess the level of cover you need.
Insurers often offer discounts for limited mileage policies so if you only use your bike at weekends or over short distances this is definitely something worth looking into. Try to work out as accurately as possible an estimate of your annual mileage so that you don't end up paying for cover that you don't need.
4. How safe your bike is
Where you live, ride and leave your bike will have a big impact on the cost of your motor bike insurance as, in the grand scheme of things, insurers view motorcycles as at high risk of being stolen.
While there is little you can do about the area you live or work in, bike insurance quotes will include concessions if you park your bike in a secure garage, and so too for security measures such as alarms and immobilisers.
5. Who's driving?
As with car insurance your age will play a large role in determining the cost of your motorbike insurance policy with riders under the age of 30 classed as 'high risk'. Those under the age of 21 are viewed as the most risky and as such their insurance for motorbike premiums reflect this.
If you need Under 21 motorcycle insurance you can reduce how much you pay for your motorbike insurance by increasing your policy excess, commonly known as a voluntary excess.
This is a great way to reduce the cost of your insurance policy if you're under 21, but if you do need to make a claim it will be more expensive, so make sure you find the right balance for you.
6. The type of insurance you need
Just as with car insurance the vast majority of motorbike insurance providers offer three different levels of cover; namely, 'Fire & Theft', 'Third party, Fire and Theft', and 'Fully Comprehensive'. As the type of insurance you choose will impact both the level of cover you are protected with and the premium, it's important to weigh up your options carefully.
Most insurers offer add-ons which, for an additional cost, will enhance your motorbike insurance policy. These often include breakdown, helmet and leather, personal accident and legal expensive cover. Again, you need to weigh up the affordability of these add-ons with the likelihood that you'll need to claim before you include them on your policy.
Cheap motorcycle insurance quotes can quickly spiral in cost if you have to include too many add-ons to achieve the cover level you need; but, it can pay to pick and choose.
7. Which is the best motorbike insurance provider?
No one wants to spend more on insurance than they really need to, however while it can be tempting just to go for the cheapest option you could end up losing out in the long run.
If you're going to pay out for insurance you had just as well make sure that you're getting quality protection in return so it's worthwhile checking that the level of cover provided by a policy is sufficient for your needs before you buy.
Comparing bike insurance quotes from several different insurers won't take up much of your time but it will make sure that you're getting the cover you need, for less.