We share all you need to know about protecting yourself with cheap moped insurance.
Mopeds can make for a really economical way to get around and there’s no reason why insuring your bike can’t be equally as easy on your pocket.
Mopeds are classified as bikes with an engine capacity of 50cc or less and a top speed of 30mph. Just as with regular motorbikes it’s a legal requirement to have at least third party insurance protection in place when you ride one on a public highway.
Traditionally mopeds have attracted higher than expected premiums as statistically they pose a greater risk of being stolen than other bikes and insurers have hiked the cost because of this. However, thanks to greater competition in the moped insurance market, it’s now possible to get comprehensive cover for less.
Taking the time to compare a number of moped insurance policies will help to make sure that you get the cover you need without paying a penny more than you have to. To make the process a whole lot easier we share everything we know about taking out cheap moped insurance.
What’s covered?
Exactly what is covered by your moped insurance policy will depend on the level of cover you decide to take out. As just like most standard motorbike insurance polices, third party and comprehensive options are available.
Third party only policies are the most basic level of cover you can take out for your moped as they protect you solely against damage to other people and their possessions. They are usually the cheapest moped insurance option available and because of this they are often attractive to new riders and those who have very low value bikes.
Third party, fire and theft is the next step up as it protects you against damage to your moped caused by fire or theft in addition to the third party protection. This type of policy is going to be a little more expensive, however the extra cost is often worth it because of the enhanced level of cover it provides.
Comprehensive cover is the highest level of moped insurance available and in addition to the afordmentioned features this pays out if your bike is involved in an accident.
European cover, breakdown recovery services and legal expenses may also be included as part of your policy although many insurers include these as optional extras, available for an extra fee. How you use your moped will determine whether it’s worth paying out the extra cost.
How much will moped insurance cost?
While insurance for your moped is likely to be far cheaper than what you’d pay for regular motorbike insurance, premiums can vary greatly from provider to provider. This is because insurers calculate premiums based on risk statistics and the riskier you appear, the more expensive your policy. Things that insurers look at include:
Your age - More often than not younger riders will pay more for their moped insurance than those with more years on their side. This is simply because older riders are seen as having more experience and are statistically less likely to make a claim.
Your gender - Again, not much you can do about this one but female moped riders do usually attract cheaper premiums than their male counterparts because insurers see them as less risky.
Your location - As moped theft is an unfortunately common occurrence, where you live and store your moped will have a big impact on the cost of insuring it. Busy cities are seen as riskier as are certain postcodes where thefts are reported more frequently. However, regardless of where you live keeping your moped in a locked garage when not in use will earn you ‘brownie points’ with insurers and they’re likely to drop your premium as a result.
Your riding experience - New moped riders will usually pay more for their insurance than those with more experience. However, the exception to this is if you have a previous motoring conviction or offence as this will drive up the cost of your moped insurance policy considerably. Conversely, completing a registered advanced moped riding course is likely to help lower the cost of your insurance and so can be worth doing.
Your moped - The type of moped you ride will also have an impact on the cost of your insurance policy. Newer, more expensive bikes will be more costly to insure as they cost more to repair or replace in the event of a claim. Certain makes and models will attract higher premiums than others. Modifications to your bike, particularly de-restricting the speed, will make your insurance more expensive and may mean that some insurers will refuse to cover you altogether. However, extra security features may win you a reduction on your premium.
Your usage - How you use your moped will also play a role in determining the cost of cover. Most moped insurance providers cover you for social, domestic and commuting use as standard so be sure to let them know if you plan to use your bike for other purposes. Many also offer limited mileage discounts, where they reduce the cost of your premium if you agree not to travel more than a certain number of miles on your moped during the policy year.
Your excess - The policy excess is the amount you will be required to pay out in the event of a claim. Most insurers specify a level of compulsory excess that will be automatically applied to your policy however you do usually have the option to reduce your premium by accepting a higher level of voluntary excess. If you decide to do this do make sure that you will be able to afford to cover this if and when you need to make a claim.
