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GUIDE TO REDUCING MOTORBIKE INSURANCE PREMIUMS
For some motorists the freedom and thrill of riding a motorbike is unrivalled. From an insurance perspective however, motorbikes present a greater risk than cars. Statistics show that whilst motorbikes only make up 1% of the total vehicles in the UK, they are involved in 20% of the deaths and serious injuries on the roads.
Insurers have to take into account a multitude of risk factors when calculating motorbike insurance premiums. Some of these factors, such as age or occupation, are beyond the control of the rider. But there are certain things that riders are able to influence that could potentially reduce their insurance premiums. The following list of tips on how to reduce premiums has been compiled with this in mind.
SHOP AROUND BEFORE AUTOMATICALLY RENEWING
Remaining loyal to a motorcycle insurer does not always guarantee the best deal every year. With a wide selection of insurers available to choose from, including some specialist insurers and some offering additional discounts for new customers, it is wise to shop around. Our partner Seopa has a panel of over 30 motorbike insurance firms, making it easy to shop around and compare prices in order to find a better deal.
ACQUIRE ADVANCED RIDING QUALIFICATIONS
Once a rider has obtained their bike licence they can also complete additional riding qualifications to improve their skills. Additional insurance discounts might be available to riders who possess one of these advanced riding qualifications. These types of courses are run by a few different motorbike training organisations, such as the Institute of Advanced Motoring, the Enhanced Rider Scheme and the RoSPA Advanced Driving & Riding Academy, to name but a few. Following the completion of an advanced rider course, enquire directly with insurers about the discounts available to see if there is money to be saved.
MODIFY WITH CAUTION
As with modifcations to cars, modifying a motorcycle can cause insurance premiums to rise. There are two main reasons for this:
- Modifications can alter the performance of a motorbike and are considered by insurers to present a greater accident risk.
- Some modifications can change the look of the bike and this may increase the chances of it being stolen.
Motorbike insurance features both compulsory and voluntary excess. Compulsory excess, as it suggests, is obligatory in the event of a claim and is set by the insurer. Voluntary excess, however, is set by the driver and is adjustable. Raising the voluntary excess will return a cheaper bike insurance quote. For example, a rider may choose to raise the voluntary excess from £100 to £250 (on top of the compulsory excess) and this will lower the overall premium. Be mindful not to raise the voluntary excess too high though, as when it comes to making a claim this has to be paid by the policy holder.
CONSIDER THE LEVEL OF COVER
The three levels of cover available are Third Party, Third Party Fire & Theft and Fully Comprehensive. Read our guide to motorbike insurance to see the differences in cover. It is important to carefully decide which level of cover is sufficient, as selecting the lowest level of cover may not provide sufficient protection when required. Selecting fully comprehensive cover may cost more but it can provide better peace of mind.
SECURITY IS SIGNIFICANT
Any measure to keep a motorbike safe will help to reduce premiums. If an alarm is not built in, securing the motorcycle by installing a Thatcham approved alarm and immobiliser is advisable. Additional security such as anchors, chains, and locks will also help to make the motorbike more secure and therefore help to lower premiums.
The advice in this guide is relevant to most motorcycle riders wanting to make their insurance cheaper. There are a few additional things that can also help depending upon individual circumstances:
- LIMITED MILEAGE – trying to keep the annual mileage as low as possible can reduce premiums. This is because lower mileage means less time on the road, therefore reducing the likelihood of making a claim.
- DO NOT COMMUTE – insuring a motorbike for social, domestic and pleasure only is usually cheaper than insuring for commuting. Try to use alternative transport for getting to and from work.
- BEING A LONE RIDER – motorcycle riders can lower their insurance if they ride without a passenger. It is worth noting however that if, on occasion, a rider does carry a passenger without declaring it to the insurer, they will be breaking the law.
- KEEPING A LICENCE CLEAN – not having points or previous claims will keep insurance costs as low as possible.
- STORING THE BIKE IN LOCKED GARAGE – if a garage is available, keep the bike stored in there overnight for added security.
Looking to get a great deal on your motorbike insurance? Why not try getting a quote today.