With summer around the corner (believe it or not), many will be looking to renew their motorcycle insurance. But are you paying too much? You can keep down the cost by following specialist broker Bikesure’s top tips.
1) Fitting a security device such as a tagging device, alarm, immobiliser or tracker will lower your insurance bill substantially. Parking in a garage or locked building will also drive down costs. Good quality physical locks will also be a great deterrent to theft, particularly if the bike can be locked to an immobile object or anchor. Look out for items that are “Sold Secure Gold” approved. Many of these will also attract a discount and help prevent theft, which is the ultimate aim.
2) Members of a UK owners or riders clubs often receive discounts up to 15 per cent as “enthusiasts” represent a lower risk to insurance companies.
3) Ride sensibly – the more points you have on your licence, the higher the cost of your insurance. One speeding conviction could bump up your premium by around 10 per cent, but two may cost you up to 25 per cent more. If you have a conviction for using a mobile phone while driving, it can increase your premium by a whopping 50 per cent.
4) Modifications that improve the performance of your bike can increase the premium, although specialist brokers like Bikesure offer very competitive modified bike schemes. Make sure your insurer knows about all modifications – failing to declare them could invalidate your policy. Modifications include anything which doesn’t come as standard on your bike. Sometimes specialist custom bikes can actually be cheaper to insure!
5) Opt to pay a higher voluntary excess on any claim you may make. The higher your excess, the cheaper your car insurance – remember that many people find that claiming for less than £500 worth of damage loses them their no-claims bonus and increases the future cost of their insurance. Ensure you can afford to pay the excess if you do have to make a claim.
6) Consider limited mileage insurance if you only ride rarely or for short distances. In standard insurance policies, you have to pay a fixed insurance premium regardless of how often you drive, but limited mileage policies are specially underwritten for bikers who ride less. You will be asked to sign mileage declarations and these will be checked in the event of a claim so, as always, honesty is the best policy.
7) It may sound obvious, but many bikers are caught out by high premiums because they didn’t check the possible cost of insuring their new bike before making their purchase.
9) Be honest with the valuation of your bike – the truth is that no matter what you value your bike at, insurers will only pay out the current market value of a vehicle in the event of a claim, so inflating the price of your bike will do nothing other than potentially push up the price of your premium.
10) If you do not take pillion passengers, tell your broker as this will often attract a discount on your premium.
11) Consider taking an additional or advanced riding test or course to lower your insurance premium. There are several that attract discounts for your insurance and you’ll hopefully come out of it a much better rider.
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