How do I choose the best bike insurance for me?
Choosing the right insurance can be tricky, which is why comparing the market really is the best way to find the deal that’ll suit you – you can compare key features and prices and weigh up the pros and cons at a glance. Insurance premiums are based on multiple factors such as:
- Where you live – the more built up and populated an area is, the more likely an accident is to happen (your bike may also be more prone to being stolen in a big bad city).
- Your age – the younger you are, the higher your premium will probably be, as ageist as it sounds, your youth and inexperience means you could be at greater risk of being in an accident and making a claim.
- Your claims history – insurance is all about risk and how safe (or not) you’re considered, if you’ve had an accident and claimed in the past, chances are it could happen again and as a result, your premium could go up.
- Your motorbike – if you’ve got something expensive and desirable that’ll appeal to thieves then obviously your premium is likely to be more expensive.
- Modifications – if you pimped up your bike then whilst you might think it looks great, you’ve potentially made it harder and more costly to repair and more desirable to steal – which could mean a premium increase on two counts.
- Security – if you store your bike somewhere safe at night like a locked garage that’s a tick for lowering your premiums, if you’ve invested in an approved security device or system for your motorbike, then that’s something else in your favour.
- Use – what you use your bike for will also impact on your premium. If you’re using it for work then chances are you’ll be out and about more often than if it’s for leisure only; which means you’ve got more exposure to potential risks – and this could be reflected in the price you pay.
So if you live in a busy, packed, city centre and park your beloved bike on the street round the corner from your flat; third party only might not seem like the best choice when you wake up and realise your bike isn’t where you left it. Ultimately it’s your call, but whilst you might think third party only is the cheapest option – is it really, in the long run?