Last but not least, there’s your insurance policy itself. Whether you take out a comprehensive policy versus a third party policy will have a bearing.
Don’t assume though that because comprehensive insurance provides greater cover it will automatically be more expensive. This often isn’t the case. If you’re thinking about getting a third party policy, check the price of comprehensive cover too, you might get a nice surprise.
One way you can influence the cost of your insurance is to vary the voluntary policy excess. In the event of a claim, this is the amount of money that you have to pay first before the insurer makes a contribution. Bear in mind that the voluntary excess is in addition to the compulsory excess already set by the insurance provider
If you set your voluntary excess at £500 instead of £100, you’ll find that you can reduce the cost of your insurance. Obviously, you need to be able to afford this voluntary excess as well as the compulsory in the unfortunate event that you need to make a claim.
There’s a lot to think about and it’s worth comparing policies before you settle on one to make sure you’re getting the right cover for you.
Insurance providers calculate their premiums differently and weight certain factors in different ways. It’s really easy to compare prices with us and we’ll give you the option to play with the voluntary excess amounts for example so you can see the effect that it has on your premium.
Remember though, while price is important, make sure you read the terms and conditions of your policy carefully. It’s really important to be sure that you’re getting the level of cover that you need.
Happy and safe biking.