Finding the right policy
• What type of policy?
As with car insurance, motorbike insurance has three main types. Comprehensive bike insurance is, as the name suggests, the most complete cover available, covering the rider for damage to their bike as well as other vehicles involved in an accident.
Third party, fire and theft covers against damage or injury to another person or vehicle but not your own bike. It does however cover your bike if it is stolen or suffers fire damage.
Third party bike insurance is the most basic cover, and only provides cover against damage or injury to another person or vehicle but not your own bike.
If you’re looking to save money, don’t just assume that Third Party cover will be the cheapest. Sometimes third party cover attracts the riskiest drivers. Insurance providers know this and price accordingly. Compare all policy types to get a proper answer.
• Your personal circumstances
Where you live, how old you are and your financial situation, can all play a part in deciding which is the best policy for you.
Unfortunately, if you’re a young rider, you’ll need to prepare yourself for higher premiums. There’s little you can do about this other than keep riding safely and remain claim free. Building up your no claims discount is the best way of reducing your premiums. Avoid those penalty points too, you’ll not only get a fine but you’ll see an increase in your premium as well.
Where you live will also have an effect. If you live in a town or city, your insurance is likely to be more expensive than if you live in a rural area. Additionally, if theft has been a problem in your area, you’ll probably find your insurance premiums adversely affected.
If you can afford to, you might want to consider varying the excess on your policy. The excess is the amount of money that you have to contribute in the event of a claim before your insurance provider will make a contribution. If you increase this amount, you’re very likely to be able to reduce your premium.
• The bike you ride
What you choose to ride will have a big effect on which policy is right for you. If you’re opting for a specialist or very powerful machine, you might need to find specialist bike cover.
Similarly, if you ride a classic bike, you might be able to find a classic bike insurance provider who can cater for your specific needs.
• Your mileage
The more time you spend on the road, the more likely you are to have an accident. Sorry if that sounds a bit grim, but that’s simply how your insurance provider sees it. If you restrict the mileage that you do each year, you may be able to reduce your premium cost.
If you also drive a car, think carefully about how many miles you will really do on the bike. Don’t simply enter the same mileage that you put on your car insurance policy.
• Security Features
Not surprisingly, the more secure your bike, the cheaper your insurance policy will be. This applies to where you keep your bike when you’re not riding it, so for example, a locked garage or a drive could be very helpful.
Other measures such as an immobiliser, a ground anchor or even an approved lock might help a little.
To help you find which cover is right for you, compare insurance prices and policies today at comparethemarket.com. It couldn’t be easier. Simply fill in some details about you and your bike and we’ll do the rest for you.