How do I get cheaper motorcycle insurance?
When you get a cover for your bike, you should research and understand how companies are setting their prices, so that you can reduce the cost of your policy.
In general, the amount charged by the insurance company is a reflection of the following:
- How likely is it that you - as a motorcyclist - will file a claim
- How costly this claim is likely to be
There is little you can do about some of the factors involved, such as your age.
But there are some others - for example, the type of motorcycle you ride, and how much you use them - that you have some influence on.
Some insurance companies may place more weight on certain factors than others, so it is worth shopping for policies and finding what works for your portfolio.
Here are some factors that you can change that can reduce your motorcycle insurance premiums:
Choose a bike that is smaller and more affordable
As you would expect, the more expensive or robust your bike, the greater the risk it poses.
For example, the cost of repairing a classic two-wheeled wheel may be more than the cost of repairing a new model, especially if it is scarce, and the cost of spare parts is higher.
But if you own an old rickety scooter, don't assume that just because your bike isn't worth much, its coverage will be cheap.
Also, bikes with larger motors are also more likely to be involved in an accident, so the cost of a highly charged trip is likely to be greater for insurance.
Avoid modifying your bike
It is worth noting that if you decide to retrofit your motorcycle, you must tell your insurance company about it.
This may increase your premium. But failure to tell your insurance company can nullify any future claims you make.
Increase the safety of your bike
The more difficult it is to steal your motorcycle, the lower the insurance premiums.
If you can keep the bike in a closed garage at night this may help cut costs. Anti-theft measures like floor anchors, immobilizers and bike locks can also help.
Make sure that you familiarize yourself with any safety devices you purchase by the insurance company you plan to use, otherwise you may not get a discount.
Think about who uses your bike
Your insurance company doesn't know if you are reckless or reckless. So you should use the statistics to know how likely you are to make a claim.
Unfortunately, those stats are stacked against younger motorcyclists.
People between 17 and 25 are considered the most dangerous age group - so if you are a junior or biker on your policy, you may experience higher premiums.
On the contrary, adding an older and experienced driver to your policy can reduce your premiums.
Remember to accurately describe the main biker in the policy as you may risk voiding your policy if you do not.
Consider the advanced contestant qualification
Some insurance companies may look positively on an advanced passenger qualification and reduce your premiums.
Taking an advanced riding course means insurance companies see you as less risky, as they will enhance your skills on the road.
It usually consists of a theory test and an observation trip with expert motorcycle instructors.
Our guide of advanced passenger qualifications will give you more details on these courses.
Increase your excess
The more voluntary increase you agree to, the cheaper your insurance will be.
The drawback here is that when you file a claim, this amount is deducted from your final return.
If you do not have any voluntary surplus, the insurance company considers that it will have to pay you the full amount of the claim, so insurance premiums tend to be higher.
Pay annually for your insurance
Paying for your insurance in one go may cost you less than your monthly payments.
Improve your ride record and reward no claims
One of the most important factors in calculating the cost of coverage is your claim history, and whether you have any points on your license.
Your insurance company will ask for details of any claims or convictions in the past five years. Even if the claim isn't your fault, you still need to tell them about it.
If you have not filed any claims for a year or more, you should receive some form of no-claim bonus.
Most insurance companies accept up to five years of no claims to give you a discount on your premium.
Where do you live
It is true that it is not very easy to change yourself, but your zip code also has an effect on the cost of insurance.
If you live in a built-up area where the risk of accidents is greater, you will pay more.
You will also likely pay more if you live in a place with high levels of bike theft.
What kinds of motorcycle covers can I buy?
There are basic types of bike covers:
Third-party only (TPO)
Covers damage to other people, property, and vehicles in accidents that are your fault.
Third-party Fire and Theft (TPFT)
All the benefits of TPO, but your bike is also covered in case it is stolen or damaged by fire.
Inclusive
All the benefits of TPFT, but you are also covered for damage to you and your bike, even if the accident is your fault.
Usually, the higher the level of coverage you choose, the higher your premiums are likely to be.
However, this is sometimes not the case, and an umbrella policy can operate at a price comparable to TPFT.
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