As with all insurances, there are some obvious things that can be done which should reduce the premium - and UK motorbike insurance is no exception. However there are also some other ways to get better value for the money which may be of some surprise.
Basic Ways to Reduce the Insurance Premium
The major influence on premium is of course the power of the bike. Less powerful bikes will in general demand a much lower premium. This is not always clear cut as the style and type of bike will also have an effect as it may reflect the type of person who will ride the bike. Insurance is of course based on risk.
The second biggest influence is the ease of which motorbikes can be stolen, possibly by simply being lifted into a van, therefore the companies do require that bikes be locked in garages at night. A garaged bike will not only be cheaper but some companies will not cover the bike for theft if not locked away.
Check the Level of Insurance Cover
Depending on how the motorbike is used, it may be better to pay a little more to get the cover required. It is good to check the requirements for cover for driving abroad, the policy excess, and whether the "no claims" bonus is protected.
Motorbikes that Have Been Modified
Any modifications to the bike must be disclosed but they do not always increase the premium. They will usually only affect the premium if they significantly affect the performance but otherwise it may not have any effect. It is certainly not a good idea to hide modifications as they could make the policy void and leave the owner with no cover at all.
Inclusive Legal Cover
Many policies include free legal cover and this is an excellent bonus that will be extremely useful if and when it is required. It seems that many companies are open for negotiation on the inclusion and cost of this facility and so it is worth asking for.
The Effect of the Voluntary Excess
As with other insurance policies, increasing your voluntary excess can decrease your premium. This is not always the case, however, and so it is always worth asking the cost if the excess is decreased.
Cover for Riding Other Bikes
Motorbikes, unlike cars, are generally more flexible when it comes to riding vehicles that are owned by someone else. There is often an extension available to provide third-party cover. There is also a lower cover which is the legal minimum called 'Road Traffic Act' cover although this is rarely issued now.
With the standard extension then motorbikes that are insured by their owner can be ridden although the small print will describe the many exemptions which must be considered carefully. Many people think that this is available automatically on all insurance policies but this is not the case. It is important to check before riding a bike that is not personally owned.
Pay for the Insurance Upfront if Possible
Payment by direct debit will usually have a penalty and so should be avoided if possible. Motorbike insurance is usually relatively inexpensive and so to pay as little as possible then it is worth making a full payment if it can be arranged.
Check Around for the Best Value Every Year
It is unusual for the company to provide the best value for money to its existing customers and so it is always prudent to get competitive quotes before every renewal.
Check for No Claims Discount and NCD Protection
After many years without accidents it is good to build up a no-claims discount. The rates vary across policies and so these should be compared when looking at different types of cover. What also differs between insurance companies is the ability to protect this discount should damage occur or the motorbike is stolen. A small fee could be well worth paying to ensure that the overall discount is not lost.
Discount for the Female Motorbike Rider
Again, insurance is based on risk and when the insurance companies calculate risk they determine that female riders are less likely to be involved in an accident and so less likely to claim. Many companies provide quite high discounts for female motorbike owners.
Recommended Contacts for UK Motorbike Insurance
Bennets- for simple and affordable insurance
TescoCompare- For the best comparison site
The Bike Insurer- For the bikers choice
ebikeinsurance- Online bike insurance
Motorbike insurance in the UK can be obtained at very good rates but cheapest is not always the best. As with everything we buy, it pays to shop around and to always check the small print.
Resource: UK Claims Management Regulator - Ministry of Justice
Resource: UK Financial Services Regulator - FSA
Dave Corby - Dave Corby is Director of Engineering Software for a large American inspection company.
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