When looking for insurance for your motorbike, it is always important to shop around. There are many options to consider when searching for the appropriate insurance. The most important things to consider are the kind of cover the policy will give and how that will affect your pocket book.
Looking at your personal finances will help in determining the type of policy you need. One must first determine what the most they can pay for excess when making a claim. If the policyholder decides to pay more for the excess amount in the event of a claim, the insurance company will typically reduce the premium. Because the policyholder is willing to pay more for excess, the insurance company will find them less likely to make small claims and more likely to use their insurance only in the event of a major claim.
Another way to save money is naming a certain number of riders to be covered on your policy. Stretching the policy to provide cover for any rider will make premiums much more expensive. However, if one can limit this number to a list of riders, they can save many pounds per year on the cost of insurance premiums. This is not true however in the case of the riders being young, and inexperienced.
Another often unnecessary perk that will cost the policyholder extra money per month is hire bikes in the case of repair. This is something to consider going without, and utilizing public transport while the bike is undergoing repairs. This is not always an option, but it will definitely reduce your quote if you can go without. Look into other extras that can be eliminated from the policy as well. These will only mean higher premiums.
By keeping your motorbike in a garage, or other secured area at night will also reduce your monthly premiums, especially if you live in a high-risk area. The use of an insurer approved alarm and combination lock can also reduce your premiums. Most locks and alarm equipment will deter thieves from targeting your bike. Locks and alarms will aid in lessening monthly costs, but the garage is definitely the safest and smartest way to reduce insurance premiums.
Examining the level of cover you need is also important. If the motorbike has a lower market value, it may perhaps be worth it to forgo fully comprehensive cover in exchange for the more economical third-party, fire and theft or even third-party only. Fully comprehensive cover is a valuable asset, however the policyholder may end up paying more in premiums in one year than the actual value of the bike being insured.
It is still a requirement of the law for motorbikes to be insured, regardless of the market value of the bike. To avoid future expenses for being uninsured in the instance of an accident, be sure to have at the very least, third-party only insurance. It is also required by law to have documentation of the insurance cover.
There is little to be done about how insurance companies evaluate risk, which, in turn, is how they evaluate what monthly premiums will be. The basis for this evaluation includes age, driving history of policyholder, occupation, whether the vehicle will be garaged, and likelihood the vehicle will be stolen. With accident rates being alarmingly high, motorbikes are seen as high-risk vehicles.
If you are interested in finding the best motorbike insurance policy for you, fill out our short form, and a representative from SimplyFinance will put you in contact with an insurance agent who will answer all your questions pertaining to motorbike insurance. In addition, the insurance agent will search through available policies to find the one that is best for you.