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HOW TO SAVE ON MOTORCYCLE INSURANCE
By David Bradford
 
Taken from 2006 Superbike
Buyers' Guide
Play the fishing game
Brokers (think of them as the fishmongers) select from and sell
insurance policies that are drawn up by underwriters (think of them
as the fishermen). It’s not uncommon for two or more competing
brokers to use the same underwriters (sell the same fish), but the
brokers choose how much margin to add, so quotes can vary.
You don’t want to pay over the odds for the same fish that’s
available cheaper elsewhere. Some insurers target their products
at particular segments of the market (e.g. young riders, women,
sports riders). Cheapest isn’t always best, though so make
sure the policy provides the cover you need.
Rack up no-claims
No-claim discount accrues for every year during which you don’t
make a claim. Each year (after the first) counts for around 10-15
percent discount, up to a maximum of about 65 percent. Needless
to say, racking up claim-free years is one of the best ways to reduce
your premium. Some, or all, of your discount will be lost if you
make a claim. The amount of discount you lose varies from one insurer
to the next. It is possible, and often prudent, to pay an extra
fee to protect your no-claim discount, once you have reached the
minimum number of years (normally four years claim free).
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