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TOP TEN MOTORCYCLE INSURANCE TIPS
Passionate about your bike? Make sure you protect it!
Motorcycling is a passion. Those who indulge are passionate about
everything to do with it – the bikes, the leathers, the magazines,
the insurance… Ok, so maybe passion is not a word usually
associated with insurance but insurance is, like it or not, a necessary
element of biking. Without it, you can’t legally ride on a
public road.
So let’s take a look at how you can make insuring your bike
a bit more bearable. Motorcycle insurance specialists, Devitt, provides
ten ways to make sure you are getting the right insurance for your
motorcycle and at the right premium.
- Type of cover - The minimum legal requirement
is “Third Party Only”. This covers you for damage
you cause to someone else and their property. It might be worth
considering if the value of your bike is not high. Then there
is “Third Party Fire and Theft”, which additionally
includes cover for fire and theft and “Comprehensive”
which includes cover for damage to your bike irrespective of whose
fault the accident was.
- Excesses - A Compulsory Excess is an amount
you have to pay towards the total cost of any claim you make for
damage or theft. In addition to a Compulsory Excess, you may be
able to add a Voluntary Excess in exchange for a reduced premium.
But remember, you’ll have to pay the combined amount.
- No Claim Discount - Most companies will offer
a “No claim discount” (NCD) for every year you do
not make a claim which could save you up to 65% on your premium.
For an additional premium, you can protect a maximum No Claim
Discount.
- Riding abroad - A Green Card is no longer required
to ride in EU Countries and many insurers include up to 90 days
European cover. But you should inform your broker or insurer if
you plan to travel abroad to ensure you have the cover you need.
- Modifications - Despite popular belief, most
common modifications actually have little or no affect on premiums
but you MUST tell your broker or insurer about it otherwise you
risk having problems in the event of a claim.
- Training courses - There are various advanced
training courses that are available which may help to reduce your
premium, a good example is Bikesafe, where depending on the insurer
you could save up to 10% on your premium.
- Security - A Thatcham approved alarm and immobiliser
may secure you a further discount of up to 10%, whilst also providing
some extra peace of mind.
- Optional extras - You may be offered Legal
Expenses Insurance (which covers costs incurred if you become
involved in claims for personal injury or loss of earnings) Personal
Accident cover (which could provide up to £10,000 for injury)
and Breakdown cover. All of these are likely to cost you more,
but generally well worth purchasing.
- Mileage and Garaging - If you do less than
3,000 miles a year on your bike you may be entitled to a discount
of up to 10%. But make sure you are honest about this, as with
everything dishonesty will only cost you more in the long run.
In addition, if you store your bike in a garage you may also be
entitled to a discount which could range from 5% to 10% depending
on individual circumstances.
- Specialist provider - Finally, the best advice
is to arrange your insurance through a specialist provider who
thoroughly understands biking and the insurance risks involved
and will be able to advise you fully on all these elements.
More Motorcycle Insurance Top Tips
By Chris Bottle, track-day addict and Devitt Head of Marketing
- Consider using a specialist broker, one who thoroughly understands
biking and the insurance risks involved. Many of the people working
in motorcycle insurance, like Chris, share a genuine passion for
bikes.
- Be honest and answer any questions truthfully. There’s
no point trying to get a lower premium by saying you keep your
bike in a garage if you don’t. If you lie, you risk having
a claim turned down for ‘non-disclosure’.
- Shop around. Brokers and insurers can change their rates from
year to year. Don’t automatically assume your renewal is
the best price.
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