What you need to know about motorbike insurance

What you need to know about Motorcycle Insurance

Insurance can be confusing at the best of times so to make it easier to understand we’ve compiled a list of our top tips of everything you need to know about motorcycle insurance.

First things first, it’s all about you…

Occupation

Your occupation can affect your premium more than you might think. Those people who are deemed to be in the ‘public eye’ could end up paying more to cover the threat of vandalism. Not only that but if your job leads you to be spending more time on your motorcycle this can also lead to a higher premium.

When completing your insurance quote form you will see there are two fields; primary work and part-time employment, which you have to include even if it’s only voluntary work.

Location

Your home address has to be your home address, even if you store your bike at a different address (locked up at your secure office in London). You need to make this clear to your insurer. There are some insurers that won’t even quote for a motorcycle that’s not kept in a secure garage at home overnight, particularly in bigger cities.

Security

The more advance the security is on your motorcycle the more considerable the discount to your premium will be. One simple way of getting a discount is using an approved chain, which could reduce your premium by 2 – 3%. You can get up to 10% off your insurance if your bike is fitted with an aftermarket alarm and an immobiliser. Data tagging can see up to a 5% discount.

Make and model

The more expensive or powerful your bike, the more it will cost to fix or replace if you were to make a claim, therefore you will usually see a higher premium.

Honesty is the only policy

Any falsification of information is deemed as fraud and at best could lead to a claim being repudiated and at worst a customer being prosecuted for fraud – so always tell the truth about your details.

Let’s talk about your biking history…

Still riding on a provisional licence?

You’ll need to know the date you passed your CBT. Remember that your CBT is only valid for 2 years.

No Claim Discount (NCD) / No Claim Bonus (NCB)

Your No Claim Discount, often referred to as NCD, can have a great impact on reducing your premium, the maximum NCD is 9 years. Make sure you have contacted your insurer so you know exactly how many years you have – if you state an incorrect NCD when obtaining a quote you’ll find your premium will go up when it’s not right on your supporting documentation.

Advanced motorcycle training

Be sure to mention if you have completed any recognised advanced training courses such as; RoSPa (The Royal Society for the Prevention of Accidents), IAM (Institute of Advanced Motorists) and ERS (Enhanced Riders Scheme). Some insurers will offer you a discount due to you being deemed a safer rider.

Save money with multi bike insurance when you own more than one motorcycle

If you have more than one motorcycle, don’t get two separate policies! Use a multi bike policy and you’ll reduce the overall premium. This is based on the fact that you can’t ride both of the bikes at the same time, therefore the risk is reduced. Some companies can’t quote you for multi-bike policies online; you have to ring up due to the complex nature of multiple bikes and combinations.

Do you drive a car?

Wonder why you get asked about your car licence when you’re purchasing motorcycle cover? Well your car experienced counts. You’ll be asked how long you’ve had your car licence and what type it is. Some companies will take this information on board and it could potentially give you a better quote.

Accidents, claims and convictions

The biggest impact on your premium is because of any accidents, claims and convictions that you may have incurred – some companies may not even quote you!

Accidents and claims

You must inform your insurer of any accidents or claims you’ve been involved in irrespective of blame or if a claim was made, in any vehicle not just those on your motorcycles. This is one the biggest ways people trip up when finding suitable insurance cover.

Convictions

Questions will always be asked about convictions or bans by your insurer, although any ‘endorsements’ will stay on your licence for a minimum of 4 years it’s still good to disclose to your insurer, insurers should not penalise the policyholder if it has expired.

It is important any conviction not spent is disclosed to your insurer, most insurers will ask about these.

Mileage and excesses

A top tip is to go through your old MOT certificates to give you a realistic number of how many miles you do on a yearly basis; by being as realistic as possible you could save yourself a few pounds.

Another way of reducing your policy cost is to increase your voluntary excess. Although it will reduce the cost of your policy, it might only decrease it by 5 – 10%.

It’s good to understand what your policy excesses are: if you take out a policy on a bike worth £500, and your policy might have a compulsory and voluntary excess that also adds up to £500 – making a claim would be impossible if the bike was stolen.
Sometimes people will take up a policy on a bike worth £500, and they might have a compulsory and voluntary excess that adds up to £500 too. So they’re never going to make a claim even if it’s stolen.

What kind of cover are you looking for?

The type of cover you choose for your motorcycle will show a variation in the cost for your insurance. It’s entirely up to you which type of insurance level of cover you choose dependent on your individual circumstances and budget.

Fully comprehensive (Fully Comp)

Fully comprehensive insurance policies quite literally cover everything – from damage to others property/vehicle, to damage to your vehicle/property caused by an accident, theft or fire. Fully comp policies and what they cover does tend to vary greatly between insurers and so it’s important that you understand exactly what is included in the policy before you buy.

Third party fire and theft only (TPFT)

Third party fire and theft only insurance doesn’t cover any damage sustained to your motorbike, but it does cover damage to others property/vehicle. Your motorbike will also be covered in the event of a fire or theft. In the event of an accident that isn’t your fault, you may be able to claim through the insurance of the other individual involved.

Third party only (TPO)

This is the minimum insurance requirement for motorbikes in the UK, and it provides the minimum level of cover. Third party only insurance only covers damage to others property/vehicle and you/your vehicle won’t be covered in the event of any accident or incident, unless you’re involved in an accident that wasn’t your fault, in which case you may be able to claim through the insurance of the other individual involved. It can be handy for those on a budget, but it also means that you could be out of pocket should you ever need to make a claim.

Third party only insurance is not always the cheapest option, explore other covers before making a decision.

What Should I Do If I Have An Accident?

The thought of ever being in an accident is unbearable but it is something we should consider!

We’ve put together a handy video infographic which explains exactly what to do should you ever be involved in a motorcycle accident…