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Releases 2005 » Bike modifications don’t always
mean big insurance price hike
BIKE MODIFICATIONS
DON’T ALWAYS MEAN BIG INSURANCE PRICE HIKE
Romford, 5th May 2005 – Too many bike owners
are failing to tell their insurers about modifications to their
bikes either because they fear the changes will increase their insurance
premiums, or because they don’t realize they need to. However,
a new review by specialist motorbike insurance broker Devitt reveals
that many of the most common modifications actually have little
or no effect on premiums at all.
This contrasts with failing to tell an insurer about modifications
which could result in the insurer refusing to pay when a claim is
made – particularly if the modification is a factor in the
claim.
According to Devitt, many of Britain’s bikers’ favourite
modifications have virtually no impact on insurance premiums. These
include modifications such as crash bars, crash mushrooms, road
legal after-market exhausts, huggers, up-rated braking systems and
a five per cent increase in engine capacity.
Other modifications including wheels, suspension, Dynojet and tank
pads may also be accepted by insurers and would result in only a
moderate premium increase.
Modifications that are likely to render a bike uninsurable are
increasing engine capacity over five per cent; custom bikes and
converting to running on nitrous oxide.
Commenting on the review, Devitt’s Managing Director Martin
Pretlove said: “One of the most important principles underlying
any kind of insurance is that all relevant information must be passed
on to the insurance company. That’s the only way an insurer
can understand precisely what risks they’re covering and calculate
a fair price. Bike owners are often scared of declaring their bike
modifications because they think there’s going to be a big
price tag attached. Yet the vast majority of modifications will
be accepted by insurers at either no additional charge or a small
premium increase. This is definitely one of those situations where
it’s much better to be up-front with your insurer than to
end up having to pay for a damaged bike, or possibly worse still,
having to personally pay a third party’s claim. Problems arise
when the insurer believes the modification may have caused or contributed
to the claim or the amount payable – for example, having a
bike with eye-catching race-replica paintwork stolen.”
- ENDS -
For further information, please contact:
Chris Bottle
Head of Marketing
Devitt Insurance Services Limited
Tel: 01708 385959
Email: chris.bottle@devittinsurance.com
Web: www.devittinsurance.com
Notes to editors:
Devitt Insurance Services Limited is a specialist motorcycle insurance
broker, and is part of The Royal Bank of Scotland Group. Authorised
and regulated by the Financial Services Authority (FSA), the business
grew from the success of Devitt DA, established in 1936, which revolutionised
the motorcycle insurance industry with the innovative idea of offering
customers instant insurance cover through the motorcycle dealer.
Devitt’s success has allowed it to expand into other areas
of Personal Lines insurance, including car and home insurance. Devitt
is also recognised for arranging insurance schemes for employee
groups, clubs, associations and other affinity groups.
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