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Motorcycle Insurance – A Step By Step Guide

When shopping around for bike insurance it could be easy to be overwhelmed by the policy options available and the number of policies on the market. So here we offer a five step guide so you can be confident about choosing the best policy for your needs.

Step one: Lower your risk

Insurers base premiums on risk – the greater the risk of you making a claim, the higher your insurance premiums will be. Factors they take into account include:

Your claims history.
Your address – Such as if you live in an area with heavy traffic or high crime rates.
Your vehicle – Its age, whether it has been modified, how it will be used.
The number of miles you will travel each year.
The number of riders on your policy and their riding history.
Your personal circumstances – Such as your occupation, whether you have medical conditions that affect your riding ability, your age and your marital status.

Taking steps to reduce the risk you pose will lower your premiums. Clearly there are some factors you are unlikely to change – for example, not many people would move home or get married just to earn cheaper bike insurance. However, there are a number of ways in which you could lower your risk and therefore lower your premiums, including:

Choosing a suitable bike – If you haven’t bought a bike yet, factor insurance into the buying process. High performance bikes face higher premiums as they are more likely to be involved in high-speed accidents; while new bikes cost more to replace so consider older bikes with small engines.
Increasing its security – You can reduce the risk of bike theft by installing alarms, immobilisers and mechanical security devices to your bike. Where you park will also influence premiums, so use a garage if one is available to you.
Limiting your mileage – Consider how many miles you ride each year and cap this to earn lower premiums.
Consider adding experienced riders – You could benefit from someone else’s clean riding record if you add them to your policy; however, avoid adding inexperienced riders as they are likely to increase your premiums.

Remember that honesty is vital with bike insurance – if you are not honest with your insurer it could result in a claim being rejected and your policy being cancelled.

Step two: Think about the level of cover you need

Broadly there are three levels of cover available to UK bikers:

Third party only: Protects you against liability for damages and injuries to third parties and damage to their property.
Third party, fire and theft: Cover against fire damage, theft and attempted theft on top of third party cover.
Comprehensive cover: Third party, fire and theft cover plus protection for your own bike against damages suffered in an accident (subject to exclusions). Comprehensive policies will also usually cover you against personal injury, accidental damage and vandalism.

If you’re opting for comprehensive cover remember that policies vary between insurers and there may be additional features available either as standard or as optional extras for which you must pay an additional premium. Before you shop around consider which of these features are important to you, including: breakdown cover; cover for riding other bikes in emergency situations; a temporary replacement bike while yours is repaired; cover for riding equipment including helmets; and legal assistance.

Step three: Consider how much you can afford to pay towards a claim

Bike insurance policies include a ‘compulsory excess’ and a ‘voluntary excess’ on their policies. The compulsory excess is the amount you are obliged to pay towards a claim; while a voluntary excess is an additional amount you agree, when taking the insurance out, to pay towards a prospective claim. Setting the voluntary excess at a high level will lower premiums. However, as this is the amount you must pay on any claim think carefully about what you can comfortably afford.

Step four: Remember to read the terms and conditions

Before you start to shop around, remember it’s important to read the terms and conditions of the policy thoroughly before you buy. In particular you should look out for exclusions – these are circumstances in which your insurer will not pay out on a claim.

Also look to see whether the insurer offers a no-claims bonus and how much this is potentially worth - some insurers will reduce premiums by as much as 60 per cent after five years. If you have already built up a no-claims bonus, look at whether the insurer offers no-claims discount protection.

Step five: Compare policies online

Once you have decided exactly what you want from a policy, compare deals online – most bike insurance companies offer their cheapest rates through the internet because of the savings they make on overheads.

Use a comparison website to compare the deals available – the leading comparison websites can compare policies from as many as 25 insurers with one search. Just remember to look beyond price alone and consider what protection you’re getting for your money.