Advice
Top tips for getting cheaper bike insurance
Insuring a motorbike can be a bit overwhelming. With so much choice, it can be hard to know if you are getting a good deal. Rest assured that we are here to help give you everything you need.
Words by: Auto Trader
Additional words by: Tom Roberts
Last updated on 2 May 2024 | 0 min read
Going for the cheapest quote does not always guarantee value for money. You may find cheapest policy does not cover everything you need.
There are a few simple steps you can take to reduce your insurance premiums and get a better deal. We are here to help you weigh up the pros and cons of different policies. An effective way to start is to think about the factors that insurance companies focus on when working out your quote. This will teach you what they are looking for and help you know how to get the price of your insurance down.
There are a few simple steps you can take to reduce your insurance premiums and get a better deal. We are here to help you weigh up the pros and cons of different policies. An effective way to start is to think about the factors that insurance companies focus on when working out your quote. This will teach you what they are looking for and help you know how to get the price of your insurance down.
Here are our top tips for getting cheaper motorbike insurance:
Choose your bike carefully
Certain bikes cost far more to insure than others.
Here are some things to consider when choosing your bike: - Consider getting a less powerful bike. They are often considered as less dangerous by insurers. - Buy a cheaper bike - it would cost less to replace in the event of an accident. - Buy an older bike, they can be cheaper to insure as they usually cost less in the first place - Be wary of choosing a rare or classic bike. Replacement parts for these bikes can be hard to obtain, so will increase your insurance premiums.
Here are some things to consider when choosing your bike: - Consider getting a less powerful bike. They are often considered as less dangerous by insurers. - Buy a cheaper bike - it would cost less to replace in the event of an accident. - Buy an older bike, they can be cheaper to insure as they usually cost less in the first place - Be wary of choosing a rare or classic bike. Replacement parts for these bikes can be hard to obtain, so will increase your insurance premiums.
Only use your bike when necessary
Insurers will calculate your premiums based on the amount of mileage you do. The more time you spend on the road, the more likely you are to have an accident. Consider limiting your mileage by walking or using public transport whenever possible.
Invest in security
Your premiums will be affected by the likelihood of your bike being stolen.
This is partly out of your control, as the crime rates in your area will be a key factor. You can however take some precautions such as: - Storing your bike in a garage or a secure driveway - Fitting it with an immobiliser.
This is partly out of your control, as the crime rates in your area will be a key factor. You can however take some precautions such as: - Storing your bike in a garage or a secure driveway - Fitting it with an immobiliser.
Pay annually
Most insurance companies will give you the choice of:
- Paying for your policy annually - Or, paying in monthly instalments. It is cheaper to pay annually as you will not be paying interest or admin fees on each instalment.
- Paying for your policy annually - Or, paying in monthly instalments. It is cheaper to pay annually as you will not be paying interest or admin fees on each instalment.
Avoid modified or imported bikes
Adding unusual modifications to your bike makes it much harder to repair. This is likely to increase the cost of your insurance.
If you are after buying an imported bike, do note this could cost you more. The cost of shipping replacement parts from overseas, will be included in your premium.
If you are after buying an imported bike, do note this could cost you more. The cost of shipping replacement parts from overseas, will be included in your premium.
Take a training course
Taking an accredited motorcycle training course can reduce your insurance costs. This is showing the insurance company that you care about safety.
These courses can be expensive, so weigh up the cost against any potential savings.
These courses can be expensive, so weigh up the cost against any potential savings.
Increase your voluntary excess
The excess is the amount you must pay towards any insurance claim.
All policies will come with a mandatory minimum excess, but you can increase this if you wish. This means that you will pay more in the event of a claim, but the cost of your policy will be lower. In the event of the claim, the voluntary excess is added to the compulsory excess. Make sure you can afford this amount before agreeing your voluntary excess.
All policies will come with a mandatory minimum excess, but you can increase this if you wish. This means that you will pay more in the event of a claim, but the cost of your policy will be lower. In the event of the claim, the voluntary excess is added to the compulsory excess. Make sure you can afford this amount before agreeing your voluntary excess.
Build up a no claims bonus
Most insurers offer a discount based on the number of years since your last claim.
The longer you go without claiming, the more you can save. Be as careful as possible, it really is worth your while.
The longer you go without claiming, the more you can save. Be as careful as possible, it really is worth your while.
Buy seasonal cover
Many riders will only use their bikes during the summer months but pay for insurance for the entire year.
Save money by declaring your bike off the road during the winter months, with a Statutory Off-Road Notification (SORN). If the bike is stored off the road, you do not need to insure it. Some insurers will offer short-term policies. This will allow you to insure your bike only for the months you are using it. Another option is to insure it for the year but cancel your policy when you obtain the SORN. If you do this, some insurers might give you a partial refund. Be sure to check the cancellation terms beforehand. You do not want to have to pay a penalty.
Save money by declaring your bike off the road during the winter months, with a Statutory Off-Road Notification (SORN). If the bike is stored off the road, you do not need to insure it. Some insurers will offer short-term policies. This will allow you to insure your bike only for the months you are using it. Another option is to insure it for the year but cancel your policy when you obtain the SORN. If you do this, some insurers might give you a partial refund. Be sure to check the cancellation terms beforehand. You do not want to have to pay a penalty.
Use a price comparison website
Use a price comparison website like MoneySuperMarket to get several insurance quotes.
Price comparison websites do the leg work of searching for several quotes for you. Making it so it is much easier to compare the right deal for you!
Price comparison websites do the leg work of searching for several quotes for you. Making it so it is much easier to compare the right deal for you!