Monday, August 30, 2010

Cheap Motorcycle Insurance - How to Get the Best Bike Cover at the Best Price

The insurance premiums for different makes and models of motorbike can vary as much if not more than with cars. That's partly because bike owners are much more likely to customize a bike, which can affect its replacement value.

What should I look out for?

Agreed value cover means that you agree in advance what the payout will be if the bike is written off. This avoids having to settle for the more generic market value, which may be too low if you have customized your bike.

Are there any exclusions to watch out for?

The main exclusion which can catch people out is for off-road biking, for example when attending a classic bike event at a track. Not all policies exclude such activities, while some will cover if for an additional fee.

What is classic bike insurance?

This is not an official term and the definition varies from insurer to insurer. Generally it is only available for older bikes and will offer a considerably lower premium, but will have restrictions such as limited mileage, keeping it in a garage, and not using it to commute.

Do driving convictions matter?

It's very likely that driving convictions will mean you pay higher premiums, simply because it will appear to insurers that you are more likely to crash the bike. However, the premium hike is at different levels with different insurers, so shopping around can help you avoid being overly penalised.

What extras are available?

Some insurers offer special "helmet and leathers" insurance, which may be worth looking at considering the likely costs of repair if you are involved in an accident. When considering such a policy, look out for the maximum payment allowed for this specific protection and make sure it either covers your likely costs or at least represents good value considering the premium. Check also whether this special cover carries a separate excess from the bike insurance itself.

Some policies include legal insurance which can cover your costs if you are in a crash which results in legal action.

Many bike insurers also offer breakdown cover and some form of medical cover in case you are involved in a crash. While these are certainly worth considering, don't say yes right away. Instead look at offers from other insurers to see if you can save money. Some bike insurers charge higher rates for these extras as they know some customers will simply say yes without checking if the added cover is reasonably priced.

What about mopeds?

As a general rule, moped users are less likely to be involved in an accident and less likely to be the victim of a theft. Not all insurers take account of this, so it may be worth looking for an insurer which offers dedicated moped insurance, with premiums to match.

How can I cut costs?

Achieving an advance rider qualification such as the Ride Drive scheme can mean substantial discounts.

Some insurers also offer a multiple bike discount. In many cases a multi-bike policy will only cover one rider.

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