Motorcycles, motorcycle accessories, motorcycle clothing, moto vision bulbs, helmets, spares, accessories, parts, quads, rider training, breakers, insurance and scooters and more.

A Guide To The Basics Of Bike Insurance

If you thought the only essentials to riding were the right bike and the right gear, then think again – because you can’t overlook bike insurance.

Bike insurance is a legal necessity in the UK and, depending on the level of cover you take out, it could protect you against the cost of riding related injuries and damages, as well as thefts and fires.

What types of bike insurance are available?

There are three levels of bike insurance cover:

Third party only: The minimum level required by law, this protects against liability for damage and injuries to third parties and damage to their property.
Third party, fire and theft: Standard third party cover plus cover for your own bike against fire, theft or damage from attempted theft.
Comprehensive: Will typically cover damages to your bike in the event of an accident (subject to exclusions), as well as medical expenses, accidental damage and vandalism. Policies vary from insurer to insurer.

Should you opt for comprehensive cover there will usually be additional options available, some offered as standard and others for which you may have to pay an additional premium. These may include – breakdown cover; cover for equipment and helmets; legal assistance; cover for riding other bikes in emergency situations; a temporary replacement if your bike is damaged and requires repair following an accident; and cover while riding in Europe.

When determining the right level of cover for you, consider not only the price of the policy but also its features to ensure you’re getting value for money.

Is there anything else to watch out for?

In addition to price and policy features, you should also assess the following when shopping around for a policy:

Excess levels: An excess is an amount you pay in the event of an accident. Typically this is divided into a ‘compulsory excess’, which is a fixed amount set by your insurer; and a ‘voluntary excess’, which is an additional amount that you, as the policyholder, agree to pay towards a potential claim when you take your insurance policy out. Setting the voluntary excess at a high level can reduce premiums, but be careful to only set it at a level you can comfortably afford.
Exclusions: Examine the terms and conditions of a policy you’re interested in for exclusions – these are circumstances in which the insurer will not pay out.
No-claims bonus: For every year you don’t make a claim you could benefit from a no-claims bonus, which could be worth as much as 60 per cent off your premiums after five years. Bear in mind that this is a ‘no claims’ bonus and not a ‘no blame’ bonus – some insurers will cancel out lose two years’ no-claims bonus if you make any claim regardless of whether you were at fault. Some insurers allow you to protect your no-claims bonus for an additional premium after four or more years.
Payment terms: Most bike insurers allow premiums to be paid monthly or annually. However, in the majority of cases there will be interest charges added to monthly payments so you could save money by paying upfront.

How much does bike insurance cost and how can you lower premiums?

Insurers use a number of criteria to assess your risk level – that is the likelihood of you making a claim. This can include:

Claims history: Have you made claims on your policy in the last five years?
Mileage: How many miles will you typically ride each year?
Personal circumstances: Your age, how many years you’ve been riding for, whether you are married, whether you have any medical conditions, and more.
Riders: How many riders are on your policy and have they made any previous claims or do they have any riding related convictions on their record?
Vehicle: How old is the bike, how much will it cost to replace/repair, how good are its security features, etc?
Your address: Do you live in a heavy traffic or high crime area?

As insurers assess these risks in different ways you should try and get as comprehensive an overview of the market as possible before settling on the right policy for you, as quotes can differ widely between providers. Use a comparison website to shop around quickly and compare a number of deals.

There are also additional ways to save on bike insurance including:

Buy online: Buy bike insurance online as most insurers offer their cheapest deals through the internet because of the savings they make on overheads.
Increase security: Electronic and mechanical security devices may be recognised by an insurer and could earn a discount.
Mileage: Agree to a mileage limit if you use your bike infrequently.
Park safely: Keep your bike in a garage overnight.
Ride safely: Avoid riding convictions and accidents to keep premiums low.