Top tips to cut the cost of motorbike insurance
Many of the factors which dictate your motorbike insurance premiums are hard to change – your age or gender, for example. But there are plenty of things you can do to ensure you get the cheapest quote possible.
Here are our top 10 suggestions.
Shop around for cover
Different insurance companies analyse customers in different ways, so just because one firm charges you a certain amount for a policy doesn’t mean they all will.
An online comparison service can use your details to get quotes from a wide range of insurers: this means you can ensure you get the right cover at the best price.
Get a new bike insurance quote now
Don’t accept your renewal quote
If your insurance policy is coming up for renewal, don’t simply accept your current provider’s quote for the next year. Just because that firm was the best value 12 months ago doesn’t mean the same holds true today.
Insurers rely on customers’ inertia, and many will steadily increase premiums from year to year. Don’t get caught in this trap.
Don’t claim for everything
If you make a claim on your motorbike insurance, not only will you have to pay an excess, but you will probably push up the cost of premiums in future.
If you have a minor accident and repairs will cost not much more than your excess, making a claim could be a false economy in the long-run.
Go for a less powerful motorbike
Insurers consider more powerful bikes to be faster and therefore more likely to be involved in accidents. This pushes up policy prices. When buying a new motorbike, find out how much it will cost to insure before you make the purchase – if the costs are high, you may decide to go for a bike with a lower spec or smaller engine.
Keep your bike safe
If an insurer knows you have decent anti-theft devices, or keep the bike locked up in a garage every night, you’ll have lower premiums. It’s worth investing in high-quality locks and immobilisers.
Become a better rider
You can also reduce premiums by taking an advanced riding course, such as those run by the Institute of Advanced Motorists. Your insurer will consider you less of a risk if you have a qualification like this.
Use your bike less
Your annual mileage helps determine the cost of cover: the more you use your bike, the more likely it is to be in an accident. Limit use of your Yamaha or Honda, and you’ll limit your premiums.
Look at who rides your bike
Insurers will take into account all the named riders when setting premiums, not just the bike’s owner. Adding a young male rider or a learner will push costs up; adding an older rider with no recent claims will help keep them down.
Pay for your insurance up front
If you want to pay for cover monthly, your provider will charge you for the privilege. Effectively, they will loan you the money for the policy, and you’ll repay this loan, plus substantial interest, every month. It is therefore more cost effective to pay annually, if you can afford to.
Ride carefully
Staying within the speed limit and paying attention to other road users will not only keep you safe – your insurance costs will be kept low if you don’t have accidents or get points on your licence.
