Multi-bike insurance

Owning a motorbike is as much a lifestyle choice as it is a transport choice and so, if you are a motorcycle owner, there’s a good chance you’ll be pretty passionate about your chosen machine.

There’s also a chance you’ll own a number of bikes as research has shown that one-in-10 riders owns more than one motorbike.

If this sounds like you and you have more than one bike in your household, it could be worth your while considering multi-bike insurance, which will cover each one of them on a single policy.

What’s different about a multi-bike insurance policy?

One of the main differences between a multi-bike insurance policy and a conventional policy is that multi-bike covers more than one, and often up to five, bikes on the one policy. This not only offers riders the convenience of not having to worry about multiple renewal dates through the course of the year, but it may also actually work out cheaper.

And if you are worried about still getting your no claims discount, there’s no need. You will still accrue this in the normal way, and some policies will offer a protected no claims discount option.

Each multi-bike premium is tailored around the type of bikes that you own. So, for instance, if you own a superbike for the daily commute, a scooter for nipping to the shops and a classic bike to get out and polish every now and then, these can all be put on the same policy.

Multi-bike insurance can work out cheaper than separate policies because it works on the basis that you can only ride one bike at any given moment. That means you are effectively insured for the bike you are currently riding while the other bikes are parked at home and covered against fire, accidental damage and theft.

One drawback of the multi-bike approach is that it might not be suitable for a household where there are several riders of several bikes, simply because only one bike can be on the road at any one time. However, if you personally own a number of bikes exclusively for your own use, the multi-bike tactic is a great way to cover your collection and save money on your insurance.

In addition, insurers often reduce their multi-bike premiums to generate the extra custom a multi-bike insurance policy brings them, so you could save even more money through discounted premium prices.

How do insurance groups affect multi-bike insurance prices?

The cost of bike insurance is dependent on a number of factors, one of which is the insurance group that your bike falls into.

Each bike is assigned an insurance grouping based upon its age, performance and risk profile but, unlike car insurance groups which are universal, motorcycle insurance groups can differ from one insurer to the next.

There are between 17 and 22 groups and most bikes will fall into a group between 3 and 17, the more powerful bikes being at the upper end of the groupings. For instance, if you have 125cc scooter then this will most likely be in group 3, a 750cc Kawasaki, on the other hand, will be hanging somewhere around group 17.

However, if you have a bike that falls into the higher categories and maybe two others that fall into the lower categories, it may be worth taking out a multi-bike insurance policy to save yourself some money.

This is because the insurance provider will look at the collective potential risks of all of the bikes listed on the policy, with the bikes in the lower insurance groupings possibly reducing the average costs, giving you a cheaper premium.