Third Party Fire and Theft Motorbike Insurance
If you own a motorbike then it is a legal requirement that you have it insured under the Continuous Insurance Enforcement (CIE) laws – that is, unless it has been declared as being off the road via a SORN notification.
If you keep your motorbike without having a bike insurance policy in place then you risk having it seized, could be fined up to £1,000 and possibly face court action. So it makes sense to ensure your motorcycle insurance is up to date!
There are three levels of motorbike insurance that you can choose from; third party only which is the minimum level required by law; fully comprehensive, which offers the most complete level of cover and third party fire and theft which falls between the two in terms of cover offered.
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What is third party fire and theft motorbike insurance?
Third party fire and theft motorbike insurance, as with third party only insurance, only covers damage to another person’s vehicle or property and injuries sustained by people, including your passenger if you have one.
This means that if you are at fault and have to claim on your policy, your insurer will not pay for the repairs to your motorbike and you will have to foot the bill yourself.
On the other hand, unlike with third party only, if your bike is stolen or damaged or destroyed by fire you will be able to claim on your policy for any repairs or a replacement; something that all motorbike owners should consider due to the relatively high theft risk.
Who would third party fire and theft motorbike insurance be suitable for?
No motorcyclist wants to pay more than they have to for their motorbike insurance – but while third party only may well turn out to be the cheapest option, it may be worth going for the added cover that third party fire and theft motorbike insurance affords.
This is because statistics show that motorbikes are vulnerable to theft, and although the numbers have fallen over the last decade, worryingly there are still thought to be around 22,000 motorcycles and scooters stolen in the UK every year.
Upgrading to a third party fire and theft bike insurance policy will give you the added piece of mind that you are covered should your bike be stolen and it may not even add anything on to the price of your motorbike insurance premium.
That said, even third party fire and theft motorbike insurance might not be cheaper these days than fully comprehensive cover so long as you shop around thoroughly, so bear this in mind when doing your research.
Would fully comprehensive be a better option?
If you own an expensive motorbike then you may want to take out a fully comprehensive motorbike insurance policy anyway as this will provide peace of mind that you will be covered for the cost of repairs or a replacement if your vehicle if it is stolen or damaged in any way, including by vandals.
This type of cover will also pay for repairs to your vehicle even if you are at fault. However, you may find that you pay more for the added protection offered by this level of cover and making any claim will cancel out any no claims discount (NCD) you may have accrued and this, in turn, will push up your motorcycle insurance premiums.
The important thing to consider when buying motorbike insurance is that you opt for the cover that is right for your circumstances and includes everything that you could possibly need; remember, the cheapest quote is not always the best value.