Bike Insurance is a legal requirement in the UK and the minimum required level of cover is third party. However, if you’re involved in an accident in which your own bike is damaged, third party cover means you’ll have to pay for its repairs yourself.
Fully comprehensive bike insurance, on the other hand, protects you against all eventualities, giving you peace of mind in knowing you won’t have to fork out for repairs if the worst should happen.
If you’re looking to insure your motorbike and you’re weighing up third party, third party, fire and theft, and fully comprehensive bike insurance, here’s a closer look at the latter.
Level of cover
The minimum level of cover you are allowed onto the roads with is third party. As its name implies, the policy will only cover you for damage to other people, their vehicles and/or property. Any damage to your own vehicle or yourself will have to be paid for out of your own pocket.
Third party, fire and theft (TPFT) cover gives you the same level of cover as third party, but with added protection against fire damage and theft of your motorcycle.
Fully comprehensive bike insurance cover gives you all of the cover already mentioned, but also covers you for damage to your own vehicle and yourself. So, in the event of an accident, you wouldn’t have to pay to repair your own bike.
With a fully comprehensive policy you’ll be able to make a claim even if you were at fault, or if blame can’t be apportioned for the accident.
You should be aware that even though the policy is called fully comprehensive, there may be some instances in which you’re not covered. For example if you were to breakdown, you wouldn’t automatically be covered.
For that you’d have to buy additional motorcycle breakdown cover separately or opt for it as an optional extra on your insurance policy. Other optional extras include legal cover to help you claim compensation from other motorists for accidents where you’re not at fault, provision of a courtesy bike if yours is off the road and helmet and leathers insurance.
These extras come at a price, but could save you money in the event of an accident.
How much are fully comprehensive bike insurance quotes?
Generally speaking, fully comprehensive bike insurance is more expensive than third party or TPFT cover.
The price of your policy comes down to more than what level of cover you choose though, as the value of your bike, your age and experience and where you keep your bike parked play a big part in determining your premiums.
More expensive bikes tend to attract higher premiums because they would be more expensive to replace and, in some cases, repair after an accident.
The less experience you have of riding a bike, the more you can expect to pay for cover, as the insurer will see you as more likely to be involved in an accident and consequently make a claim. This can be a particular problem for young riders, who may opt for cheaper third party or TPFT cover.
Similarly, insurers see more powerful bikes as more likely to cause accidents, and charge their riders more for cover.
It’s important to shop around for cheap fully comprehensive bike insurance, but remember not to sacrifice cover in favour of cheaper quotes.
When comparing policies, make sure to check if the best price you find gives you the protection you actually need. No two policies are the same, so check exactly what each policy does and doesn’t cover you for.