Motorbike insurance is a necessary expense for UK riders, but there are several ways to reduce costs without compromising on coverage. By considering factors such as bike type, riding habits, and insurance policy options, riders can find opportunities to save on their premiums. Here are some tips to help UK riders save on motorbike insurance.
1. Choose the Right Bike
The type of motorbike you ride can significantly impact your insurance premiums. Consider the following when choosing a bike:
- Engine Size and Power: Bikes with larger engines and higher power tend to have higher insurance premiums due to the increased risk of accidents.
- Bike Value: More expensive bikes cost more to repair or replace, leading to higher premiums.
- Type of Bike: Some types of bikes, like sports bikes, are seen as higher risk, whereas cruisers and touring bikes often attract lower premiums.
- Age of the Bike: Older bikes may be cheaper to insure than newer models, as long as they are well-maintained and not considered classic or vintage, which can sometimes increase premiums.
2. Improve Security Measures
Enhancing the security of your motorbike can reduce the risk of theft and lower your insurance costs. Consider these security measures:
- Alarms and Immobilisers: Installing an approved alarm or immobiliser can deter theft and qualify you for discounts.
- Locks and Chains: Using heavy-duty locks and chains can prevent theft and reduce premiums.
- Tracking Devices: Installing a GPS tracking device can help recover your bike if it’s stolen, potentially lowering insurance costs.
- Secure Parking: Keeping your bike in a locked garage or secure parking area can reduce the risk of theft and lower your premiums.
3. Choose the Right Coverage Level
Selecting the appropriate level of coverage for your needs can help control costs:
- Third Party Only (TPO): The minimum legal requirement, covering damage to other people and property but not your own bike. It’s usually the cheapest option.
- Third Party, Fire and Theft (TPFT): Covers third-party liabilities plus damage to your bike from fire or theft.
- Comprehensive: Covers third-party liabilities, fire, theft, and damage to your own bike, regardless of fault. While it offers the most protection, it’s typically more expensive. However, it can sometimes be cheaper than TPFT depending on the insurer’s risk assessment.
4. Increase Your Voluntary Excess
The excess is the amount you pay out of pocket before the insurance kicks in. Increasing your voluntary excess can lower your premium, but be sure to choose an amount you can afford to pay in case of a claim.
5. Limit Your Mileage
Insurance premiums often consider the number of miles you ride annually. Lower mileage generally means lower premiums. Be realistic about your riding habits and choose a mileage limit that suits your needs.
6. Consider a Multi-Bike Policy
If you own more than one motorbike, consider a multi-bike policy. Insuring multiple bikes under one policy can be cheaper than insuring them separately.
7. Take an Advanced Riding Course
Completing an advanced riding course, such as those offered by the Institute of Advanced Motorists (IAM) or the Royal Society for the Prevention of Accidents (RoSPA), can demonstrate your commitment to safe riding and may qualify you for discounts on your insurance premium.
8. Build Your No-Claims Bonus (NCB)
A no-claims bonus can significantly reduce your insurance premium. Each year you ride without making a claim adds to your NCB, which can lead to substantial savings. Consider protecting your NCB for a small additional cost to ensure you don’t lose it if you need to make a claim.
9. Shop Around and Compare Quotes
Insurance premiums can vary significantly between providers. Use comparison websites to compare quotes from multiple insurers. Don’t just settle for the first quote you receive; shopping around can help you find the best deal.
10. Consider Pay-As-You-Go Insurance
For infrequent riders, pay-as-you-go insurance can be a cost-effective option. This type of insurance charges you based on the miles you ride, making it ideal for those who only use their bike occasionally.
11. Review Your Policy Annually
Insurance needs can change over time, so it’s important to review your policy annually. When it’s time to renew, compare your current premium with quotes from other insurers. Sometimes, switching providers can lead to significant savings.
12. Join a Motorbike Club
Membership in a recognized motorbike club can sometimes qualify you for discounts with certain insurers. Clubs often offer group discounts and can provide valuable information on how to save on insurance.
Conclusion
Saving on motorbike insurance in the UK involves a combination of choosing the right bike, enhancing security, selecting appropriate coverage, and taking advantage of discounts and bonuses. By being proactive and regularly reviewing your policy, you can find ways to reduce your premiums while ensuring you have adequate coverage for your riding needs. Shopping around, improving your riding skills, and taking steps to protect your bike can all contribute to lower insurance costs, helping you enjoy your motorbike with peace of mind.
