Are you looking to cut costs on motorcycle insurance?
Well, you’ll be pleased to know you’re in the right place! The cost of living is at an all-time high and affects us all in many different ways, and whilst motorcycle insurance can seem expensive, it is entirely necessary for the safety of both you and your motorcycle. In this article, we are going to be going through the different ways you can save yourself a bit of cash when it comes to setting up your insurance policy.
6 factors that affect Motorcycle Insurance Cost:
There are a few factors that can affect the cost of your premium, from how you care for your motorcycle to how often you use it. Here are a few questions to ask yourself when weighing up your options…
1. How extensive is your cover?
First things first, the level of coverage you choose will ultimately be one of the biggest factors in the cost of your bike insurance.
As many of you will know, there are three different types of cover available and these are:
Third-Party Only (TPO):
Third-party motorcycle insurance is the most basic form of coverage and will cover you for any third-party damage or injury. However, third-party does not cover the loss or any damage to your vehicle.
Third-Party Fire and Theft cover:
Third Party Fire & Theft cover offers the same as TPO, but as the names suggest, this includes Fire cover and also Theft.
Comprehensive cover will even include damage to your bike — and is consequently the most expensive.
Covers other than TPO will come with an excess (the amount of any claim that you must meet). Selecting a higher excess can reduce the premium, but you should weigh up how much you could realistically afford to pay out in the event of a claim before ramping up your excess just to save on your payments. Some insurers offer an excess protection policy that will reimburse your excess in the event of a claim.
2. What sort of rider are you?
If you don't use your bike for commuting or don't do many miles on it each year, some insurers may offer a lower premium. You'll also keep your premium lower if you're a good driver and don't have any motoring convictions or previous claims.
Is motorbike insurance cheaper with a full licence?
Having a Category A Motorcycle Licence will typically provide you with a larger discount on your insurance premium compared to someone who holds a Provisional Licence given that it's proof of a higher qualification of riding.
However, this does not negate the fact that someone who has held a Provisional for 10 years may see a cheaper quote than someone who has only recently obtained their Category A.
The more riding experience you have, whether that may be via passing your full licence requirements or attending advanced training courses, as well as building up your no-claims bonus discounts year after year can also help to make your insurance policy cheaper.
How to get cheaper CBT insurance
As you would expect inexperienced riders are most likely to experience higher insurance premiums as they pose a higher risk. Think about it, you are starting fresh with little to no riding ability and experience.
One way you can make your insurance cheaper after passing your CBT is to consider adding an older or more experienced rider to your policy. Now this could be a parent, a partner, or even a close friend, but it may prove worth adding someone to bring down the costs.
However, adding an older, or more experience, rider as the main rider on your policy, when this is not the case, is called Fronting and is tantamount to fraud and misrepresentation. This could result in your policy being cancelled or voided.
3. How do you store your motorbike?
Keeping your vehicle in a secure garage overnight will likely have a positive effect on reducing your premium when compared to keeping your bike elsewhere. Make sure that you can lock your garage, as insurers may view unlocked garages as a greater risk. Storing your bike in this way could draw the attention of thieves, without securing it.
You can also add extra security to a garage, such as ground anchors, which may help to reduce your premium further.
Extra locks or an alarm on your bike might have an effect too, though not always. Most insurers give a discount for sold secure physical security or Thatcham-approved alarms/trackers. These will vary depending on the level — it’s always worth checking with the insurer.
If you want to know more about how to secure your motorcycle correctly, check out:
- Motorcycle Security FAQs
- Motorcycle Security Guide: Tips for Securing Your Bike
- Scooter Security: Apply Datatag Datadots to your Scooter or Motorcycle
- 8 Tips for Keeping your bike safe from thieves
4. Do you have any advanced motorcycle training?
Taking an advanced motorcycle training course can mean a reduction in your insurance premium. Not only will your insurer see you as a better, more experienced rider, but you will also become one too!
Advanced motorcycle training can be expensive. It is important that you check with your insurer that they recognise the course you intend on taking as some insurers will only accept government-backed schemes, for example.
5. Are you planning any modifications?
Adding or changing parts to enhance your motorbike’s performance or cosmetic appearance could affect your insurance premium. Any changes made after your motorcycle leaves the factory floor, and any changes made to the standard specifications, count as modifications.
If these modifications bump up the risk of your bike, your insurer will likely charge you more to cover the risk.
However, not all modifications will cost you. Making your bike more secure by installing anti-theft devices reduces the risk to your insurer, who may reward you with discounted premiums.
Why not check out our article on setting up your insurance policy for even more considerations?
6. Is your motorbike electric?
Given that they're still a new technology, relative to fossil-fuelled vehicles, a lot of insurers are quite reserved with how they rate them and surprisingly a lot of companies out there will still not touch them.
Typically, an electric moped only capable of 28mph won't see much of a rate difference compared to a 50cc moped but, to caveat, high-powered electric motorcycles are quite likely to be more expensive to insure than their respective petrol-powered counterparts.
Again, this is another factor that proves the point that is well worth shopping around to see if you can find an insurer with the best price and coverage to suit you and your bike!
Get motorcycle insurance direct!
So there you have it, here are a few ways you could potentially save yourself a bit of money when setting up your next insurance policy.
It is worth mentioning that when it comes to searching for your next insurance policy, it is worth shopping around and negotiating with your insurers to get not only the best price but also the best possible coverage to suit you and your motorcycle.
Lastly, if you are looking for motorcycle insurance, make sure to get a motorcycle or scooter insurance quotation with Lexham either via by filling out an easy quotation form online, or by giving us a call on 01379 646529.