10 Ways To Save Money on Your Motorbike Insurance
Whether you want a car or a motorbike, both options can be expensive on their own, not to mention when you realise you also need to purchase insurance in addition to the vehicle or motorbike.
Like car insurance, motorbike insurance is mandatory, and like car insurance, it is possible for you to save money when searching for motorbike insurance. In this blog, we will look at 10 ways to save money on your motorbike insurance.
The team at Bruford and Vallance Insurance Service Ltd are here to help you find the right insurance for you. With the wide range of insurance policies we offer, we’re confident we can offer peace of mind, and a fair price.
Without further ado, let’s hop straight into the 10 ways to save money on your motorbike insurance.
1. Know the different types of policies available
This is the most thorough form of insurance you can buy. Its coverage is applicable whether you’re at fault for an accident or not. It covers the cost of repairs for your bike, the other vehicle user, in addition to fire and theft cover. Breakdown is not covered, unless you add breakdown cover onto your comprehensive cover.
Comprehensive cover only covers medical expenses if you were not at fault from the accident in question. Though adding ‘Personal Accident Cover’ can still allow your expenses to be paid even if you were at fault.
Third party, Fire and Theft
Third party, Fire and Theft Cover does not pay out to you if an accident was your fault. If you have this cover, and cause an accident, your insurance will cover the ‘third party’. This mean anybody involved in an accident caused by you can claim compensation.
Additionally, this cover protects the insurance holder if their motorbike is stolen or fire damaged.
Third Party Only
This is the minimum level of motorbike insurance that you are legally required to purchase. It covers the third party of an accident if they have any damages or injury, but not you. It also does not cover any repairs.
Social, Domestic & Pleasure / Social, Domestic, Pleasure & Commuting
These two types of insurance lets your insurer know how you intend on using the motorbike.
- Social, Domestic & Pleasure keeps you covered for day to day travels & leisure.
- Social Domestic, Pleasure & Commuting keeps you covered for the above usage, in addition to commuting to and from work.
This is a mandatory insurance you must add if you intend to ride your motorbike with a passenger. Neglecting to purchase this add-on insurance will invalidate your main insurance policy.
2. Understand what type of policy is best suited for you
With the range of policies we covered previously, it becomes easier to understand which policy compliments your current requirements. Of course, comprehensive cover is the best option for any eventuality, but it could just be too expensive for some.
With the range of policies and add-ons available, you can easily have an insurance policy that is fair and reflects your usage and needs. This of course will vary between insurance providers. So be sure to research, have conversations and get quotes!
3. check if your company has a low premium motorcycle insurance scheme
Depending on the company you work for, they may offer a low premium motorcycle insurance scheme. This may be likely for companies that require the use of motorbikes. It also makes sense if you use your bike to commute to and from work. Speak to your employer to see if there are any schemes that can result in a lower premium for you.
Additionally, advanced training workshops for bikes can also allow you to receive a reduced premium.
4. Consider buying an extended warranty plan
Another way to save money on your policy is by taking out extended warranty plans with your insurer. Most insurers now provide these plans, which extend the manufacturer’s warranty period by two years.
It’s always worth checking around to see who offers low premium rates. Some companies charge more than others simply because they’re based closer to where you live.
5. Get quotes from multiple companies and compare them
This is where you have to do your own due diligence. We understand it can be stressful, tedious, and confusing when trying to ascertain which insurance is best for you. But realistically, you’re going to be even more stressed if you buy an insurance only to realise there was a cheaper option available to you.
Check different providers, get in touch with them, obtain quotes, and then make your decision.
6. make sure you have comprehensive coverage on your bike
Although comprehensive cover is the highest tier of insurance you can get for your motorbike, there are occasions in which certain providers may offer a discount if you decide to opt for it. This may definitely be worth it, but again depends on your own needs.
7. Look at discount plans offered by local dealerships
Some motorbike dealerships may have relationships with certain insurers that allow them to offer particular insurances at a discounted rate. This again can prove fruitful and convenient. Especially if you want to secure your new motorbike and the insurance in one go.
8. Understand group insurance for motorbikes
An insurance group for motorbikes is a grouping used by insurers that tells them the performance, and age of a motorbike, naturally, high-powered, newer motorbikes will raise the cost of insurance more than low performance older motorbikes.
For new riders who don’t want to be paying a lot, start off with an older and lower performance motorbike, get some road experience and show your insurance you’re a safe driver. This can work in your benefit when you look to upgrade your motorbike in the future.
9. Don’t Forget To Take Care When Riding With Others
Having Pillion cover is mandatory for anyone riding with a passenger. Their safety is as important as yours, so in addition to Pillion cover, be sure to provide them with the appropriate safety gear.
Riding safely and responsibly will help prevent a vast majority of accidents, it will also ensure the safety of yourself, other road users and pedestrians. And to put simply, the safer your record is for driving, the better your insurance will be down the line.
10. Be Aware Of Any Exclusions in Your Current Policy
An exclusion in an insurance policy relates to what will not be covered, this will vary depending on the type of policy you purchase, in addition to the provider and their own stipulations.
You should be fully aware of what you are not covered for before buying any insurance, as some exclusions may result in your policy not being suitable for your needs.
Invest in the right motorbike insurance today
To summarise, we’ve shown you that there are plenty of ways to save money on the cost of your motorbike insurance, and we hope you take advantage of the points we’ve highlighted. Within this blog, we hope that our 10 ways to save money on your motorbike insurance has provided value and food for thought going forward.
The team at Bruford and Vallance Insurance Service Ltd invites you to contact us if you have any queries, our superior service standards mean that we are happy to help you find all the answers you require.
Alternatively, you can request a quote from us today, and we will respond as soon as possible.
Bruford & Vallance Insurance Services Ltd
45 St. James Street