How to reduce your motorcycle insurance premium
Reducing your premium is not difficult once you understand the factors insurance companies take into account. We set out a few common sense pointers for you.
Should you accept a renewal quote?
If your insurance policy is coming up for renewal, don’t simply accept your current provider’s quote for the next year. The company may not provide best value for the coming twelve months, but do negotiate with them once you have found a cheaper quote. Insurers rely on customers staying put, and many will steadily increase premiums from year to year. Don’t get caught in this trap.
Don’t claim unless you really have to
If you make a claim on your motorbike or car insurance, not only will you have to pay an excess, but you will push up the cost of future premiums.
If you have a minor accident and repairs will cost not much more than your excess, making a claim could be a false economy in the long-run. After any accident turn to Your Key for advice and help.
Could you ride a less powerful motorbike?
Insurance companies see more powerful bikes as faster and more likely to be involved in accidents. This pushes up policy prices. When buying a new motorbike, find out how much it will cost to insure before you make the purchase – if the costs are high, you may decide to go for a bike with a lower spec or smaller engine, and you may have just as much fun.
Keep your bike safe
Decent anti-theft devices, and your bike locked up in a garage every night, will produce a lower premium. It should be worth investing in high-quality locks and immobilisers.
Be a better rider
You can reduce premiums by taking an advanced riding course, such as those run by the Institute of Advanced Motorists. Your insurer will take you more seriously and consider you less of a risk if you have a qualification like this.
Use your bike less
Your annual mileage helps determine the cost of cover: the more you use your bike, the more likely it is to be in an accident. Please do not underestimate your mileage to get a lower premium, as claims will not be paid if your mileage is higher. Remember the insurance is based on the information you gave, and if you travel twice the estimated miles the insurer can avoid your policy (that means not pay claims).
Who rides your bike?
Insurers will take into account all the named riders when setting premiums, not just the bike’s owner. Think about who should be named, and who is really likely to need cover. A young male rider or a learner on your policy will inevitably push up the premium.
Pay for your insurance up front
If you want to pay for cover monthly, your provider will usually charge you for the privilege, and research has shown interest can exceed 20 per cent. You are borrowing the money to pay the premium and you will repay this loan, plus substantial interest, every month. It is therefore more cost effective to pay annually, if you can.
Staying within the speed limit and paying attention to other road users will not only keep you safe, it will keep your licence clean. Points on your licence mean pounds on your premium.
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