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11th June 2019
Just like with any other vehicle, one of the biggest expenses involved in riding a motorcycle is paying for insurance. It’s a legal requirement that you’re insured before you get out on your bike, but if the cost of your insurance is too high to handle, don’t panic. There are lots of ways that you can cut the price of your motorcycle insurance without seriously reducing the level of coverage that you receive.
We’re here to help you find ways to save money on your motorbike insurance so you can get on the road with peace of mind that you’re covered and still have some money left in your pocket. Here are our top tips for reducing the cost of your premium.
One of the main factors that affects the price of any type of vehicle insurance is how much you drive, and things are no different when it comes to bikes. Motorcycle insurance is based on risk, and the less that you’re on the roads, the less of a risk there is that you’ll be in an incident. Accordingly, the fewer miles you ride, the cheaper your insurance should be.
By cutting your mileage to just the essentials, you could see a big reduction in the amount you have to pay for motorbike insurance. You could do this by avoiding riding your bike to work by taking public transport instead or by cutting down on unnecessary leisure trips.
Motorbike insurance comes in lots of different shapes and sizes. From the type of coverage (third party only; third party, fire, and theft; and comprehensive) to the additional extras you can choose to add on, there’s lots of room for you to customise your policy.
By making sure that your motorcycle insurance policy only covers what you need, you could see big reductions in your premium. If you ride a bike that isn’t very valuable, for instance, you might not need first party coverage so you could save by avoiding a comprehensive policy.
Insurers tend to reward riders who can demonstrate that they’re low risk by having a good insurance history in the form of a no claims bonus. This is a discount on your insurance premium that builds the longer you go without making a claim, and it can add up to become a significant saving.
While not all claims are avoidable, you can work towards building your no claims and making savings by being as safe as possible on the road and only making claims when they’re essential. If you’re in an incident that only causes minor cosmetic damage to your bike, for example, you might want to consider avoiding making a claim so that you can continue to stack the bonus savings. Note that you will still have to at least notify your insurer that you’ve been in an incident, no matter the damage caused.
Vehicle security is another big factor in the cost of your insurance. Motorcycle theft is a problem, just like car theft is, and insurers are wary of insuring bikes that are at high risk of being stolen. If you can prove to them that your motorcycle is as secure as possible, you should see a reduced premium.
Ways you can improve the security of your motorcycle include finding a safe parking place (like a secure car park), investing in security measures like an electronic alarm or immobiliser, and even marking your bike with your vehicle identification number.
While it’s not likely you’re going to buy a new bike just to get cheaper insurance, it’s generally true that the smaller the engine size of the bike you’re getting insured, the cheaper the premium will be. This is because insurers see motorcycles with less powerful engines as less of a risk on the road.
When you’re next in the market for a bike, consider the fact that the choice you make will directly affect the price you’ll end up paying for insurance. Try to avoid getting a bike that’s more powerful than you need and you should see savings in the long run.
Whether or not you plan to carry passengers on your pillion is another consideration that insurers will make when determining the price of your motorcycle insurance. It makes sense that the more people that are on the bike, the higher the risk of injury, so riders who want to have pillion cover will usually pay more for the privilege.
If you can avoid carrying passengers, choose not to add pillion cover to your insurance policy and it should be cheaper. It is illegal to misrepresent your usage, however, so if you claim you won’t be carrying passengers, make sure you don’t.
Motorcycle modifications such as aftermarket exhausts, tail tidies, and air filters can all ramp up the price of your insurance. This is usually because modifications increase the value of the motorcycle or make it more attractive to thieves.
While it might be tempting to add mods to your bike, if you’re looking for the cheapest insurance you can get, you’ll want to keep it stock.
You can generally pay for motorcycle insurance annually or monthly. The difference between these two payment options might not seem like much but choosing the right one can actually save you a fair amount on the overall cost of coverage.
As with most things, paying up front for your motorcycle insurance will see you save money over the course of the year, as the savings from fewer payments being processed can be passed on to you. As an insurance policy can be expensive, however, it’s sometimes a good idea to save ahead throughout each year for your next year of insurance to make sure you’re not caught short-handed.
If you’re a seasonal rider in that you don’t get out on your bike much during winter but can’t be separated from the road in the summer months, it might not make sense for you to get a full year’s worth of insurance.
Lots of insurers offer seasonal or temporary policies that mean you can be covered on the road when you need to be without having to pay out for coverage in the months that your bike is tucked away safely.
Finally, if you’re serious about reducing the cost of your motorcycle insurance and want to brush up on your bike skills at the same time, taking an additional motorcycle training course could help you.
There are a range of advanced motorcycle courses available to you, and not only could they see you become a better rider, you might also be able to see a reduced insurance premium. Some insurers will take additional training course completion into account when they’re generating your policy price, offering you a cheaper premium because they see you as a lower risk. However, you will most likely have to pay for any courses you take, and it’s not guaranteed that your insurance savings will outweigh the cost of the training.
Our Asda Motorbike Insurance comparison service allows you to compare quotes from leading insurers and get covered in minutes.
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