According to statistics, 10,000 UK bikers cancel their insurance policies during the winter months each year.
Bike owners often lock their bikes away, but unfortunately their bikes can still be stolen even if they are stored in a garage.
Many motorbikes are kept in garages during winter months by thieves. Every month, over 600 bikes are taken.
You cannot file a claim if your policy has been cancelled and your bike is taken. It should be possible to reduce your coverage, save money, and still have the minimum protection against theft and fire over the winter.
A problem with existing motorbike insurance policies, is the inability to accumulate discount bonuses over time. Although you may be eligible for some discounts if you are still claim-free for a specific period of time with the same insurer this is very rare.
There are several types of motorcycle insurance policies: Specified Rider Policy and Specified Bike Policy. Third Party Insurance is also available. Comprehensive Insurance is not. A policy that covers the rider only, not the bike, is called a specified rider policy. This policy allows you to ride any motorcycle that is within a certain size limit.
A bike policy that is specific to only the motorbike will not cover the rider. If you want to insure multiple riders on the same motorcycle, this policy would work well.
Motorbike riders, especially younger ones, will be required to pay higher premiums to their insurance policies because of the increased risk associated with their preferred mode of transport.
Third party is the minimum legal type of insurance, and it’s also the most expensive. Third party is any person or property that you may injure. You won’t be compensated for any other damage or injury and you will still need to pay the excess.
Comprehensive insurance is the most expensive. It covers your bike for any damage caused by an accident. Your insurance will cover you even if the accident wasn’t your fault. You will be responsible for the excess, but your insurance company will reimburse you. Many policies include additional coverage, such as breakdown insurance.
Age is one of the main factors that affect premiums. Statistics show that young motorcyclists are more likely to be in an accident than older riders. They can do extensive and costly damage to their own motorbikes.
Premiums are also determined by occupation. Premiums will rise for those who travel a lot, as more accidents are likely to occur.
You should expect a higher premium if you have ever made claims for accidents related to driving. Their presence, especially in urban areas, will result in a lower premium.
Like motor insurance, the premium will be higher if the bike is more powerful. The premium may also be affected by the bike’s make. Higher premiums are likely to be paid for bikes that are more expensive.
Motorbikes are like cars in that they will appreciate very quickly. Insurance companies will only pay current market value if there is a claim for material damage. It may not be worthwhile to pay an additional premium for third-party, fire, and theft coverage.
Points on your license for dangerous driving, speeding or speeding will increase your premium. If your license is suspended for a time, you’ll find that insurance is quite expensive once you get it back.
Sometimes, you can get discounts due to the training you have received. Usually, passing an advanced exam will get you a discount.
These factors will affect your premium. However, it may vary depending on how insurance companies balance their risk. You will often find large differences in prices. Make sure you do your research and don’t choose the cheapest option. Insurance companies sometimes try to lower premiums by reducing coverage.
It is illegal to ride without insurance. Always be honest with your insurance company. You could find your insurance invalid if they discover you didn’t tell them something they should have known. You could be charged with driving without insurance if they refuse to pay your claim.
