Few will argue the fact that motorcycling is a passion. When it comes to something you enjoy so much, doesn’t it make sense to do all you can to protect it? While no one likes to talk about insurance, it is a necessary evil, and it is process that you need to understand. To help making getting the right policy for your motorcycle as easy as it can be, here are a few tips.
1. The first tip is to know the different policy types: The law requires that you carry “third-party coverage.” This type of coverage only covers damage that you cause to someone else and their property. If you have a motorcycle that you love, but it isn’t worth much, you may want to stick with this bare minimum coverage. There is also “third-party fire and theft,” which covers fire and theft along with the damage to someone else or their property.
2. It is important that you also understand excesses: The compulsory excess is the amount of money that you will have to pay towards the total cost of any claim that you submit for damage or theft. It is possible that you can also add a voluntary excess to help reduce the total premium charge. Keep in mind that it isn’t one or the other, you will have to pay both the compulsory and the voluntary if you want the voluntary excess.
3. Ask about a “no claim discount”: Most companies offer a discount to the insured for each year that they do not submit a claim.
4. Let them know about modifications: Look, contrary to popular belief the majority of common modifications will not increase the premium on your insurance. This doesn’t mean that you do not have to disclose the modifications. You have to tell your agent or broker about any modifications you have made to help make sure they are covered should you have an accident.
5. Take a training course: There are variety of different more advanced training course that you can take that could help reduce your premium. In some cases you can save up to 10 percent off your premium.
6. Security is also a factor. If you equip your bike with a Thatcham approved immobiliser and alarm you could qualify for an additional 10 percent off the price of your premium.
7. Know about the optional extras: There are additional riders that you can add to your policy such as legal expenses, personal accident and breakdown cover. These can be great riders to any policy, but they will increase your premium. They may be worth it depending on your motorcycle and your lifestyle.
8. Garaging and mileage can also impact your premium: If you use your bike for less than 3000 miles per year this could get you an additional 10 percent off your premium. If you store your bike in a garage you might be able to get another 5 to 10 percent off. Be honest about these two because if you aren’t it will cost you a lot more in the long run.
9. Find a specialists, just as you wouldn’t go to your general medical provider for heart surgery you should go to just any insurance representative to discuss your motorcycle insurance. Look for an agent that specialises in motorcycle insurance so they can answer all of your questions and help you find the best policy for you.