Buying Motorcycle Insurance

When you speak of auto insurance, most people believe you’re referring to cars and perhaps trucks alone. However, a part of auto insurance also covers your motorcycle’s financial losses. Therefore, if you have a bike and you are thinking of ways to secure it, buying motorcycle insurance is perfect.

In this post, you’ll get full details on the factors you need to consider when buying motorcycle insurance. These measures will help you make the right decisions and ensure you are not underinsured or overinsured. It promises to be a highly informative post so ensure you stick with it to the end.

Eight Factors to Consider When Buying Motorcycle Insurance

Modified Motorcycles

Buying a motorcycle with distinctive quirks and modifications can be enticing at times. However, on the other hand, customized motorcycles will raise your insurance prices. The following are the primary factors of rising costs:

• The chances of thieves stealing your motorcycle are said to be higher. These modifications make you a more appealing target for thieves.
• Repairing or replacing unique features in the event of an accident is substantially more expensive.

General Security

Unfortunately, motorcycle theft is typical in London and many other cities. According to police estimates, people steal almost £28 million worth of motorcycles and scooters in London alone. It’s best if your bike is as safe as possible when you’re not riding it. 

There are some simple, low-cost, and quick ways to achieve this. This entails installing an alarm or immobilizer, as well as locks and chains, on your motorcycle.

Another item to consider is where you’ll leave your motorcycle. Is it possible to store it safely rather than on the street in a closed garage? 

The decisions you make concerning your motorcycle safety will significantly affect your insurance premium. It’s easy to see how much money you can save by keeping your motorcycle when you compare the two. Even a driveway will make a significant difference.

Payment Scheme

It’s tempting to pay your insurance in monthly installments. Indeed, not everyone can afford to pay for the entire year ahead of time. However, I strongly recommend it if you can budget and save for it. 

Insurers usually charge you a higher interest rate if you want to pay monthly. You will have paid substantially more at the end of the year. It would have been much better if you had initially spent the large sum.

Your Mileage

I don’t want to imply that you should ride less. Keep track of how far you’ve traveled during the year. It’s a simple equation for insurers: the fewer kilometers you drive, the lower your insurance. 

If you can reduce the number of unnecessary miles you drive, it would help a lot. When renewing your policy, let your insurance company know how many miles you’ve traveled. With this, they may give you a discount.

Your Driving Skills

Even the best riders in the world would admit that they have a lot to learn about riding a motorbike. It’s a challenging but enjoyable activity. If you take advanced riding lessons and courses, you may be able to save money on your insurance. 

Insurers frequently offer a discount when insuring additional qualifying riders. Although these programs have prices, the money you save on insurance over time may be sufficient to offset the costs. As a result, you’ll gain significant experience and qualifications that will more than pay for themselves!

No Claims Discount

It’s not always good to keep renewing your insurance with the same company. This is because loyalty does not always pay you. On the other hand, building a no claims discount as soon as you pass your CBT can help.

It can make a significant difference in your insurance quote. If you don’t file a claim on your insurance, you’ll earn a lower premium. 

Your discounts can be up to 20% or more for only one year of no claims! Keep a lookout for further savings, though.

Also, many new riders are surprised when their no-claims bonus from their car won’t help them get motorbike insurance. It’s essential to keep this in mind when looking for motorcycle insurance.

Furthermore, if you have a minor mishap, paying for the damages yourself may be more cost-effective. You don’t need to rely wholly on insurance. 

It is not worth losing your no-claims bonus if the repair is affordable. Paying out of pocket for insurance renewal may allow you to make up the difference in savings.

Spend Wisely

Make sure to check what is covered in the optional extras when picking a quote. Although a fully comprehensive motorcycle insurance coverage will cover almost everything, is it essential? You may not need as much insurance if your motorcycle is well-secured and has a storage garage. 

Pay only for what you need; pay close attention to the packages in your bundle and the necessity of items.

The Motorcycle Cost

While it may look that riding a high-performance motorcycle is fun, a high-end motorcycle is far more expensive. Insuring such a vehicle is just as costly as purchasing it in the first place. This is due to two main factors:

• Repair – Manufacturers use more expensive or unique parts in high-end autos. Getting new features or replacing the current ones on a costly or uncommon type of motorcycle will undoubtedly be expensive.
• Replacement Value – Your insurance company will have to pay a significantly higher amount after an incident. They will have to pay more to replace it if someone steals it or writes it off for any reason. As a result, they’ll make sure you’re paying a lot more money each month to compensate for the risk.

I urge you to choose your motorcycle wisely. What is the best motorcycle for you? Start with an older model or purchase a secondhand motorbike or scooter. 

You can still have a high-performance bike or scooter for a fraction of the cost. Furthermore, you’ll be giving yourself peace of mind when buying insurance for your motorcycle. The greater peace comes when you make the right decisions and enjoy your coverage to the fullest.