Planning on taking out motorbike insurance? This is one of the most important steps that you need to take after purchasing a motorbike and it is important to take your time so that you find the right level of cover and at a price that works with your budget. Here are 5 tips that will help you to achieve this.
Photo by Javier Aguilera
- Don’t Assume It is Like Car Insurance
First, you should never assume that it is the same as car insurance. While there are obvious similarities, you need to be aware that there is a much higher risk of accidents and injuries and this is reflected in insurance prices. Insurers will also look at your age, previous driving record and the type of motorbike that you are riding.
- Check Out Different Coverage Options
There are a number of different types of coverage to consider, so it is important to take your time to find one that is right for you. A few of the most common forms include:
Liability: Covers damage you cause to other motorists
Comprehensive: Takes care of damages to your bike from fire, theft and vandalism
Collision: Covers damage to your bike regardless of who is at fault
- Avoid Modified Motorcycles
It is also a smart idea to avoid purchasing a modified motorcycle. This is because it will drive up your insurance premiums as the bike will become more attractive to thieves and it will be more expensive to repair/replace in the event of an accident. This is also why you should avoid making modifications after you have purchased the bike.
- Secure Your Motorcycle Properly
Motorcycle theft is a major problem in the UK with over £28 million worth of motorbikes and scooters stolen annually. This can drive up the price of insurance, with is why motorcyclists should take measures to secure their motorbike. You can do this by installing an alarm/immobilizer, adding locks and chains and by parking it in a secured garage if possible.
- Compare Different Companies
One similarity with car insurance is that you should always spend some time comparing different insurance companies. The price of motorbike insurance can vary drastically depending on where you get it from, but you always need to read the small print and understand what is and what is not included as every policy will be different.
These 5 tips should help you to find the right motorcycle insurance policy for your needs. Every motorcyclist needs to have the right policy in place so that they can ride with confidence and have financial protection in case they are involved in an accident. You should always take your time and make sure that you know exactly what a policy includes and excludes before making a decision.