Whether you're a newbie to the world of motorcycles or a seasoned rider, finding the right cover at an affordable price can be something of a challenge. But choosing the cheapest policy is not the most advisable course of action, these tend to be the most basic and might not include all the features you'd want should the worst happen.
The choice of cover out there can be overwhelming, so we've put together this handy guide to help you get the best cheap bike insurance that suits your needs, without burning a hole in your wallet.
To decide what type of cover is most appropriate for your needs, it's important to understand the three types of motorcycle insurance policies available:
Third party only insurance (TPO) is the minimum cover required by law. It will cover you if you're found to be at fault in an accident that causes injury to another person or damage to their property. This level of insurance won't pay out for any repairs to your own motorcycle or any injuries you sustain.
Third party, fire and theft (TPFT) offers the same deal as above plus additional cover for theft and any damage to your motorcycle in an attempted theft or in the event of a fire. Again, this level of insurance won't cover you in the event of personal injury.
Comprehensive cover offers a range of additional benefits such as personal injury insurance, accidental damage to your motorcycle and even a replacement bike if yours needs to be fixed. Make sure to check the small print of your policy as there's likely to be a list of exclusions; not all comprehensive motorcycle insurance policies are the same.
Choosing a less expensive, smaller or older model of motorcycle could be cheaper to cover than a modern machine with a powerful engine. Unless it's a particularly unusual or rare bike, these types of motorcycle are usually cheaper to repair and replace.
Investing in excellent security protection for your pride and joy can help lower your insurance premium. A Thatcham approved electronic alarm is considered to be one of the best security measures for deterring motorcycle thieves. A sturdy immobiliser and parking your machine somewhere safe overnight can also have a positive impact on the amount you pay.
If you need to insure other riders on your motorcycle, you can expect the premium to be affected. But it isn't always bad news for your bank balance. It will cost you more to add a young, inexperienced rider to your cover, but insuring an older or experienced rider might actually save you money. Always be honest with your insurance provider about who will be riding your machine, or there could be serious implications should you need to claim.
The excess is the amount you need to pay in the event of making a claim before your insurance cover kicks in. This is something you should always check in the small print of your policy and consider with care. Should you choose to pay a higher excess, it's likely your premium will be lower. Try to think about what would seem like a reasonable sum to part with should an unfortunate incident occur.
When you book your motorcycle insurance, you'll need to let the provider know how you use your motorcycle. If you use it for social and leisure activities such as visiting friends or popping to the shops, you'll find the cost of insurance is considerably lower than if you use it for your daily commute or as part of your job.
The longer you last without making a claim on your insurance, the more likely it is you'll be eligible for a low rate. Of course, this isn't something you can necessarily control should an accident occur. But if the damage doesn't involve anyone else and it's relatively minor, you might prefer to pay for the repairs yourself rather than risk your no claims bonus. If this is something you are considering, check the small print of your policy as some insurers might stipulate that any incident that could potentially lead to a claim must be disclosed. If in doubt, always double check.
Look for a reputable brand that you know you can trust, like Hastings Direct, so you can be sure your money and your motorcycle are in safe hands. That way, all you need to do is sit back and enjoy the ride.