Motorcycle Directory's guide to bike insurance
Motorcycle Insurance is compulsory. Without it could end you up with a large fine or a jail sentence. It can be an expensive and costly necessity, so be careful and take your time when choosing. By looking around you could save hundreds, especially as a first time biker. I recommend checking out the insurance before you buy the bike. This will give you a better indication of overall biking costs and stop you from getting into trouble after you have bought your dream bike and found out you couldn't get insurance. Bike models, makes and years will give different quotes as each bike has its individual insurance rating.
There are many good motorcycle insurance companies out there. Check out a few here.
Your quote will depend on a number of factors:
Your age – this is a major concern for the insurance companies. Riders under 21 are a lot more likely to have accidents (less experience, more likely to speed) and quotes therefore will be higher. You generally will not see a massive decrease in your premium before the age of 25, as you still will be under the 'young' bracket.
Your postcode – this can also have a major effect on the quote you receive. If you live in a dodgy area where motorcycles are regularly stolen then your premium is going to be high.
Your licence – Insurance companies recognise advanced riding qualifications (check out advanced riding schools here). Expect to pay more if you have a restricted licence. The years since you passed your test is also taken into consideration – the more the better.
Penalties – any speeding tickets, riding fines, accident claims etc will all affect your premium. Rider safety courses will help lower your premium.
Previous insurance and no claims – a good previous insurance rating will bode well for the future. If you have ever had insurance refused then, again, your insurance will rise accordingly. No claims bonus is a representation of how many years you have held insurance without having a claim. Insurance companies reduce premiums accordingly. Some companies will not insure people without a certain number of no claims, so check this out with your company in question.
The motorcycle – faster, newer, more sporty bikes with higher horsepower will cost you more to insure.
Types of Motorcycle Insurance cover
There are three main types of motorcycle insurance cover – third party, third party fire and theft and fully comprehensive.
Third party cover
Third party cover is the basic minimum insurance, and generally is the cheapest. This covers a third party and the liability of the policy holder. Policy holders are generally allowed to carry pillions (check insurance companies for more information). This covers third party damage but will NOT cover any damage suffered by the policy holder. Theft is also not covered.
Third party fire and theft
Third party fire and theft is very similar to third party only but covers damage to the policy bike as a result of fire, lightning or theft. This policy will include the repair costs, a replacement motorcycle or a cheque equivalent to the cost incurred.
Fully Comprehensive
This is generally the most expensive insurance cover. This includes loss, theft, repair work and includes the features of third party fire and theft cover.
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