Some would argue over the fact that motorcycles are a passion. When it talks about something that you enjoy so much, doesn’t that mean you can protect it? While no one likes to talk about insurance, it is a necessary evil, and it is the process you need to understand. As simple as it can be to help you make the right policy for your motorcycle, here are some tips.
1. The first tip is to find out the different policy types: The law requires that you do “third-party coverage”. This type of coverage only covers the damage you cause to someone else and their property. If you have a motorcycle that you love, but is not of much value, then you may want to stick with this bare minimum coverage. There is also “third-party fire and theft”, which causes fire and theft as well as damage to someone or their property.
2. It is important that you also understand excesses: The mandatory excess is the amount you must pay towards the total cost of any claim that you make for damage or theft. It is possible that you can also add a voluntary extra to help reduce the total premium fee. Keep in mind that it is not one or the other, if you want voluntary excess then you have to pay both compulsory and voluntary.
3. Ask about the “No Claim Discount”: Most companies offer the insured a discount for each year that they do not submit a claim.
4. Tell them about the modifications. Look, contrary to popular belief, the majority of common amendments will not increase the premium on your insurance. This does not mean that you do not need to disclose modifications. You need to tell your agent or broker about any amendments, which helps to ensure that they are covered should you have an accident.
5. Take a training course: There are a variety of different advanced training courses that you can take that can help reduce your premium. In some cases you can save up to 10 percent of your premium.
6. Safety is also a factor. If you equip your bike with Thatcham approved immobilizer and alarm, you may qualify for an additional 10 percent off the price of your premium.
7. Learn about 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 for 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 affect your premium: If you use your bike for less than 3000 miles per year, you may get an additional 10 percent off your premium. If you store your bike in the garage, you can get a discount of 5 to 10 percent. Be honest about these two as it will cost you a lot in the long run if you are not.
9. Seek a specialist, just as you would not go to your general medical provider for heart surgery, you should go to any insurance representative to discuss your motorcycle insurance. Look for an agent who specializes in motorcycle insurance so that they can answer all your questions and help you find the best policy for you.