how to save on motorcycle insurance
to save money on your annual comprehensive motorcycle insurance premium it is best to look at the kind of coverage you have at the moment, and check to see if meets your requirements.
if the insurance company judges you as being less likely to make a claim they are in a position to discount the premium.
is your insurance at agreed value or at market value? if your pride and joy is a few years old but is in immaculate condition it is very likely that it as worth more than the market value. next time you speak to your insurance company ask what is the value they have determined is the value of your motorcycle.
let’s take a look at how you can save on your motorcycle insurance premium
1 – claim free
in most cases, this is where you can see a real reduction in your insurance premium.
if you have not had any claims against your insurance for an accident or any other type of incident, you earn a discount on your annual rate. the more years you ride claim free, the bigger the discount to up to a maximum level. if you can maintain the maximum claim free discount you can save a substantial percentage off your annual rate. every year when you receive your renewal perhaps make a couple of telephone calls to check what the other insurance companies are offering.
insurance companies are renowned for increasing the rates on their existing clients whilst offering discounts to attract new customers. often your loyalty will not be rewarded!
when comparing premiums make sure you compare like against like. the some cover, excess and any other features. most insurance companies are not experts when it comes to motorcycle insurance. i was asked recently by a well known insurance company if i wanted windscreen cover, at an additional cost.
after a great deal of consideration i declined mainly due to the lack of a windscreen.
2 – advanced motorcycle training
did you know that many insurance companies offer a discount if you have participated in advanced motorcycle training?
some insurance companies offer a discount to motorcyclists who have participated in advanced training, as they are perceived as being a lower risk and therefore less likely to claim on their policy.
insurance companies offer a discount as they believe that motorcyclists that continue with their motorcycle training are of a lower risk.
if the insurance company believes you are of a lower risk category your premiums will be dropped accordingly.
so all well as becoming a better and safer rider you can save on comprehensive motorcycle insurance.
3 – correct those mistakes
should you have earned any demerit points on your driver’s or motorcycle licence from driving violations, you already know that the insurance company will increase your premiums. it is a pity insurance companies are not so fast in reducing your premiums.
it pays to shop around each year to check what the other insurance companies are offering.
just a word of warning, don’t conceal the truth from insurance companies when they ask you “do you have any traffic convictions” if you answer incorrectly you are giving the insurance company to void your policy and not pay up when you really need it.
4 – where do you park your motorcycle?
as you can imagine, where you park your motorcycle will have an overall effect on the risk to it. the risks include accidents, damage and theft. that is how insurance companies look at how you use your motorcycle and set rates accordingly. so, parking other than on the public road will reduce your rates. preferably parked in a locked up garage. if your bike has an alarm fitted don’t forget to mention it . it may help to reduce your premium. parking in a garage or locked shed is preferable next would be the driveway followed by public road.
5– distance of travel
if you only travel 5,0000 k. a year let your insurance company know. it is another opportunity to reduce your premium. it is obvious that if you are reducing your exposure to risk. your annual premium should reduce.
6 – increase your excess
there is a compulsory excess that you won’t be able to avoid should you have a claim against your insurance. the smaller the excess will equate to a higher premium.
increasing the excess means that you are covering the more risk which will assist the insurance company in reducing the premium. ask the insurance company if this is an option.
7 – backyard mechanics, beware
if you have made any modifications to your motorcycle you may affect your premium. the general guideline is that if the modification increases the overall performance of the bike, the premium will increase. in the eyes of the insurers, modifications increase the risk factor of your motorcycle. this is also a good tip to keep in mind if you buy a second hand motorcycle.
before your fit the turbo charger to your bike it is good idea to ask the insurance company the question.
“will it affect my insurance if i whack on a turbo that will increase the power to 365 hp ”maybe.”
parallel twin-turbos – do you think it would alter your insurance risk?
8 – fit an alarm to your motorcycle
if you have an older motorcycle that does not have a permanent alarm installed as a standard feature. it is recommended to install a quality alarm system. the installation of the alarm is another way of reducing the risk of the theft of your motorcycle, subsequently should put you in a position to receive a further discount on your premium. keep any receipts for the purchase and installation of the alarm.
9 – short term policy
depending on your riding habits and the weather/terrain you ride, another way to chop your annual motorcycle premium is with a shorter term policy. if you can get a seasonal policy that gives you full coverage for any length of time less than 12-months, it can be a huge saving to you. this is especially true if you only ride between six and eight months in a year. insuring for the full year then becomes a waste for those months you don’t ride. if you aren’t going to ride for 6 months or more maybe it is wiser to just have 3rd. party fare and theft insurance during this time.
additional tips to save on comprehensive motorcycle insurance
however, when you apply for your motorcycle insurance keep in mind that you must not lie about your use in an effort to qualify for a cheaper rate. doing this and being discovered later for the ‘error’ could render your policy null and void costing you far more. it is safest to be up front when discussing your risk as the last thing you would want is the insurance company to find a means not to pay up when you really need it.