Bike Insurance
Top 5 Tips to reduce your Bike Insurance premium
1. No Claims Bonus
The best way to bring down your insurance premium is to keep you nose clean and earn some ‘No Claims Bonus’, even if it means a year or two on a lower cc bike. Two years ‘No Claims Bonus’ may make the dream of a top sports bike possible.
2. Security
Use an insurance approved lock and alarm combination. Alarms are useful, but more and more thieves are stealing bikes by lifting them into a van. Attaching your bike to an immobile object with an insurance approved lock will deter most thieves.
3. Limit Mileage
If you ride under 5000 miles a year, some insurers will give extra discounts, however if you ride over this, be pre-pared to pay the difference or have your claim kicked out!
4. Voluntary excess
Having extra excess on your policy can save you money off your insurance, but beware; it’ll cost you if you claim.
5. Shop around
Different brokers have different deals for different riders, some brokers give extra discounts on-line. Check out magazines and ask friends.
What to watch out for when buying Bike Insurance
Ask how much excess is on the policy; don’t get a nasty surprise at claim time.
- Are legal expenses (you’ll need it if you have an accident, so make sure it’s included at the start) included in the price? Don’t get stung for an extra charge on top of your insurance.
- A cheaper policy can equal low coverage with lots of policy restriction. Ask what garaging; mileage and security restrictions are on the policy.
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