Top 10 tips for cheaper motorcycle insurance
You don't need to keep it in a nuclear bunker overnight or have a £3000 excess to keep your insurance premiums down
10. Advanced Riding
Obviously, more training is a great way of improving your riding but it can also help lower your insurance premiums. Advanced Police Motorcycle training, the BMF's Blue Riband advanced rider course, the DSA Examiner's Motorcycle Test, RoSPA or the Enhanced Rider Scheme can cut your premiums by as much as 20%.
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9. Use a comparison website
Don't just take the first quote that comes your way. If you call your insurer while staring at your bike sitting on the driveway on a nice sunny day, you'll probably take the first quote you're given. Comparison websites not only offer you a quote from multiple brokers and insurance companies but they also enable you to tweak your requirement to get the cheapest deal.
If your bike is currently insured, you can use comparison websites to haggle with your current insurer to see if they'll reduce their renewal quote.
8. Ride Solo
We all know motorcycles were meant to be ridden solo, so if you never take a pillion, tell your insurer as this can help reduce your premium. However, if you opt out of pillion cover, don't be tempted to take one. Not only is it illegal, but your insurance would be invalid in the event of an accident.
7. Cap your mileage
It's sad to say but the average biker covers less than 3,000 miles a year. If your bike is just a weekend toy, then why not look at capping your mileage. In most cases, the lower your annual mileage, the lower your premium will be. If you take your bike out for 20 sunny days of the year and do under 100 miles each time, you'll only cover 2,000 miles. So it's worth looking at a cap to keep your costs down.
6. Don't pay monthly
You can either pay for your insurance in one lump-sum or pay for it via a monthly payment plan. Ok, so we can't all afford to pay a lump sum, but an insurer will be effectively loaning you the entire amount of the year's premium, but charging you interest on the entire sum while you pay them monthly. So by the end of the year you'll have paid well over the odds as you pay at their inflated interest rate.
Consider paying your entire premium on a 0% credit card and paying it off monthly to keep the interest off your back.
5. Buy only what you need
Do you need Fully Comp, Third Party Only or Third Party, Fire & Theft? If your bike is a hack that's locked in a garage, do you need fully comp? If you've bought a bike that's your sole form of transport and essential to your income, can you afford to skimp? If you've been insuring your bike for years Fully Comp, compare the price of Third Party only. You could find it cuts your premium by over 40%.
4. Get Cashback
You may not have heard of Cashback websites but they enable you to get money back from purchases. If you buy a product or service through a Cashback site that you're registered with, you not only get that product, but you earn a slice of the commission that the Cashback site gets. Some insurers are registered with Cashback sites. Check out QuidCo.
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3. Don't buy a Sportsbike
No-one wants to limit their choice of motorcycle, but a Sportsbike will cost more to insure than any comparible machine. Yes, they are generally faster, sharper, handle better and stop faster, but do you need all of this? Most modern naked motorcycles offer similar levels of bang for your buck but are far cheaper to insure. If you want the kicks, but you want to save money, opt for a bike that isn't a Sportsbike, it doesn't always mean you compromise on performance but you'll save on your premiums.
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2. Maintain your no-claims bonus
A claim-free year will save you around 15% on your car insurance, but when it comes to motorcycles, your first year's no claims discount could be as much as 40%. If you do have an accident in your first year, give some serious thought as to whether you need to claim. If you can build up as little as one year of NCB, you're on the fast track to life-long cheaper insurance.
1. Get Thatcham Approval
Industry-approved security measures can reduce your premium by as much as 10%. If your bike is fitted with a Thatcham approved alarm or identification system, this can help reduce your premium. Thatcham approved locks and ground anchors also help. Your insurer may ask if you have a generic Thatcham approved device and if so, you'll save. You can buy a Thatcham approved locks for under £20.
You can see a list of Thatcham approved motorcycle security systems and locks here.
