Top Tips to Save Money on Your Motorcycle Insurance
Whether you’re riding for business or pleasure, there’s a certain thrill to motorbike riding that is hard to replicate elsewhere. Of course, such thrills come with their share of hazards, which means you’ll probably be bracing yourself for your annual insurance premium to come through.
According the NimbleFins, the average cost of bike insurance in the UK in 2019 sits somewhere between £340-£850. A considerably wide bracket, and one that takes into account a number of factors that can affect the price of your premium.
With that in mind, here are five areas you can look to to help save on your bike insurance.
Go Easy on the CCs
The saying ‘size matters’ really does apply in the world of motorcycle insurance. Your engine size will likely be the primary dictator of the cost of your premium, so before you go and buy the biggest, baddest machine out there, think about what you actually need and whether that’s necessary.
NimbleFins states the average insurance cost on a 125cc model sits at £340, with a 900cc costing £424. Jump up to a high performance 1200cc engine and your estimate sits at £846. Of course, the relative affordability of high-performance bikes means going big can be tempting, but just know it will affect your wallet come renewal time.
Adjust Your Excess
One of the older tricks in the book with any form of vehicle insurance is to up your voluntary excess in exchange for a reduction in the premium cost. Of course, you need to be prepared to pay said excess in the event of an incident, so make sure you can afford what you agree upon.
Especially with motorbikes that tend to be of lower overall value than the average car, a move from a £250 to £500 excess, or indeed from £500 to £1000 can help make a major difference in your quotes. Essentially, you’re backing yourself not to get into an accident, and there’s no harm in having that extra motivation to ride safely on the roads.
Bundle Your Policies
If you own both a car and a motorbike, or you’re covered by a large insurance provider that offers insurance across a number of key areas, you should be able to bundle your bike insurance in with another premium. Like any multi-buy purchase, the more you buy in one, the more discount you get, so check with your provider to see what they can do for you.
If you own more than one bike, then you can look to secure multi-bike insurance through a trusted provider. With premiums costing anywhere from £130 upwards to cover both bikes, and considering that figure against the averages on single bikes mentioned above, you can see the obvious benefits to insuring two at the same time.
Stick to the Weekends
A significant portion of the bike-riding population are strictly pleasure riders, using their bikes for weekend spins and nothing more. If you’re on the fence between doing this and using your bike for wider purposes, it might help to know that keeping the bike to limited leisure pursuits only will help your cause with an insurer.
Insurance typically works out cheaper if you apply for social, domestic and pleasure use rather than for commuting or business. Also, by keeping to weekend riding, you’ll lower your mileage and total time on the bike, which mitigates two key risk factors for a provider.
There are a couple of ‘extra mile’ moves you can make if you wish. One is to gain further safety certifications beyond your standard licence which should help your case, the other is to join a local bike club.
The latter might seem rather strange, but joining an owners’ club can make a difference to some providers, so it’s worth checking with your insurer to see if they would offer any discount. Who knows, you might make some new friends through the club as well.
So, there are plenty of ways you can look to cut back on your insurance costs, it just depends on what ideas work for you. And if it hasn’t been made clear already: make sure you’re shopping around for your insurance. The above factors will all help your general cause, after that it’s up to you to find the cheapest option out there.