Motorcycle insurance used to cost an arm and a leg, but with motorcycles having become more popular in recent years, and with the number of insurance providers growing, prices have dropped and even comprehensive policies are now much more affordable. So first-time insurers are in luck, as there’s never been so much choice on the market. Here we take a look at the cover options available and show you how to get the best first-time premium possible.
There are three basic types of cover:
Third Party – this is the minimum level of insurance required to drive on Britain’s roads. It’s the cheapest insurance option as it only covers the damage done to other vehicles by your motorcycle in the event of an accident.
Third Party, Fire and Theft – this type of insurance does exactly what it says on the tin. You receive the standard third party cover, but will also be compensated for any damage caused to your bike by fire, or if your motorcycle is stolen.
Fully Comprehensive – this will cover you for damage done to third party vehicles, but will also cover the costs of any damage done to your own bike in an accident, fire or if it is stolen.
Optional extras
There are also a bunch of optional insurance extras to look out for including breakdown cover, legal fees cover, helmet and leathers cover and green card cover for your overseas motorcycle travel.
Know what you want
You’ll find that all of these levels of cover and optional extras will vary from insurer to insurer. That’s why a good initial step is to familiarise yourself with the types of insurance and cover extras that are available, and then draw up a list of the things you want covered by your policy before you go insurance hunting. This will make comparing policies a whole lot easier.
The internet is your new best friend
When you do go searching for motorcycle insurance for the first time, if you want to keep your premium down, it pays to look online. Most insurers offer discounts, incentives and cheaper rates to customers who sign up online, as internet-based insurance means reduced costs for your insurer.
Search with an open mind
To seek out the lowest premiums, you have to be prepared to shop around. The internet and your list of wants will help you immensely here and should save you a lot of time. Try to get quotes from as wide a range of insurers as possible. Include mainstream insurers, including those who you would normally associate with car insurance, such as Kwik Fit Insurance*, who now offer their own motorcycle insurance policies, as well as specialist brokers and smaller insurers. With a broad search net like this, you’re more likely to pick up on the best deals going.
Skill up
As a first-time motorcyclist, insurance is never going to be the cheapest, and it could end up being more expensive than first-time car insurance. But there are things that you can do to keep the costs down, including taking some advanced motorcycle courses. These courses available through the DVLA will not only improve your motorcycle skills, but will increase your confidence on the roads, and can lead to reduced premiums.
Motorcycle security
Another factor that can help you to reduce your first premium costs is to invest in some added security measures for your bike. Look out for insurers who offer discounted rates to those who have alarms and immobilizers fitted, and most insurers will offer you a lower rate provided your motorcycle is stored securely when it’s not in use – so if you
have a garage or garden shed, use it!
*Kwik Fit Insurance are a well established provider of cheap motorcycle insurance. Take a look at their site for a quote.