Motorcycle Insurance

The trend for owning a motorcycle has increased dramatically over the past few years, especially for the smaller scooter/ moped type that the young fashion conscious like to be seen on. But, despite the rise in popularity for two wheel transport a lot of insurance companies still steer clear of offering motorcycle insurance. The few that do offer bike insurance tend to manage the increased risks involved with motorcycles by making their insurance premiums quite expensive.

Fortunately, though, there are several specialist companies that do offer insurance specifically for the motorcyclist, and as they are geared for doing so then their policies are often cheaper too. These companies give the bike rider an opportunity to buy good value insurance based on individual circumstances, and enable them to satisfy their legal obligations on the road. Of course, not all policies are the same and the key thing to remember before buying any type of motorcycle insurance is to always get several quotes, compare the cover, then choose the policy that best suits you and the particular motorcycle you want to insure.

Types Of Motorcycle Insurance

There are two main types of motorcycle insurance. The first one, which is the most common, is the specified rider policy. This insurance covers only the rider and not the actual motorcycle. It will also normally specify the size of motorcycle that you are insured to ride.

The second type of policy is quite the opposite and gives cover to only the motorcycle and not the rider. This type of insurance is therefore ideally suited to situations where several people all ride the same motorcycle.

Motorcycle Insurance Discounts

Unlike car insurance, providers of motorcycle insurance do not tend to be overly generous with their no claims discount. So, when applying for quotes consider yourself lucky if you find a company offering you the chance to reach 50% no claims discount. It is normally only after the first year of claim free biking that you can start to build up your no claims discount. But, just as you can with car insurance, you can often pay a small extra on your premium to protect losing your no claims. This is often worthwhile as even a 50% discount will give you significantly cheaper insurance, and the small extra fee will easily be regained through the savings you make.

Canceling Motorcycle Insurance

A common mistake made by a lot of bike owners is to cancel their motorcycle insurance during the winter months, or when the motorcycle is likely to be left unused for long periods. Statistics show that approximately 10,000 bikers do this each year while they store their motorcycles until the warmer weather. Bike thieves are also very aware of this fact and take advantage by stealing approximately 600 bikes per month from garages and lock-ups. So, canceling motorcycle insurance may seem cost effective at the time, but maintaining the insurance throughout the year could quite clearly be the most sensible thing to do.

Calculating Motorcycle Insurance Premiums

One factor taken into account by insurers offering motorcycle insurance is your location. For example, inner city areas tend to attract higher insurance premiums than suburbs and more rural locations do. This is partly due to the increased risk of theft attached to inner city areas.

There are, however, many other things used in calculating the cost of a motorcycle insurance over and above your location. Some other things considered are: the make of motorcycle, its engine size, the value of the bike and any overnight parking facilities you might have.

Women Bikers

Statistically, women bikers tend to be less of a risk on the road than their male counterparts. The result of this is that women's motorcycle insurance is often discounted to reflect the element of reduced risk. Therefore, it's sometimes possible for female motorcyclists to pick up an insurance policy that is discounted by around 15%.

For any keen biker though, finding motorcycle insurance is not as easy as finding car insurance. But, when you do find insurers the rules will always remain the same: Do get several quotes and compare them on a like-for-like basis, read the policy small print with an eagle eye to understand the inclusions and exclusions, and finally remember it's always better to be over-insured than under-insured.

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