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.
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
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.
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
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%.
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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