IMAGE : ALEX GRANT
As the cost of living goes through the roof we asked our good buddies at Devitt Insurance for the skinny on insurance and for some tips on how to keep your insurance down so you can stay on two wheels.
……… You’re Welcome!
IMAGE BY ALEX GRANT
Tips for saving money on your motorbike insurance
It’s the big question when it comes to motorbike insurance; how do I get a cheaper premium? Some of it is out of your hands but there are some things you can do to help, depending on your circumstances; we’ll explore some of the elements that make up your motorbike premium below…
Where you live
Ok, so there’s not a lot you can really do about this, areas are rated by insurers based on their own customer claim data. No one would move house for cheaper bike insurance, due to the costs involved with stamp duty, solicitors etc. but where you live has a fairly substantial impact on your bike insurance.
If you are moving house then running some quotes to see what your new area does to your insurance premiums could be worthwhile; if you move to a certain area and don’t have a garage you may find it difficult to find someone to insure your bike at a price that you’re happy with.
If you live in the countryside where there isn’t much traffic, there isn’t a large population, there isn’t much bike theft then you’re more likely to get a cheaper premium than someone who lives in a big city, where traffic is heavy and bike theft is high based on underwriting claim data.
IMAGE: ALEX GRANT
Your bike value
Another straight forward one here, if your bike is of high value then it is:
1) more expensive to replace in the event of claim and
2) more likely to be stolen as it’s more appealing for thieves to steal an expensive bike as the return is higher
A cheaper bike won’t always ensure a cheaper premium but it could help.
Where you store your bike overnight
We hate to sound like a broken record but this is again all about theft.
Which bike is more likely to get stolen? The one that is sat on the road in the middle of the night when everyone is asleep or the one locked away out of sight in a garage where no one can see or access it?
If you have a garage to keep your bike in overnight then you will probably get a cheaper premium – it must be lockable and have a concrete base to generally be classed as a garage.
Ideally your garage would be at your home address, otherwise you wouldn’t be around to see and raise the alarm if anyone was trying to take it. If your garage is elsewhere then it’s not quite as secure and you may not see the same discounts. A common misconception is that an underground car park or gated compound can be classed as a garage – it’s very important to understand that this is not the case, as they can be accessed by people other than yourself.
If you’re ever in doubt make sure you pick up the phone to your insurance provider and ask! If you state the incorrect overnight storage and then your bike is stolen, your claim could be rejected and that’s the last thing you want.
The security you use on your bike
The more security you use on your bike, the better. It’s all about layering, the more layers a thief has to get through to get your bike, then the less likely they are to try and take it. Cover it, disc lock, chain, ground anchor, tag it, and if all else fails then a tracker will help you get it back!
If your security is up to scratch then there could be some discounts to be had on your premium with some insurers.
IMAGE: ALEX GRANT
Your No Claim Discount (NCD), how long you’ve held your licence for and your experience
We’ve grouped these all together as they’re very much related and unfortunately there’s nothing in the short term you can do about it. Building up your NCD takes time and sometimes it’s out of your control, but do everything you can to grow it and stay claim-free by riding safe and keeping your bike secure at all times. A good level of NCD demonstrates claim-free riding to a potential insurer.
If you’ve held your licence for a long time then this indicates that you know how to ride and look after a motorbike; if you don’t have any experience then it’s a good idea to start with a low-powered bike until you build up some experience.
You don’t want to purchase your dream sports bike straight off the bat after gaining your full licence and then find out that no one wants to insure you on it.
TOP TIP: Get insurance quotes before you buy the bike – that way you can avoid any nasty surprises and tweak your purchasing plans if necessary!
Claims and convictions across all motor vehicles
If you’ve made any recent claims or had any motoring convictions (in the last five years) then it’s likely that you will pay more for insurance. Put simply, a recent claim or conviction indicates the increased likelihood of another.
We know claims can sometimes be unavoidable but do everything within your power to ride safe. Consider some additional training, such as the affordable BikeSafe course with the police; and layer that security to keep the thieves away.