Ok, so we know it may not be the most rock ‘n’ roll part of riding, but motorcycle insurance is something that every rider needs.
It’s clearly not as much fun as choosing your new bike or riding gear but it’s always good to know your stuff before taking out your first bike insurance policy so here’s a little step by step guide of things to know before you hit the road.
Insurers, brokers and comparison sites
Before we start, it’s necessary to understand that the bike insurance market is made up of insurers, brokers and comparison sites. There can often be confusion with the roles that these all take.
We can use an analogy of buying a motorbike to try and make it clearer… think of insurers like your bike manufacturer who provide the product. Brokers are then like your bike dealership, where you can purchase various different manufacturer bikes, they all have their own products, prices and discounts.
You then have comparison sites, think of them a bit like Autotrader or similar, where you have loads of different dealers all selling their products at different prices and you choose the best deal for you.
So what do they all do then?
Comparison sites are a place where you can survey the whole market and see which broker or insurer is cheapest for you. When it comes to your policy, it is underwritten by your insurer who ultimately decide on the premium, but brokers can provide additional discounts as well as after sales help and assistance for the duration of your policy.
Brokers can have different arrangements with insurers, which is why policy benefits and pricing can be different from broker to broker, even they all use the same major UK insurers, which for UK bike insurance usually include: AXA, Aviva, Ageas, Allianz, LV, Markerstudy and Zenith.
Most brokers and insurers outsource their claims service, which is referred to as First Notification of Loss (FNOL). This is the place you call when you need to make a claim; they manage the process and communicate directly with your insurer, who ultimately make the decision about any claims.
No provider is the cheapest for everyone
It’s advised that you take a look around the market when you’re purchasing a motorbike insurance policy, due to the fact that no single provider is the cheapest for everyone.
Your friend could recommend a broker where they purchased their bike insurance, stating they’re the best as they were so cheap compared to everyone else; however, this same broker that was the cheapest for your friend could actually then be the most expensive for you!
This is because there are so many variables when it comes to getting your bike insurance, plus every insurer has different appetite for certain profiles, then brokers have different pricing from different insurers, plus they can provide additional discounts in order to remain competitive in the highly competitive world of comparison sites.