Simple rule is: get covered. Given the price and availability of insurance it’s wise to check what you can get and at what price even before you get involved in bike buying itself. Insurance is one of the most significant factors when it comes to bike choice.
Good news is that with the advent of internet comparison sites bike insurance has become a very competitive market and insurers are having to lower their premiums to get your business. And of course the websites mean you can be better informed on the product you’re getting and how it compares.
Look out too for insurance deals being offered by the manufacturers. Many are now offering their own deals, as an incentive to buy their machines, at premiums below the usual market rates. Check out the conditions and also find out what happens when it comes to renewal time – do the discounts continue?
Insurance cover varies, and the general rule is the more cover you want, the more you’ll have to pay. Although there are discounts, and the price of a premium varies a lot depending on your circumstances. Your driving and claims record, age, where you live, what you do, and what you ride are all taken into account.
Policy types
It is a legal requirement, if you want to ride on any public road, to have a valid insurance policy. There are three types of cover available.
Third party only is the lowest level of cover and consequently the cheapest. If you are involved in an accident with another road user and the accident was your fault the third party can claim against your policy. Unfortunately you won’t be able to claim a penny for yourself or your bike.
Third party, fire and theft is the next level of cover. This policy offers the same level of cover as a third party only policy but your insurers will pay out if your bike is stolen, or damaged by fire, lightning, explosion, or attempted theft.
Theft cover is important, especially when it comes to motorcycles, and the difference in price between the two, basic policies is usually marginal. As with third party only cover, you will not be able to claim anything if you happen to slip off your bike, or even drop it in a car park. Some insurance companies will cover clothing and accessories that are stolen along with your bike, but not all. So always check the small print.
Fully comprehensive policies offer the best level of cover. Even if your one-day-old sports bike happens to topple off the side stand you’ll be able to make a claim to cover the damage. Clothing and accessories can also be covered if they sustain any damage arising from an accident, or are stolen along with your bike. If not, you may well be able to claim for clothing and helmets on your household insurance.
Depending on your chosen insurer you may also be able to cover yourself against any legal costs, recovery costs and medical costs.
Click for insurance guide page 2 of 2.
