Owning a motorcycle can be an exhilarating experience, but it comes with its share of expenses, one of which is motorcycle insurance. In the United Kingdom, having motorcycle insurance is a legal requirement to protect both riders and other road users. However, the cost of motorcycle insurance can vary widely depending on various factors. The good news is that there are ways to lower your premiums through motorcycle insurance discounts.
Multi-bike discount
If you own more than one motorcycle, you may be eligible for a multi-bike discount. This discount is offered by many insurers as an incentive to cover all your bikes under a single policy. Insuring multiple motorcycles under one policy can often be more cost-effective than having separate policies for each bike. It’s a convenient way to lower your overall insurance costs while ensuring that all your bikes are adequately protected.
Tip: When considering a multi-bike discount, make sure to check if the insurer offers coverage that suits the different types of motorcycles you own.
Advanced riding courses
Completing an advanced riding course from a recognised training organisation can help reduce your motorcycle insurance premiums. These courses are designed to enhance your riding skills, making you a safer and more experienced rider in the eyes of insurers. Many insurance companies offer discounts to riders who have completed advanced training.
Tip: Check with your insurance provider to see which advanced riding courses are recognised for discounts and ensure that the course you take meets their requirements.
Security measures
Investing in security measures for your motorcycle can help lower your insurance premiums. Many insurers offer discounts for motorcycles equipped with security features such as alarms, immobilizers, and tracking devices. These security measures reduce the risk of theft or damage, making your motorcycle a safer investment for the insurance company.
Tip: Before purchasing security devices, check with your insurance provider to ensure they meet the requirements for a discount. Some insurers have specific approved brands or types of security devices.
Safe storage
Where you store your motorcycle when it’s not in use can also affect your insurance premiums. Keeping your bike in a locked garage or secure storage facility is considered safer by insurers, as it reduces the risk of theft or damage. If you have a secure storage arrangement, be sure to inform your insurance provider to see if you qualify for a discount.
Tip: Always check with your insurer to confirm the specific requirements for safe storage and the discount it can earn you.
Limited mileage discount
If you ride your motorcycle less frequently, you may qualify for a limited mileage discount. This type of discount is designed for riders who use their bikes sparingly and can help reduce your insurance premiums. By restricting your annual mileage, you’re less likely to be involved in accidents or incur excessive wear and tear on your motorcycle.
Tip: Be honest about your annual mileage when applying for this discount, as providing inaccurate information can lead to issues if you exceed the mileage limit.
No claims discount
Just like with car insurance, a no claims discount can significantly lower your motorcycle insurance premiums. The longer you go without making a claim, the more you can save on your insurance. Insurance providers offer no claims discounts as a reward for being a safe and responsible rider.
Tip: If you have a history of no claims on another insurance policy, such as car insurance, you may be able to transfer your no claims discount to your motorcycle insurance.
Bike modifications
Customising your motorcycle can be a fun and personal touch, but some modifications can affect your insurance premiums. Before making extensive modifications, check with your insurance provider to see how they may impact your coverage and costs. Some modifications can increase your premiums, while others may have no effect.
Tip: When considering modifications, inform your insurer in advance and provide all necessary details to ensure your coverage remains accurate.
Excess level
The excess, also known as the deductible, is the amount you agree to pay out of pocket in the event of a claim. By selecting a higher excess, you can lower your insurance premiums. However, be cautious when choosing this option, as it means you’ll need to cover a larger portion of the cost in case of an accident or claim.
Tip: When deciding on the excess level, make sure it’s an amount you can comfortably afford in the event of a claim.
Compare insurance providers
Insurance premiums can vary significantly between providers, so it’s essential to shop around and compare quotes. Using online comparison tools or working with an insurance broker can help you find the best deals and discounts available for your specific circumstances.
Tip: When comparing quotes, be sure to consider the coverage offered, not just the cost. It’s crucial to have the right level of coverage for your needs.
Renewal discounts
Some insurers offer renewal discounts to reward loyal customers who stay with them for multiple policy periods. When your policy is up for renewal, inquire about the possibility of a renewal discount.
Tip: It’s always a good idea to check with your current insurer and inquire about any renewal discounts or loyalty incentives.
Volunteer discounts
If you’re a member of a motorcycle-related organisation or a volunteer for certain community or charity events, you may be eligible for volunteer discounts from your insurance provider. These discounts can apply to policies that cover riding during volunteer activities.
Tip: Verify the specific requirements and conditions for volunteer discounts with your insurer, and ensure that your activities qualify.
Age and experience discounts
Younger and less experienced riders may have higher insurance premiums due to a perceived higher risk. However, as you gain more experience and reach certain age milestones, your premiums can decrease. Insurance providers often offer age and experience-related discounts.
Tip: Keep track of your riding experience and inquire about age and experience-related discounts as you become eligible.
Motorcycle insurance is a necessary expense for riders in the UK, but there are numerous ways to lower your premiums through various discounts and strategies. By taking advantage of multi-bike discounts, advanced riding courses, security measures, safe storage, limited mileage, no claims discounts, and other cost-saving options, you can ensure your bike is protected without breaking the bank. It’s essential to review your coverage regularly, compare insurance providers, and explore the available discounts to find the best and most cost-effective insurance for your motorcycle. With the right approach, you can enjoy the thrill of riding while keeping your insurance costs under control.
Want to take the next step? Compare motorbike insurance on MoneySpider today.
