Bike insurance explained
Bike theft is one of the most common type of vehicle theft and
as such it is a wise investment to insure your bike. However
bike insurance does not just cover you against theft, it also
covers any damages that an accident (or delinquency) may cause
to your bike or to yourself.
For a more comprehensive explanation, please read below to clarify
the different covers and other answers regarding bike insurance
which you may be wondering about.
Insurance companies tend to offer three main types of cover
for your bike.
These are:
- Third Party Only Bike Insurance - This is the most
basic level of motorcycle insurance cover available and covers
you for third party death, third party injury and third party
property damage.
- Third Party Fire and Theft Bike Insurance - This cover
covers all of the above plus fire and theft cover and miscellaneous
damage to your bike/motorcycle (subject to policy conditions).
- Comprehensive Bike Insurance - This insurance covers
both of the above plus accidental damage to your bike/motorcycle.
In the event that you should find an insurance offer which you
feel is adequate for your needs but somewhat too expensive,
adhering to the following criteria can all help to make it easier
to obtain cheaper bike insurance:
- Adding a voluntary excess to your bike insurance policy
- Restricting the number and age of drivers included on your bike policy
- Drive a low grouped bike/motorcycle see www.abi.org.uk
- Adding security to your bike.
- If you have a garage or lock up keep your bike in there at night
Many insurance companies also have several instalment schemes
available to help spread the cost of your bike insurance, so
it is worth enquiring about this. If you choose to take your
bike abroad while on holiday and you may be wondering how this
might affect your insurance policy. Most bike insurance policies
now cover you free of charge to drive in any EEC country under
those countries’ minimum insurance requirements.
Please be aware that this cover for your bike will usually be
minimal. However, several policies will provide you with the
same level of cover in the EEC as you have in the UK. Again
if this is of interest to you then enquire with the insurance
company about their offers for extensive covers abroad.
Bikes are very popular with younger customers, such as those
going on a mountain biking holiday or just the wild at heart
who like to ride a motorcycle in the city. Statistically younger
customers are also more at risk than the older clientele. They
are more inexperienced, likely to use their bikes more often
and go on gap years with their bikes.
As a result, often the insurance companies will differentiate
between the under 21s and over 21s, and offer much better deals
for those older. If you fall under the latter bracket, don’t
forget to get your money’s worth: search for companies or deals
which focus on giving cheaper deals for older people.
When doing this, it is often a good idea to use a price comparison
website, as you may find other factors about your particular
situation that may work in your benefit.