It is well documented that bike insurance, along with most other types of vehicle insurance, can be a costly addition to any bike riders normal outgoings. However, as it is required by law before a bike can be taken out on a public road, it is important to receive the most affordable policy that is possible.
To begin with, the type of policy that is required must be chosen, with three individual options available.
The first is the most basic option, providing the minimum level of cover required by law and is known as Third Party cover. This insurance only provides assistance to the policy holder should they be involved in an accident with another person, or persons and there are expenses incurred to the third party, whether it is themselves or their bike.
The second option available is considered the middle ground and known as Third Party, Fire and Theft, it offers exactly the same cover as Third Party insurance, but with the addition of providing monetary aid should the policy holders bike be damaged by fire or stolen.
The final level of cover is Fully Comprehensive and as its name suggests, it is a full and complete option which covers the majority of incidents for which the policy holder may encounter. For example, if they were involved in an accident where both their bike and a third party bike was damaged, the insurance company would be pay for repairs (or replacements, where necessary) for both bikes.
In terms of price, initially, Third Party cover is generally the cheapest, but this can soon be the most costly option should an incident take place where the policy holders bike was written off, meaning they would have to purchase a new bike as no payout would be made by the insurance company.
Once the level of cover has been chosen, there are several factors that can affect the price of the premium, regardless of the level and should be implemented as best as possible to ensure the cheapest premium is received.
A prime example of one of the affecting factors is safety. By simply abiding by the Highway Code and not accruing any penalty points, as well as not being involved in any accidents or incidents, insurance companies will praise this and not only reduce premiums overall, but provide the rider with a No Claims Bonus, which helps to reduce future premiums, too.
In addition to general safety, choosing the most appropriate bike for your needs and circumstances is a great way to keep premiums low. If your bike is used solely for commuting, then a small engined older bike may be just as suitable as a brand new bike with a large engine. If this is the case, then insurance companies will look upon this favourably, as an older bike with a smaller engine is less likely to be involved in an accident and if it was, would cost less to repair or replace.
Above all, the most important point to remember for cheap bike insurance is to think. By sensibly thinking about the level of cover you require and your riding overall, you can look forward to cheap insurance premiums both immediately and in the future.
kwik fit bike insurance have a team dedicated solely to finding the best possible deals in motorcycle cover – and have an 18-strong panel of leading insurers specialising in quality motorbike insurance and motorcycle insurance services
