All riders need to have a motorcycle insurance policy in place. Fact. However, it is not a fact that all riders need to pay a considerable amount of money for their policies, something that a lot of riders do as they make some very basic mistakes that increase their premiums. Fortunately, the vast majority of these are relatively easy to resolve, reducing the cost of a motorcycle insurance premium often by several hundreds of pounds.
For example, a substantial amount of riders do not, or forget to, declare all of the security devices that their motorcycle has or that they utilize to ensure that their motorcycle is not subject to theft.
Insurers will be aware of devices such as engine immobilizers, as the vast majority of modern motorcycles have them built-in. However, if you also use a wheel lock, this will help to reduce the premium cost, but how will an insurer know this if you do not inform them of it?
Regardless of how small you believe your security device is, it is strongly recommended to contact the insurance company directly (rather than by simply submitting a quote online) and inform them of all of the different security techniques you utilize. You may not receive a substantial reduction, but it is expected that some money will be able to be saved.
Using your motorcycle unnecessarily, or over estimating how much you will use it, is another way to increase insurance premiums and by taking the time to think about when you use your motorcycle will ensure that your premiums remain as low as possible.
For instance, insurance companies increase or decrease their premiums for riders depending upon which bracket they fall into in terms of the amount of miles that they use their motorcycle each year, with most insurance companies determining their own brackets.
However, whilst the actual bracket start and end points may vary amongst insurers, you can have an educated guess as to if you will receive increased or decreased premiums by simply taking into consideration how insurance companies calculate their premiums.
If you were riding your motorcycle for twenty thousand miles a year, for example, an insurer would see you as a greater risk to someone who only rides for five thousand miles, as there is a greater likelihood of you being involved in an accident.
It has to be remembered that insurance companies can only base their premiums on the information that they are provided with and therefore if you over estimate, the cost of your insurance policy may increase, regardless of whether you actually travel the amount of miles stated or not.
The way that motorcycle insurance is calculated is a very complicated process and varies amongst insurers. However, whilst this may be the case, the many affecting factors are often considered to be very straightforward and general knowledge. Therefore, as long as the time is taken to sit down and look at the major affecting factors, you can ensure that your insurance premiums remain as low as they possibly can.
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.
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