Motorcycle Insurance
If you own a motorcycle and you live in the UK you may want to know that you have to have insurance on it to drive it legally. There are different levels of insurance and the law states you must carry the minimum of Third Party Only Insurance. The other two types of coverage of motor bikes or motorcycles are third party, fire and theft; and comprehensive.
- Third Party Cover–This covers medical injuries and property damages to the other person or persons and their property whether it be a car, bike, building, or lawn.
- Third Party, Fire and Theft–Will cover the same as third party only plus it covers you against damge by fire and theft, also damage caused by associated with attempted theft.
- Comprehensive–This consists of third party, fire and theft, and covers damage to your bike in case of an accident(this is subject to exclusions). It also provides protection against accidental damage, vandalism, medical expenses and more.
Comprehensive offers additional features that may or may not come standard with your policy. Some of these are: Breakdown coverage, coverage for equipment, temporary replacement bikes and legal assistance.
How much you pay for your motorcycle insurance depends on many factors. Insurance companies determine the premiums on the amount of risk they think you may pose. The higher the risk, the higher the premium. Other things that influence the price are
- Your claims history–How many times you have made a claim.
- Your annual mileage–The higher the mileage, the higher the premium. The lower the mileage, the lower the premium.
- How many drivers you may wish to include on the policy and their driving records–The more drivers the higher the premium, the more tickets they have got the higher the premium.
- Your own driving record–A clean driving record means a lower premium.
- Your marital status (you are aconsidered safer if you are married).
- Your occupation
- How you plan to use the bike–If you use it for commuting to work or to school, expect a higher premium
- Your address–If you live in a high crime neighborhood, you will have a higher premium.
- The bike itself–The age of the bike, security features on the bike and how much it will cost to fix or replace it all factor in to the price of your premium.
There are numerous ways in which you can reduce the premium on your motorcycle. Insurance companies will offer you discounts if you;
- Use an insurance approved anti theft security device on your bike.
- Park your bike in a garage at night.
- Pay your premiums annually instead of monthly. This saves on interest related to monthly payments.
- Agree to a mileage limit. The less time you spend on your motorcycle the less chance of an accident happening.
- Only add experienced riders with clean records to your policy.
When shopping for an insurance agent for your motorcycle insurance do not shop for price lone. Make sure they have a solid reputation and can back your claims if the time ever arises. Pick a company who is available at all hours of the day and night for you to file a claim. Accidents don’t work on a 9 to 5 schedule.