Thursday, November 3, 2011

Economising On Motorcycle Insurance

Few people would dispute that today, running any sort of motor vehicle, be it a car or motorcycle, is an expensive business. That is why bikers are increasingly searching for ways of finding economies in their motorcycle insurance.

You may think that the logical approach to this objective is simply to search for the cheapest possible advertised price you can see for motorbike insurance.

The problem with adopting that methodology is that the price of an insurance policy, on its own, tells you absolutely nothing about the suitability of the policy for your given situation as a biker.

Having a very low-cost motorcycle insurance policy may make perfect sense - right up until the moment that you need to make a claim against it. At that point, your focus of attention will inevitably shift towards the cover that the policy provides, rather than its price tag.

That is not the ideal time to suddenly discover that the low price has been achieved at the expense of the breadth of cover provided.

So, what steps may be successful in achieving economies on motorcycle insurance if simply searching for the lowest advertised price may be misleading?

Here are a few ideas that you may find useful:

• painful as it may be to contemplate, downsizing to a smaller and less powerful machine may result in significantly more attractive premiums;

• insurance companies understand that a motorbike is at risk of theft or vandalism if left on the public road overnight, therefore, if you are able to park your bike off-road (particularly if it is securely garaged and locked away) you may benefit from premium reductions;

• if you are one of those bikers that regularly puts their bike away for the winter and does not use it, you may wish to draw the attention of your insurers to this fact, as the reductions in usage and annual mileages ma, in some cases, result in more attractive premiums;

• if you have special requirements, it may be advisable to seek special insurance cover, for example, if you have traffic convictions on your record then finding a company that offers convicted biker insurance, may lead to a more cost-effective solution for you;

• similar specialist insurance may be available for categories including female bikers, multi-bike owners, moped and scooter owners and those paying very high premiums (perhaps exceeding £1000).

Being realistic, we may never be able to achieve a situation where owning and running a motorbike will be describable as being cheap. Even so, following some of the above steps may help you to bring down the cost of your motorcycle insurance.

By: Eliot Blundell
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