For young riders, in particular, it is not an uncommon occurrence for the cost their first year of motorbike insurance to be equal to or greater than the cost of their actual motorbike.
How to choose motorbike insurance policy
One of the most important aspects to consider when looking at motorbike insurance is to remember to shop around as many insurance companies as possible. Too many people, of all ages and experiences, forget to look at all of the companies on the market, accept the first quote that they receive and although it may seem reasonable, end up often paying a substantial amount more than what is needed.
Particularly in the economic climate that we are currently experiencing, more and more companies are trying to entice new customers in by offering their best deals, most commonly found online. By going online to search for motorbike insurance, as the company has fewer overheads due the lack of substantial costs for staff, telephone, office, heating, lighting, electric, etc., the list is endless, they can offer fantastic discounts and incentives when purchasing motorbike insurance online.
Furthermore, linking in with the first point, there are several well-known comparison websites that will allow for the quick and easy comparing of dozens of insurance companies, saving the prospective policy holder a considerable amount of time.
It is not a widely known fact, generally as it is not heavily advertised, that most insurance companies offer a price matching service. This service is very straightforward and simply allows for the person to take the lowest price that they can find, but with their preferred insurance company. For example, if the preferred company, Company A, offered a premium of 500 pounds, but Company B provided a 400-pound premium, by explaining the situation to Company A, they would often be able to match this price, if not offer a slight reduction or added incentive.
Outside of the ways to find the cheapest motorbike insurance quote, one of the largest affecting factors is the type of motorbike that is trying to be insured. It is all too tempting for many riders, particularly those who are young or inexperienced, to choose a high specification motorbike that has just rolled off the production line. Although it may look appealing and have a fantastic technical specification, chances are, it will be almost impossible to insure.
For new riders, it is always recommended to insure an old, small engine motorbike for the first year or two of insurance. By doing this, apart from the insurance costing less, should the policy holder not claim, they will be able to accrue a No Claims Bonus and use this towards their future policies on newer or more powerful motorbikes.
It goes without saying that it is important for every motorbike rider to be as safe as possible. However, some riders are not aware of the insurance implications that being an unsafe rider has. For example, should the policy holder have received a speeding fine, three penalty points on their license and a claim on their insurance policy due to an accident that was the policyholders fault, they can expect a greatly increased motorbike insurance premium for the following three to five years.