Thursday, June 28, 2012

Motorbike Insurance and How To Get the Best Deal


If you really need to save money on transport, it's worth getting a bike. The combination of a smaller engine, better efficiency with petrol and improved accessibility on roads could save you an absolute fortune. However, with the increased risk of riding comes the possibility of higher insurance costs; as such, it's worth thinking carefully about how you go about getting a policy. After all, there are many factors that help swing a deal in your favour and could effectively save you hundreds of pounds a year. Taking these tips on board, you'll certainly start seeing more money staying in your pocket.

Choose a greater voluntary excess and you could really hang on to more cash. All insurance policies have a compulsory excess that you need to pay before insurance companies contribute to funding the repair of any damage sustained to your bike. They will often offer you the choice to pick the voluntary excess to suit your needs. A higher excess is a gamble that you must be willing to take, but it will mean lower outgoings each month.

Shop around, but remember the specialists. Insurance companies analyse their customer base in different ways, so it's worth checking online price comparison sites. However, specialist bike insurers such as mceinsurance.com will usually give better deals and many don't list themselves on these pages because of this. If you're renewing, look elsewhere instead of continuing with your current provider - you'll often find a better deal to match your requirements.

Downgrade your bike for a better deal, because chances are that you're only riding it as a means of getting from A to B. A less powerful bike will be seen by insurers as less likely to be involved in an accident.

Claim only when you need to, or at least when it's worth it, as every time you claim on an insurance deal you will pay an excess that will raise your future premiums. Find out how much things will cost before approaching your policy holder, as paying for a smaller problem out of your own pocket could save hundreds of pounds in just a year. There's a reason why people like to protect their no-claims bonus!

Take an accredited course and you could see yourself on a more powerful bike for the same price. Organisations such as the Institute of Advanced Motorists let riders take courses that could be policy compatible and save you more money in the long-term, in much the same way as Pass Plus does for car drivers.

Installing additional security measures will lower the chances of your bike getting stolen or damaged, so total up the cost of anti-theft devices or the option of secure parking and you could be entitled to lower premiums.

This post courtesy of MCE Insurance, a UK-based insurance centre.

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