Go for recognised security features
Motorbikes can be a real target for thieves but if you go for industry-approved security measures, many insurers will chop a further 10% off your premiums.But what are these approved steps? Most insurers want to see that your security devices, such as immobilisers, heavy duty locks and ground anchors, are Thatcham approved.
Motorcycle insurance is required by law. It is to make sure people can cover the costs of any riding related damage or injury. For example if you crash your bike into someone else, motorcycle insurance will pay for the repairs to the other vehicle.
The most important part of looking for a suitable insurance policy is understanding what cover you need and what type of risk you are to an insurance company.
An insurance company will look at a number of factors to determine what type of risk you are i.e. how likely you are to make a claim on a policy, such as:
your riding history (have you a number of prior claims or convictions which may make you a greater risk?)
the area in which you live (is there a lot of vehicle crime in your area?)
the type of bike you ride (is it a high-performance bike?)
Almost every piece of information you are asked when you get a quote will have some influence on the cost of your bike insurance.
Motorbike insurance is there to offer both financial cover and peace of mind for you and everyone else on or about the road.
How do insurance companies protect the victims of uninsured riders?
Even though by law you have to have motor insurance, you can guarantee that somewhere there is someone on the road without insurance cover.
In 1946 the Motor Insurers' Bureau was created. It ensures victims of untraced or uninsured motorists are compensated for their losses. All motor insurers must be members of the bureau and contribute to its funding.
The Bureau has a database with details of private and fleet motor insurance policyholders. The police can access the database and see whether or not motorists have current insurance during spot checks, or at the scene of an accident. The Motor Insurance Database is currently run by the Motor Insurers' Information Centre.
When an uninsured or untraced rider injures a third party or damages their property, the third party should receive compensation from the Motor Insurers' Bureau.
If a motorbike is stolen and the thief damages property or injures someone, the insurance company for the bike will be liable to pay the costs involved.
Documentation or paperwork
When you purchase your motorbike insurance, your insurance company will send you documentation to prove you are legally insured to ride on the road. You'll have to show proof of insurance for example if you get stopped by the police for any reason. The law currently gives you seven days to prove your valid insurance cover to the police.
You should receive the following documents from your insurance company:
Cover note
A cover note is a temporary certificate of insurance which is usually issued to allow either a broker or insurer time to complete their paperwork before they issue the full certificate. It usually lasts for 30 days.
Certificate of insurance
This is the document that proves your legal motor insurance cover as required by the Road Traffic Act.
Schedule and/or policy document
The schedule and/or policy document sets out the full the terms and conditions of your insurance policy.
Remember! You should always read all the documents sent to you, firstly to check that the level of cover you agreed with the insurance company is correct and to also make you aware of any policy exclusions. It is your responsibility to be aware of the exact cover you have agreed. If you have any concerns or queries, contact your broker or insurance company.
No claims discount
For every year you're insured and don't make an insurance claim you will build up a no claims discount. The amount of discount you receive can vary but could be from around 30% discount the first year, increasing to around 60% for your fourth year.
If you make a claim on your policy and your insurance company can't recover their costs, it will affect your no claims discount even if the accident was not your fault. It is a 'no claim' not a 'no blame' discount.
Should you have a claim which is considered to be your fault then you will lose some of your no claims discount. The amount of discount you lose will vary from one insurance company to the next.
Bike insurance and optional extras
Sometimes you want some extra cover on your insurance, which isn't included in the policy itself, for example you may want breakdown cover. This extra cover is known as an optional extra or ancillary product and can be bought with your insurance policy.
Legal assistance or protection
Also known as legal cover or Uninsured Loss Recovery, legal assistance helps cover legal costs following an accident where a third party was at fault.
Legal professionals will deal with your case for you and try to recover any losses on your behalf, for example medical losses, loss of earnings or recovering your policy excess. They will also make a claim for compensation for you if you are injured.
How bike insurance quotes are calculated?
Insurance companies take lots of factors into account when working out what to charge you for your motorbike insurance, which is why they ask so many questions. They work out what type of risk you are to them (how likely it is that you will make a claim on your policy) and charge you accordingly.
They will look at:
Claims history
If you've made a claim on your motorbike insurance in the last 5 years, you must tell your insurance company about it. If an insurance company has had to pay out for a claim, they will see you as a greater risk to them and charge you more for your policy.
An insurance company will ask for information about who will be riding your bike, including their riding history, age, claims and convictions history etc. Adding a rider under 25 who has a speeding conviction and has previously crashed their bike will certainly increase your insurance costs compared to letting a 40 year old with a no claims or convictions ride your motorbike.Riding convictions
It stands to reason, the more riding convictions you have, the more you will be charged for your insurance – someone who speeds habitually may be seen as having more chance of being involved in an accident and so will cost their insurance company money.
Motorbikes can be a real target for thieves but if you go for industry-approved security measures, many insurers will chop a further 10% off your premiums.Motorcycle insurance is required by law. It is to make sure people can cover the costs of any riding related damage or injury. For example if you crash your bike into someone else, motorcycle insurance will pay for the repairs to the other vehicle.
The most important part of looking for a suitable insurance policy is understanding what cover you need and what type of risk you are to an insurance company.
An insurance company will look at a number of factors to determine what type of risk you are i.e. how likely you are to make a claim on a policy, such as:
your riding history (have you a number of prior claims or convictions which may make you a greater risk?)
the area in which you live (is there a lot of vehicle crime in your area?)
the type of bike you ride (is it a high-performance bike?)
Almost every piece of information you are asked when you get a quote will have some influence on the cost of your bike insurance.
Motorbike insurance is there to offer both financial cover and peace of mind for you and everyone else on or about the road.
How do insurance companies protect the victims of uninsured riders?
Even though by law you have to have motor insurance, you can guarantee that somewhere there is someone on the road without insurance cover.
In 1946 the Motor Insurers' Bureau was created. It ensures victims of untraced or uninsured motorists are compensated for their losses. All motor insurers must be members of the bureau and contribute to its funding.
The Bureau has a database with details of private and fleet motor insurance policyholders. The police can access the database and see whether or not motorists have current insurance during spot checks, or at the scene of an accident. The Motor Insurance Database is currently run by the Motor Insurers' Information Centre.
When an uninsured or untraced rider injures a third party or damages their property, the third party should receive compensation from the Motor Insurers' Bureau.
If a motorbike is stolen and the thief damages property or injures someone, the insurance company for the bike will be liable to pay the costs involved.
Documentation or paperwork
When you purchase your motorbike insurance, your insurance company will send you documentation to prove you are legally insured to ride on the road. You'll have to show proof of insurance for example if you get stopped by the police for any reason. The law currently gives you seven days to prove your valid insurance cover to the police.
You should receive the following documents from your insurance company:
Cover note
A cover note is a temporary certificate of insurance which is usually issued to allow either a broker or insurer time to complete their paperwork before they issue the full certificate. It usually lasts for 30 days.
Certificate of insurance
This is the document that proves your legal motor insurance cover as required by the Road Traffic Act.
Schedule and/or policy document
The schedule and/or policy document sets out the full the terms and conditions of your insurance policy.
Remember! You should always read all the documents sent to you, firstly to check that the level of cover you agreed with the insurance company is correct and to also make you aware of any policy exclusions. It is your responsibility to be aware of the exact cover you have agreed. If you have any concerns or queries, contact your broker or insurance company.
No claims discount
For every year you're insured and don't make an insurance claim you will build up a no claims discount. The amount of discount you receive can vary but could be from around 30% discount the first year, increasing to around 60% for your fourth year.
If you make a claim on your policy and your insurance company can't recover their costs, it will affect your no claims discount even if the accident was not your fault. It is a 'no claim' not a 'no blame' discount.
Should you have a claim which is considered to be your fault then you will lose some of your no claims discount. The amount of discount you lose will vary from one insurance company to the next.
Bike insurance and optional extras
Sometimes you want some extra cover on your insurance, which isn't included in the policy itself, for example you may want breakdown cover. This extra cover is known as an optional extra or ancillary product and can be bought with your insurance policy.
Legal assistance or protection
Also known as legal cover or Uninsured Loss Recovery, legal assistance helps cover legal costs following an accident where a third party was at fault.
Legal professionals will deal with your case for you and try to recover any losses on your behalf, for example medical losses, loss of earnings or recovering your policy excess. They will also make a claim for compensation for you if you are injured.
How bike insurance quotes are calculated?
Insurance companies take lots of factors into account when working out what to charge you for your motorbike insurance, which is why they ask so many questions. They work out what type of risk you are to them (how likely it is that you will make a claim on your policy) and charge you accordingly.
They will look at:
Claims history
If you've made a claim on your motorbike insurance in the last 5 years, you must tell your insurance company about it. If an insurance company has had to pay out for a claim, they will see you as a greater risk to them and charge you more for your policy.
Having made a claim doesn't necessarily condemn you to paying huge sums for your motorbike insurance though. Just run a quote through Gocompare.com and we'll bring you prices from the most competitive motorbike insurance companies in the market.
Riders
An insurance company will ask for information about who will be riding your bike, including their riding history, age, claims and convictions history etc. Adding a rider under 25 who has a speeding conviction and has previously crashed their bike will certainly increase your insurance costs compared to letting a 40 year old with a no claims or convictions ride your motorbike.
It stands to reason, the more riding convictions you have, the more you will be charged for your insurance – someone who speeds habitually may be seen as having more chance of being involved in an accident and so will cost their insurance company money.
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