There are many different hints and tips that prospective bike insurance policy holders can use to reduce their bike insurance premiums. From the obvious facts to the hidden points, take a look at the following to ensure a respectable and competitive quote is received.
Shop around. The one thing most bike insurers do not do is shop around for an insurance quote. As with all insurances, bike insurance can vary considerably depending on a variety of factors, from who is providing the insurance to where the bike is being used. Due to this reason, shopping around for bike insurance can return a wide range of premiums. Furthermore, with the introduction of online comparison websites in recent years, it has never been easier to request a bike insurance quote from dozens of insurers and can take only a matter of minutes.
Drive safe. Whilst it may seem obvious to some, ensuring the policy holder drives their bike safely and properly is one of the primary ways to reduce a bike insurance premium. By wearing the correct equipment and accessories, most notably a helmet, and driving within the speed limit, ensuring no speeding tickets and fines are accrued, insurance companies will see the bike owner as a respectable rider, therefore making them less of a risk or liability.
Do not commute. One of the ways bike insurance companies calculate their premiums are by looking at how many miles the bike covers each year. Working on simple probability, the longer a bike is on a road, the higher chance it has of being involved in some form of accident. Therefore if a bike is rode on a weekend only, the insurance premiums will be reduced considerably when compared to if it was used to commute to and from work as well.
Get a suitable sized bike. Many young or inexperienced bike owners often come across a deal or special offer on a bike that is top of the range, but completely unsuited to their needs. Due to this, they find out their insurance premiums are much higher than they anticipated. The reason behind this is that insurance companies base their premiums on how experienced the rider is in comparison to the bike they will be using. For example, an inexperienced bike rider will have much higher insurance premiums on a high specification Superbike, rather than on a small engine cruiser bike.
Do not build your own bike. For various reasons, a lot of bike owners, ranging vastly in experience, decide to build their own bike. Although it is not strictly forbidden when discussing bike insurance premiums, a custom made bike will often return such high insurance premiums that it simply is not worth building the bike. This is mainly due to the bike consisting of a variety of different parts and is made by an amateur and therefore insurance companies find it extremely difficult to provide a competitive insurance premium as they cannot categorise the bike properly or confirm it was built to proper standards. Due to this, they offer a high insurance premium to compensate for the many unknown factors that the bike possesses.
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