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Motor cycle Insurance | Motor Bike Insurance

Motorcycle Insurance - Not Just a Seasonal Policy

Many motorcyclists park their bikes in their garages during the winter months. The statistics are that 10,000 bikers in the UK cancel their insurance policies over the winter every year.

Unfortunately, even when locked in a garage, their bikes remain at risk. Thieves know that many motorbikes are stored in garages over the winter months and over 600 bikes are stolen every month. If you have cancelled your policy and your bike is stolen you cannot make a valid claim but it should be possible to reduce the cover, save money and still maintain the essential minimum cover against fire and theft over the winter.

Motorcycle Insurance - Motorcycle Insurance Policy Types

There are two types of motorcycle insurance policy:

1. Specified rider policy: a specified rider policy will specifically cover the rider, not the bike. The benefit of such a policy is that it will allow you to ride any motorcycle up to a particular size.
2. Specified bike policy: a specified bike policy will only cover the motorbike and not the rider. Should you wish to insure a number of riders on the same bike, this would be the most suitable policy.

What Affects Your Premium?

Unfortunately motorbike riders, particularly younger riders, pay the high premiums for their insurance policies which reflect the increased risk of their chosen method of transport. Some of the key factors affecting premiums are:

1. Age: young motorcyclists have an alarmingly high accident rate. They are far more likely to be involved in an accident than more mature riders and the damage they can cause to themselves is very often costly and long lasting.
2. Occupation: workers who spend many hours on the road travelling from one location to another will be subject to higher premiums. It is not that the quality of driving is worse but that the more hours that are spent on the road the more likely accidents occur. Many motorbike accidents are caused by other drivers carelessness but very often it is those same drivers who are under insured making the recovery of costs that much more difficult, if not impossible.
3. Location: if you live in the country you are far more unlikely to be a victim of criminal activity than if you are a city dweller. So city dwellers pay higher premiums.
4. Past driving record: if you have made claims in recent years for driving related accidents you should expect this to be reflected by a higher than average premium.
5. Security: immobilizes, alarms, steering locks and other security devices are only useful if they are activated. However their presence will result in a significantly lower premium, particularly in inner city areas with high crime rates.
6. Performance and Type: the more powerful the bike, the higher the premium is likely to be, especially if for young bikers. The make of the bike may influence the premium for example, Ducatis, Hayabusas and Fireblades deservedly have more appeal to both enthusiasts and burglars. Expensive bikes are also likely to attract higher repair costs which in turn are reflected in the premium charged.
7. Parking: a motorbike kept under cover locked in a garage will result in significantly lower premiums. Even keeping your bike off the road on a private drive significantly reduces the chances of loss or damage.

In a recent survey, checks were conducted on the owners of a 350cc bike insured against third party fire and theft only. It was found that a 17 year old was three times more likely and a 21 year old twice as likely to make a claim as a 25 year old owner.

An annoying feature of existing motorbike insurance policies is that discount bonuses cannot be accumulated. You may be able to get some form of discount should you remain claim free for a few years with the same insurer, but this is a rare occurrence.

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