When you get a motorcycle, you should also get the necessary insurance policy for your protection. With the proper coverage, you are guaranteed that your medical expenses, as well as the cost that you need to shell out to repair or replace your motorcycle, are covered. However, the price you have to pay for the insurance premium may prove to be quite expensive. This article tackles some of the ways in how you will be able to get cheaper insurance for your motorbike.
Consider Multi Bike Insurance
One of the primary ways for you to get cheaper insurance for all your motorbikes is by going for multi-bike insurance. In this case, you can use multi bike insurance if you own multiple bikes to save on your insurance costs because you get to have all of your rides covered within a single premium. Not only is this cost-effective, but it is more convenient too as you only need to maintain a single policy. You can even tailor your policy with optional extras to suit your needs.
Nonetheless, you should carefully study your options for you to get the right motorcycle cover type. For instance, if your bikes are old or they are not worth that much anymore, then you can go for a lower level of coverage. The key is in understanding what is included and excluded in the policy that you will get for your bike so that you will be able to pay only for what you need.
Otherwise, you can also consider a short-term cover or even canceling your insurance mid-term, particularly if you are a seasonal rider and you don’t get to ride your bike often. In this case, you can go for a statutory off-road notification (SORN) because SORN bikes don’t have to be insured. Just remember that with a SORN bike, you should take it off the road and not ride it entirely.
Choose a Cheaper Bike
Another way to get cheaper insurance for all your motorbikes is to go for a less expensive ride. In this case, if you are thinking of getting a new motorcycle to add to your ride collection or to replace your old rides, then consider a smaller or an older model. While these models may have a less powerful engine, they will still be capable of transporting you to and from your destination. The great part is that because of their less powerful engines, you also get to pay a lower insurance premium.
As much as possible, you should steer clear of modified and unusual motorbikes because, for this type of bike, it is most likely that you will pay a higher premium. The reason behind this is that with a modified bike, repairs may prove to be more costly too, plus, they are also more attractive to thieves and those with malicious intentions. Just keep in mind that the motorbike that you should go for still depends on your primary purpose or where and when you will use it for.
When you pay your insurance premium annually, you will tend to save a decent sum because an annual payment option is usually cheaper than a quarterly, or in some cases, a monthly payment choice. The reason behind this is that with an annual payment, you only need to settle processing fees only once instead of multiple times. In addition to this, you also won’t need to pay interest or finance arrangement fees with an annual scheme.
Invest in your Bike’s Security
You should also exert the extra effort to invest in your bike’s security if you want to get cheaper insurance for it. In this case, you can leverage alarms or immobilizers to deter thieves. There is also the option for you to install a tracker to find your bike effortlessly in case it gets stolen.
In addition to this, you should also make it a habit to park somewhere safe such as your garage or a shed, particularly when you need to leave it overnight. Because of these security measures, you will be able to reduce your chance of having to claim your insurance due to theft. As a result, your premium may be lowered.
Be Conscious of your Motorbike Use
How you use your motorcycle can also have a significant impact on your insurance premium. In this case, you should also consider who rides your bike or who you lend your bike to. For instance, you may need more expensive insurance if you choose to lend your bike to a beginner. On the other hand, it will be less likely that a more experienced rider will get to use the premium.
In case you are the main user of your motorbike, then it will help a lot if you get a motorcycle training course. In this way, you will have a good insight on how to properly use your bike and expand your skills further. Certain insurance providers provide a certain discount for certified and well-trained riders. However, you need to weigh whether the savings that you will garner from the premium will be able to cover the costs that you have to pay for the training.
When you are more conscious of how you use your motorbike, ensuring that you don’t get into any road mishaps, then you are less likely to claim your insurance provider. In this case, you can build up on your no claims discount. With several claim-free years, you may be eligible for a lower premium offered by your insurance provider.
To get cheaper insurance for all your motorbikes, you can consider getting multi bike insurance. Apart from this, you can also consider getting a cheaper bike to increase your rides or when you are replacing your old ones. You can also go for an annual payment and invest in your bike’s security, as well as be more conscious of your bike’s usage. All these are geared towards ensuring that you get to pay a lower cost when it comes to the insurance of your bike.