Understanding insurance can help you when finding out how to cut the cost of bike insurance and find the best policies for you.
Why You Need Insurance
If you are caught riding a motorbike without insurance then you could face serious consequences. You could get as much as 8 points on your license (and an immediate ban) and also have to pay fines of anywhere up to £5,000. If you are uninsured and involved in an accident then there could also be legal complications.
Bike Policies
Insuring a motorbike is very similar to ensuring a van or car. You can choose from the three main types of vehicle insurance policies available:
Third Party Only - if you do have an accident you will only be covered for costs for the third parties involved. This means if you sustain personal injuries or your bike is damaged the costs will come out of your own pocket.
Third Party Fire and Theft - if you do have an accident the coverage will be identical to third party only insurance. However you will also get extra fire and theft cover. This means if your motorbike is stolen or sustains fire damage then the insurance could cover the repair costs.
Fully Comprehensive - if you do have an accident then fully comprehensive insurance will cover damage and personal injury to both you and any third parties involved. This will also cover your motorbike for fire damage and theft.
Shopping Around
The cheapest form of insurance is typically third party only. This is because there is less cover available from the policy. You need to be careful when choosing between third party fire and theft and fully comprehensive. Fully comprehensive insurance is usually the most expensive as it offers the most cover. However with the many great deals and discounts available you could get a fully comprehensive policy just as cheap as one of the most expensive third party fire and theft ones. This would mean you would get more cover for your money.
This is why it pays to shop around and compare deals. You could find some great discounts and offers available that could save you money without cutting any of the coverage you need on your bike insurance.
Equipment Cover
Bike equipment such as helmets, boots gloves and leather jackets are an important safety requirement. This equipment can be costly to replace if it is lost, stolen or damaged. It is a good idea to look out for bike insurance policies that can also offer cover for your equipment.
Annual Policies
Many people only use their bikes in the summer months. However this does not mean you should only insure your bike for part of the year. Even when your bike is off the road it is important to protect it with bike insurance. You never know what could happen. The bike could be damaged or stolen and without insurance you would not be financially covered.
Breakdown Cover
You should also consider roadside assistance and breakdown cover when looking for a bike insurance policy. This would provide you with essential support when you are out and about in case of you have problems with your motorbike.
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