February 8, 2011
By Staff Reporter
Buying a brand new motorbike obviously means that you’re going to need a motorcycle insurance quote. It’s illegal to drive without it, and the only thing you can do is get the best deal. After all, you won’t be entitled to drive on public roads without it.
Before the Internet, and even just a few years ago, getting good bike insurance had been a challenging affair. Bikes were once considered high-risk vehicles, meaning that insurance was generally offered with much higher premiums. Things have changed with most insurance companies, however, and most of them are now willing to provide policies that offer the same great value as when you compare insurance quotes or home insurance.
There are now more insurance providers than ever before, meaning competitiveness is higher than ever too, and with so many insurers competing for custom, you’ll receive better bike insurance deals than you ever thought you could.
Do consider, however, that with such vast differences in prices between companies, there are always bound to be things you can do to lower your insurance costs. One of the first things you can do to lower your rate, if you’re a younger driver or have no previous experience driving motorbikes, is to insure a bike with a less powerful engine. If you’ve never been insured before, then your insurance premium is going to be higher by default. Lower engine machines can reduce costs, but do expect your premium to be higher than most because of your inexperience.
As soon as you’ve spent a while on the road with your bike, and finished at least a full year of insurance without any claims, you’ll be classed as more experienced and your premium will go down on average. This means that you can either keep your current vehicle and benefit from lower costs, or purchase a larger engine vehicle for a more reasonable premium than before.
Another thing to remember is that there are now many price comparison websites. Price comparison websites allow you to input your details and information about your required policy, so that you can be instantly provided with quotes from a number of insurance companies. Not all companies will be presented to you, but a vast majority will, providing you with the easiest way of comparing the cheapest policies available.
Sign up to The Irish Echo Newsletter
When you’re using price comparison websites, you will be asked about the whereabouts of where your vehicle will be stored. If you choose to keep your vehicle in a secure place, like within your own property or in a garage, then your quotes will be significantly lower. Bikes should generally be kept inside a locked garage or premises anyway, given that bikes are generally easier to steal than cars.
Another thing price comparison websites will ask you is how often you use your bike. Some of us in Ireland only use their bikes occasionally, and instead use their cars for most of their travelling requirements. By informing the price comparison website or the insurer directly, you will see a significant reduction in your premium. If you agree to a ‘limited mileage’ policy, you will be able to enjoy cheaper premiums as long as you don’t exceed the initially agreed mileage. Should you exceed this mileage, then you technically won’t be covered, so be sure to contact your insurer if you believe you are going to exceed it.
As well as changing the requirements of your policy in order to reduce your premium, you can opt for a number of different policies that will change the price of your premium dramatically. This is also true for when you want to insure your home or car. The cheapest option is the third party, fire and theft option. This is good for budget drivers, however does not cover any costs of repairing your bike if you find that it requires extensive repair.
If you want to ensure that you will not have to pay out a small fortune to have your vehicle fixed, or pay out large sums of money to pay for other peoples’ damage, then it’s probably worth paying a little more. By purchasing a fully-comprehensive policy, you will have near enough everything you need protected by insurance, meaning that you wouldn’t have to pay out anything other than the excess if you find yourself in an accident.
By considering small details about your policy requirements, and not just accepting the first offer you receive, you can make sure that you’re not being ripped off, or grossly overcharged for your bike insurance.