Tips to help save money on motorcycle insurance

If you’re a biker, then getting adequate motorcycle insurance is essential. But the price of insurance can vary massively between providers. Whilst it’s important to make sure that your insurance covers everything you need it to, we also need to make sure we can afford the payments too, particularly as the price of pretty much everything is on the rise at the moment. I’ve put together some tips to help you to save money on motorcycle insurance.

Look for a smaller, older or cheaper bike

As tempting as it is to go out and buy the biggest, most expensive bike you can stretch to, this will mean your insurance premium goes through the roof. Instead, if you want to save money on your motorcycle insurance, then it’s worth considering a smaller or older bike. These bikes usually cost less to insure and will give you a chance to build up your no claims insurance which will eventually save you money when you come to take out insurance in the future.

Avoid bikes with any modifications as this will make your insurance premiums more expensive.

Get a few quotes

Whenever you’re looking to take out any new insurance policy, it’s really important to get a few different quotes. If you don’t do this and just go with the first quote you get, then you have no way of knowing if it’s a reasonable amount or if you’re paying over the odds.

Use a comparison site

Insurance comparison sites are a great way to check multiple insurers all in one place. You just need to fill in your details once, and the comparison site will then bring up a list of insurers that could cover what you need along with their prices.

Take a look at sites like The Bike Insurer for a list of motorbike insurance quotes at great prices. When you’re looking through the list, just make sure that you take some time to look at what each one will cover and how much the excess payments would be if you were to make a claim.

Check cashback sites

Whenever I buy anything online, I always check on a cashback site first to see if there are any offers available. Insurance providers can often be found sharing offers on cashback sites such as TopCashBack and Quidco and all you need to do is click through to the insurer via the cashback site in order to receive your money.

Try to limit your mileage

When you’re looking for insurance quotes, many insurers will want to know the number of miles you expect to do over the course of the year. The fewer miles you do, the cheaper your insurance premium is likely to be.

Pay for your policy annually

Many people pay for their insurance monthly in order to avoid paying one larger lump sum. If that’s the only way you can afford to pay it, then that’s fine. But you will actually pay more over the year by paying monthly than would if you paid for your insurance policy monthly. When you pay monthly, you’re actually taking out a form of credit agreement, and your provider will add a small fee onto your payments in order to cover interest and arrangement fees.

Park your motorcycle somewhere safe overnight

Your insurance premium will partly be calculated based on where you leave your motorcycle parked overnight. If you leave your bike parked on a road overnight, then the chances are that you will pay more than if it’s parked up in a locked garage. This isn’t always something you can change, but if you do have the option to park up in a secure place then it’s definitely worth doing. It will bring your insurance premium down as well as helping to keep your motorcycle safe.

Increase your bike’s security

If you can afford to do so, then it might be worth fitting an immobiliser and alarm to your motorcycle. Make sure you use a Thatcham-approved alarm as this is what can usually bring your insurance costs down.

Add an experienced rider to your policy

Sometimes, adding a more experienced rider to your policy can bring the cost of your insurance down. Make sure you get permission from the rider and get quotes both with their details and without to ensure you are getting a better deal by adding them on.

Motorcycle insurance can be a costly expense, but it is a necessary one, and there are lots of ways to bring the costs down. Primarily, make sure you take the time to shop around before buying an insurance policy.