Insurance advice

Keeping your bike insurance costs down

Bike insurance needn’t be as expensive as your first quotes will make it seem. The dream bike you’ve always wanted to own might be within reach after all.

Keeping a bike on the road is scary expensive. Especially if it’s a high-end sports bike or super bling cruiser.

Which is why we’ve assembled this independent guide to help you keep your costs to a minimum without it impacting the quality of your cover.

Watch the APR, seriously

Brokers especially and some insurance companies can really ramp up the interest rate when you pay monthly. 40% + is more common than you think. If you can’t afford a lump sum then get a cheaper loan from your bank – normally in the 3-5% APR range.

It’s not as easy as saying yes to the brokers quick and easy payments, but if you’ve given yourself plenty of time to arrange your insurance then you can see it’s worth it.

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Mods hike premiums

The fact is mods, pretty much all mods, can add to the cost of motorbike insurance. And you HAVE to declare them because if you don’t and you have to make a claim, the claim may be seriously affected. And you could be marked for not being truthful when it comes to future policies.

If you do have a heavily modded bike, look at Bennetts. They include something like 16 bike modifications as standard. Plus you can add mods that aren’t covered in the standard list.

There’s more advice on bike modifications here.

Don’t settle for a high excess

It could be a false economy if you do have an accident. I once got a quote with a £1500 voluntary excess. Five minutes later I found another quote that was a little bit more expensive but that excess was nowhere near as excessive.

If the insurers do back you into a corner, there is another bike insurance route you can go down.

It’s called policy excess insurance cover and guess what, as long as you took the policy out before any claim, it covers the cost of that high excess you would be out of pocket for. Meaning you can go for a high excess to lower your premium, but not worry about having to be out of pocket by that excess amount if you have to make a claim.

We have a separate article on this here.

Do you really need pillion cover?

Pillion cover? What’s that then?

There is no specific cover called pillion cover but we have highlighted it because ticking the pillion passenger box on a policy can have a significant impact on cost. If you don’t need to carry a pillion or you can easily turn down a mate who might want to ride up in the future, you are reducing the insurer’s risk of having to pay out on a second person in the event of an accident.

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Does your job affect your insurance quote?

Indeed it does. But you aren’t going to change your job to get cheaper bike insurance, are you?

In our research on how to reduce your bike insurance costs, we came across this handy tool from Money Saving Expert that shows how different job titles lead to different premiums. Like MSE, we don’t advise you lie about your job, but if there is a different title that describes what you do and saves you money… Do you what the difference is between a Chief Executive and a Managing Director? About £25 on a £600 policy, apparently.

Third-party isn’t always cheapest

It’s the easy option to go for and it figures that if the insurer doesn’t have to cover theft, accidental damage and so on then the costs must be cheaper, right?

Not strictly speaking. It differs from insurer to insurer, but one thing all bike insurers have in common is a fear of risk, and by selecting a comprehensive policy you could be seen as a lower risk.

When you are on an insurance comparison site, it’s very easy to switch between a third party and a comprehensive policy. It might especially be worth trying on the riskier bikes, like sports and superbikes.

How to get yourself sorted:

Seriously, don’t sell yourself short by either under-declaring convictions, modifications etc. You are better to keep on shopping around – there are dozens of motorcycle insurers and brokers out there and some are more flexible and competitive than others.

More independent insurance advice

Are multi bike insurance policies cheaper?
The excess insurance trick that saves you serious money
Be careful with your insurance auto renewal
Motorbike insurance mirroring explained
How do modifications affect bike insurance?
Treat saving on bike insurance like earning money

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The Author

Paul Vennard

Paul Vennard

Paul is actually a chartered accountant so he knows a thing or two about saving money - and that's one of his roles at Biker and Bike: how to save bikers money.

Like everyone else here he's a full-on biker. He's a year-round rider and never happier than when he's on a track, screaming the nuts of his 675 Daytona.

Paul also loves a trip. Just don't share a tent with him. He snores like a bastard.