Insurance advice

Treat saving on bike insurance like earning money

Saving on bike insurance is possible if you put the time and effort in

Spending time getting quotes is a pain in the backside. But one that can pay quite well if you treat it as a job.

I recently saved £38.40 with a 10-minute call when the time came to renew my breakdown cover. That’s the equivalent of earning £240 an hour – a figure I can only dream of earning.

That’s just for starters. I saved nearly £250 when it came to reinsuring a multi-bike policy. By not auto-renewing and by switching out to multiple policies instead of having multiple bikes on the same policy, in around 25 minutes I saved the equivalent of earning £10 a minute. That would £600 an hour if I did it for a living… Think how many hours you would need to work to make that sort of saving. Compared to spending 30 minutes shopping around…

So don’t think shopping around for motorcycle insurance isn’t worth it. It can be massively worth it if you switch your thinking.

Time is money

You don’t need to spend long on it. I normally use at least two different price comparison sites, as they usually have different insurers. If you have the right info to hand, you can get it down in around 10 minutes per site.

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Cut costs, not corners

Finding a cheap quote is the easy bit. Working out if the policy is actually is cheap as the initial price quoted is the hard part.

Things to look out for are the inclusion of things that either you don’t feel you need or that could be cheaper elsewhere. Breakdown cover and personal injury cover are just two of the ‘extras’ where it pays to be diligent.

We’ve written a separate article on keeping the cost of your bike insurance down.

The hidden costs

We’ve written elsewhere that you don’t have to wait until your current policy expires before you can start reducing your bike insurance costs. But if you do want to cancel a policy to go elsewhere, there may be administration costs that you might need to pay. These charges crop up with alarming frequency. We’ve heard of policies that charge you for changing your address details…

The lesson is, especially with the policies that seem too good to be true, read the terms of the policy carefully. They should be available from the insurer on request.

Should the excess be excessive?

A typical trick to saving on motorcycle insurance, is to whack the voluntary excess up.

Is this wise? There is absolutely no point in having a large excess on a motorcycle insurance policy. Unless you are only going to ride everywhere at 20mph.

A large excess means you’ll be more nervous of having an accident than you need to be.

Good bike insurance should be reassuring so on balance you are better to go for a higher premium with reasonable excess than a super cheap policy with high voluntary and compulsory excess. I once got a quote for £300 comprehensive insurance for an ZX10R. I was about to go for it when I spotted the voluntary excess was an eye-watering £1500.

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But wait a minute…

That would be the advice normally, until we discovered Policy Excess Insurance Cover. In a nutshell, if you have to put your excess way up to get your premium down, you can take out a separate policy to cover you in the event that you have to pay the excess during a claim.

Read more about insurance excess policies here.

How to make sure you’re sorted:

Spend the time. Unless you’re as rich as Croesus and aren’t bothered about not being ripped off (if you aren’t, why are you on this site?!?) then every minute you spend saving money is either a minute you don’t have to earn it or the equivalent of having a really high salary. If you don’t have to worry about either then fair play to ya!

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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.