Lowering your motorcycle insurance costs in the UK is essential for making your premiums more affordable without sacrificing coverage. Several factors can influence your motorcycle insurance premiums, but there are effective ways to reduce them. Here’s a comprehensive guide on how to lower your motorcycle insurance costs:
1. Shop Around and Compare Quotes
- Use Comparison Websites: Take advantage of comparison websites like Compare the Market, GoCompare, MoneySuperMarket, and Confused.com to compare prices from multiple insurance providers. Different insurers may offer better deals for your specific circumstances, so it’s worth checking multiple sources.
- Check Direct Providers: In addition to comparison sites, check the direct websites of insurers like Direct Line, Carole Nash, and BikeSure, which may offer exclusive discounts for purchasing policies directly.
2. Choose the Right Type of Insurance
- Third-Party Insurance: If you’re looking for the cheapest option, third-party insurance is the minimum required by law and covers damage to other people, vehicles, and property in case of an accident. However, it doesn’t cover damage to your own motorcycle.
- Third-Party, Fire, and Theft: This is a mid-level policy that provides protection for your bike in case it is stolen or damaged by fire, in addition to third-party coverage. It can be a good balance of cost and protection.
- Comprehensive Insurance: Though comprehensive policies are typically more expensive, they cover both third-party damage and your own bike’s repair costs. If you own a valuable bike, comprehensive insurance could be worth the extra cost.
Tip: While comprehensive insurance may seem more expensive, it can sometimes be cheaper than third-party options for high-performance or newer motorcycles.
3. Increase Your Excess (Voluntary Excess)
- Higher Excess, Lower Premiums: Voluntary excess is the amount you agree to pay in the event of a claim before your insurance covers the rest. By increasing your voluntary excess, you can reduce your monthly premium. However, ensure that the excess is an amount you can afford to pay in case of an accident or damage.
4. Choose a Smaller Engine Size
- Smaller Engines Are Cheaper: Insurance premiums are often lower for motorcycles with smaller engines because they’re considered less risky to insure. If you can, consider downsizing to a smaller engine size, especially if you’re just starting out or using your bike for commuting.
- Engines Under 600cc: Motorcycles with engines under 600cc typically have lower insurance premiums, so they can be a good choice for new riders or those looking for an affordable option.
5. Take Advanced Riding Courses
- Advanced Rider Courses: Completing an advanced riding course such as the Institute of Advanced Motorists (IAM) or RoSPA can demonstrate your ability to ride safely and responsibly. Insurers often offer discounts to riders who complete these courses as they reduce the risk of accidents.
- Compulsory Basic Training (CBT): If you’re a new rider, completing your CBT is a requirement. However, some insurers may offer lower rates if you also pass additional advanced riding tests after gaining experience.
6. Park Your Motorcycle in a Secure Location
- Secure Parking Reduces Risk: The location where you park your motorcycle can impact your insurance costs. Keeping your bike in a locked garage or off-street parking significantly reduces the likelihood of theft or vandalism and can lower your premium.
- Use Security Devices: Install additional security devices like disc locks, steering locks, or immobilisers. Many insurers offer discounts for bikes equipped with high-quality security systems. Some insurers will even provide discounts for having an alarm or GPS tracking device.
7. Limit Your Annual Mileage
- Lower Mileage, Lower Risk: The fewer miles you ride, the less likely you are to be involved in an accident, which means a lower risk for insurers. If you can, estimate your annual mileage accurately and select a policy that matches the lower mileage range.
- Be Honest About Your Mileage: When providing your estimated annual mileage, be realistic. Overestimating it could result in unnecessarily high premiums. Insurers take this figure into account when calculating your rates.
8. Build a No Claims Bonus (NCB)
- No Claims Discount: Just like car insurance, motorcycle insurance providers offer a No Claims Bonus (NCB) or No Claims Discount (NCD). If you remain claim-free for a certain period (usually one year), you can earn a discount on your premiums.
- Transfer Your NCB: If you have a no claims bonus from a previous insurance provider, make sure to transfer it to your new insurer when changing policies. This could lead to significant savings, especially if you’ve been claim-free for several years.
9. Consider the Bike’s Make and Model
- Bike Make and Model Influence Premiums: The make and model of your motorcycle can significantly impact your premium. High-performance motorcycles, sports bikes, and luxury bikes tend to attract higher premiums because they are seen as riskier to insure.
- Choose a Lower-Risk Bike: Opt for a bike that’s known to be safer, with a history of fewer claims, and is less likely to be stolen. Consider well-established brands with a reputation for reliability and lower theft rates.
10. Pay for Your Policy in Full
- Avoid Monthly Instalments: Paying your premium in full, rather than in monthly instalments, can help you save money. Insurers often charge interest or fees for paying in instalments, which can add up over the year.
- Look for Discounts for Full Payment: Many insurers offer discounts for customers who choose to pay their premiums upfront rather than spread them out over monthly payments.
11. Opt for a More Experienced Rider
- Rider Experience Matters: Insurers typically charge higher premiums for new or young riders because they are considered higher risk. If you have more experience on the road, this can result in lower premiums.
- Rider Age: Generally, the older and more experienced you are as a rider, the cheaper your insurance will be. Some insurers also offer discounts for riders over a certain age, such as 25 or 30.
12. Look for Specialized Motorcycle Insurers
- Niche Motorcycle Insurance Providers: Some insurers specialize in motorcycle insurance and may offer more competitive rates or specific coverage options suited to your needs. Providers like Carole Nash, Bennetts, and MCE may have more tailored options for riders, especially for those with specific types of bikes or riding habits.
13. Avoid Modifying Your Motorcycle
- Standard Bikes Are Cheaper to Insure: If you’re considering modifications to your bike (such as aftermarket parts or custom paint jobs), be aware that modifications can increase your insurance premiums. Modifications can make your bike more attractive to thieves or increase the risk of accidents.
- Declare Modifications Honestly: If you’ve already made modifications, be sure to declare them honestly to your insurer. Failure to do so could invalidate your policy in the event of a claim.
Conclusion
Lowering your motorcycle insurance costs in the UK involves a combination of strategic choices, from comparing quotes to taking steps that reduce your risk. By shopping around, choosing the right level of coverage, increasing your voluntary excess, securing your bike, and limiting your mileage, you can significantly reduce your premiums. Additionally, maintaining a no claims bonus and opting for an experienced rider status will help keep your costs down. Implementing these strategies will not only save you money but also ensure that you are still properly covered in case of an accident.
