By Christopher Reinhold
After purchasing a bike, before it can be taken out on the road legally, the owner must have a bike insurance policy that at least covers them for the legal minimum amount, which is Third Party insurance. When taking out a bike insurance policy, there are many things to consider in terms of policy details and reducing the cost of the bike insurance premium.
As with car insurance, any No Claims Discount that is accrued on an insurance policy is strictly for that owner and bike only. The No Claims Discount cannot be transferred to another person, nor can it, coming as somewhat of a surprise to some, be considered when taking out a car insurance policy. If a person drives a car and a motorbike, each insurance policy will accrue its own No Claims Discount and both do not cross or are intertwined in any way, shape or form.
Not generally offered for cars on car insurance policies, many bike insurers often have the option of insuring several bikes under one policy. Known as a multi bike insurance policy, it covers the owner in the event an incident occurs on any of the bikes listed. However, it has to be noted that only the policy holder is covered on the bikes stated.
Holding a multi bike insurance policy is a great way to reduce bike insurance premiums, as rather than having several different policies, a multi bike policy brings them all together in one easy to manage place.
Another way to reduce bike insurance premiums is to simply be focused and safe and to use common sense when riding. Whilst it may sound obvious, many owners have had their bike insurance claims made void after they have claimed their motorbike was stolen, only for the insurance company to discover that the owner left the keys in the ignition.
In addition, owners always choose a bike within theirs means, needs and budget. For example, a brand new, top of the range Superbike may seem like a fantastic bike to own, but due to its high power and performance, insurance companies will raise their premiums to reflect the increased risk that the bike brings. On the converse, a second hand cruising bike, built for comfort and not speed, will have a substantially lower insurance premium as there is less risk of an accident taking place.
Furthermore, as insurance companies base their premiums on the amount of risk that the bike and or owner provide, the easiest way to lower bike insurance premiums is to reduce the amount of time spent on the bike. If the bike is used every day to commute to and from work, as well as for leisure on a weekend, there is more chance of an accident happening, based purely on probability, than if the bike is used for weekend leisure purposes only. With this in mind, if it is possible to reduce the amount of time spent on the bike, then this could be a major factor in receiving a highly competitive bike insurance premium.
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