Helpful tips to help reduce insurance premiums
Posted: Tue Sep 17, 2013 9:59 am
So the biking season is nearly over but I thought I would impart some advice to you to refer to when next doing your insurance. These tips might not necessarily help everyone and they may not save you a ton of money every single time but they will help the majority of you, especially those with higher premiums.
1. Reduce mileage where possible – First of all, I am not saying that you should lie about your mileage to get a cheaper insurance. I have noticed that many people over-estimate their mileage 'just in case'. Usual discount brackets are at 1500, 3000 and 5000 although every company operates in different ways. If you do normally do 1200-2000 miles a year then put 2000 or 3000, don't say 5000 as the insurance companies won't recognise that you don't use the bike that often and you won't get the discount you deserve or expect.
2. Garaging – This is one of the main underwriting factors of an insurance policy. Where will the bike be kept when not in use? If you do have a shed that needs clearing out or you think you can squeeze your bike into the garage then do just that! You could be missing out on potentially huge savings. Be wary though as many companies will then require you to keep the bike in the shed/garage at the home address when not in use.
3. Security – Some companies will discount up to 30% or maybe even more if you can assure them that the bike is secure and won't be stolen. This counts for alarms, immobilisers, trackers, tagging devices, locks & chains and disc locks. If you don't know what lock you have, find out! You could be missing out on 25% discount just for knowing what make and 'model' disc lock you have.
4. Call the insurance company – Try and find a freephone number where possible and ring some companies up. I know that 70% of the time, we can get a client a cheaper price over the phone than online so if you do get a quote online, follow it up and see what we, or any other insurer can do.
5. Level of cover – So you do 1000 miles a year and the bike is barely touched and you are a confident rider.. Do you really need comprehensive? Third party fire and theft will still cover you for theft and can be a lot cheaper. It can't harm to have a look and if you are unsure as to what you are and are not covered for, follow tip number 4.
Finally, and possibly most importantly, don't lie about your details or deliberately mislead your insurer. The new Motorcycle Consumer Insurance Act does now put the onus on the insurance company to ask certain questions rather than the client to disclose 'material facts' to the insurer. However, if they do ask you a question and you deliberately lie, you may not be paid out in the event of a claim...
Barry
1. Reduce mileage where possible – First of all, I am not saying that you should lie about your mileage to get a cheaper insurance. I have noticed that many people over-estimate their mileage 'just in case'. Usual discount brackets are at 1500, 3000 and 5000 although every company operates in different ways. If you do normally do 1200-2000 miles a year then put 2000 or 3000, don't say 5000 as the insurance companies won't recognise that you don't use the bike that often and you won't get the discount you deserve or expect.
2. Garaging – This is one of the main underwriting factors of an insurance policy. Where will the bike be kept when not in use? If you do have a shed that needs clearing out or you think you can squeeze your bike into the garage then do just that! You could be missing out on potentially huge savings. Be wary though as many companies will then require you to keep the bike in the shed/garage at the home address when not in use.
3. Security – Some companies will discount up to 30% or maybe even more if you can assure them that the bike is secure and won't be stolen. This counts for alarms, immobilisers, trackers, tagging devices, locks & chains and disc locks. If you don't know what lock you have, find out! You could be missing out on 25% discount just for knowing what make and 'model' disc lock you have.
4. Call the insurance company – Try and find a freephone number where possible and ring some companies up. I know that 70% of the time, we can get a client a cheaper price over the phone than online so if you do get a quote online, follow it up and see what we, or any other insurer can do.
5. Level of cover – So you do 1000 miles a year and the bike is barely touched and you are a confident rider.. Do you really need comprehensive? Third party fire and theft will still cover you for theft and can be a lot cheaper. It can't harm to have a look and if you are unsure as to what you are and are not covered for, follow tip number 4.
Finally, and possibly most importantly, don't lie about your details or deliberately mislead your insurer. The new Motorcycle Consumer Insurance Act does now put the onus on the insurance company to ask certain questions rather than the client to disclose 'material facts' to the insurer. However, if they do ask you a question and you deliberately lie, you may not be paid out in the event of a claim...
Barry
