Motorbike insurance premiums are calculated on a huge number of different factors and the figure that you get is a result of a very long and complicated calculation process. However, there are certain key criteria that can have a big influence on the motorcycle insurance premium that you receive once you have tapped in all your details.
The important Points 1. Type and value of bike 2. Riders Age 3. Where you live (postcode) 4. Riding experience and record (i.e. convictions and claims) 5. Possession of No Claims Bonus 6. If bike is garaged 7. Security 8. Type of cover (comprehensive, third party fire and theft, third party only)
Now the rider clearly cannot change some of these factors such as age and their riding record, and others are impractical to change such as where the rider lives. Others though can be altered to ensure the motorbike insurance premium the rider has to pay is minimised.
Security This can have a large effect on the size of the motorcycle insurance bill you will be paying if the bike is new/nearly new and is highly valued and can impact the premium by hundreds of pounds, and it obviously is the easiest thing to change. Thus an investment in a good security device can immediately save you money in year one as the bike insurance premium can be reduced by more than the cost of the device.
Type of Cover What type of cover is required is the riders choice and choosing TPO or TPFT rather than Comprehensive can reduce your motorbike insurance premium substantially provided you are OK with the reduced cover. For bikes of low value TPO is frequently the obvious choice.
Garaging In areas where the risk of theft is high, e.g. in built up urban areas and/or the motorcycle has a high value and/or is a prized bike, then being able to garage the machine overnight will significantly reduce any motorcycle insurance premium. The garage will normally have to be lockable and brick built, e.g. wooden or corrugated iron structures are usually not acceptable and it is standard practice for the bike to always be kept overnight in the garage when it is on the proposers property.
If you do not have a garage do you know anybody who does who would be prepared to keep your bike overnight? This is normally acceptable to insurers. Think of that reduced bike insurance premium!
Type and Value of Bike If you have not yet bought the bike then it makes sense to think of the likely size of the motorbike insurance premium you will pay as you consider your options. If you are under 21, and especially if you have no no claims bonus, then any sort of sports bike will result in a very high bike insurance premium and the more powerful it is the higher the premium.
For anyone who has just obtained a full licence, a less powerful mid sized roadster such as a Honda Hornet or Suzuki Bandit will result in a much lower motorcycle insurance premium.
If you are buying a starter bike and riding it on a CBT, and especially if you are under 21, to ensure a low scooter insurance premium, buy a second hand low value bike (worth less than 1000 pounds) and insure it TPO.
These are all the factors you have control over and should consider if wanting to reduce your motorbike insurance premium as these are the ones that can have a substantial impact over what you will be quoted. There are others such as mileage in the year or whether you will be carrying pillion, but their impact will be much less.
Also, as stated earlier, your age and driving/riding record cannot be changed (unless you decide to be dishonest and as well as being morally questionable you run the risk of a claim being refused if your dishonesty is discovered). It might also be considered a bit drastic to move just to reduce a motorbike insurance premium.
How much of your property is covered by your insurance policy? Have you limited the cover of some contents of your house to cut the cost of your insurance premium? Only when emergencies arise like flooding and you find all your precious possessions float away or get damaged right before your eyes, and you get an amount that is not enough to cover all your losses or have your house rebuilt , you will realize that cutting costs is not a good idea after all.
However, there are hundreds of ways to reduce your flood insurance premium. The rule is not to tie yourself to the very first flood insurance provider that comes your way. There are so many insurance companies in the United Kingdom that you can choose from. Take the time out to get as many quotes as possible so you can compare their features and get a cheaper premium.
The next thing you can do is to come up with necessary measures to secure your home. Floods can not be prevented but you can do something to reduce the risk of damage to your home and the contents. You can not relax and leave everything to your flood insurance provider, most especially if your house is located in a flood zone area.
When you have made measures to secure your home and property, your flood insurance provider will see that you have made preventive measures and see you as a better risk. Then they may lower the flood insurance premium quotes. Look out for special offers and bonuses some insurance providers will be offering to their clients from time to time. Some insurance providers may even offer discounts on certain policies and this is something you also have to keep an eye on.
If the house and the contents you acquired are under mortgage, chances are your mortgage lender may provide the flood insurance for your property for them to feel safe that their investment is protected but you still have a choice to shop around for a flood insurance provider who can give you the best deal.
If you make your own choice, the mortgage lender may also have to check and approve the flood insurance policy you chose. They may check the policy details to see that your property is in good cover when emergencies arise.
Again, take time to browse and shop around for several quotations before you make your decision. You can navigate through the web for all the flood insurance providers in your area. If you have sifted through your search, make a call and get additional information.
If you have several quotations already and you still have not decided on one who offers the most reasonable flood insurance premium and can satisfy your needs, you may also consider paying a higher excess. This can be a cheap way to get an excellent policy, but at a reduced price. Paying a larger excess, in the event of a flood emergency is a small price to pay when you consider the sums involved in recovering the total value of your property and possessions.
Both Shaun Parker & Peter Finch are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Shaun Parker has sinced written about articles on various topics from Online Marketing, Auto Insurance and Wedding Bells. Shaun Parker has just bought a classic Kawasaki Z900 and wants to share his knowledge of how premiums are calculated.. Shaun Parker's top article generates over 246000 views. to your Favourites.
Peter Finch has sinced written about articles on various topics from Puppies Dogs, Culture and Society and Romance Love. If you are looking for information or advice on or. Peter Finch's top article generates over 823000 views. to your Favourites.