Finding the right insurance for your two-wheeler could be quite cumbersome, as you already may know. If you drive a Ducati to commute regularly or a tidy Triumph for your weekend trips, it is imperative to have the appropriate insurance cover for your two wheeler all year round, irrespective of the fact that you might use it only during summer. The Continuous Insurance Enforcement Regulations (CIE) maintain that it is an offence to own a bike without appropriate bike insurance cover even if it left unused at your garage, unless you have taken out a Statutory Off Road Notice (SORN) by notifying the DVLA. This implies that you do not have to go on a ride without bike insurance to be fined. And if you are caught riding a bike without an appropriate insurance cover, a penalty of £100 has to be paid on the spot, your vehicle could be seized and towed away and you could be faced with a court prosecution where the maximum penalty is £1000.
Given that the prices for Bike Insurance are often on the rise, it becomes all the more necessary for customers to conduct an appropriate market survey to obtain the optimum Bike Insurance policy available.
Levels of Bike Insurance
There are three types of Bike Insurance policy you can select from, as per your requirements. They are third party only, third party fire and theft and fully comprehensive. You will first need to work out what kind of a cover you require.
- Third Party Only bike insurance – This is the most basic type of insurance and it offers the minimum cover as required by law. A third party only policy covers you if your vehicle causes damage to a third party vehicle, property or the third party themselves alongside if there are any other passengers travelling with the third party or you. This type of insurance does not cover you for any damage caused to your two -wheeler and neither does it protect your vehicle in the event of a theft.
- Third Party Fire & Theft bike insurance – This type of insurance will cover you for every aspect featured in a Third Party Only bike insurance policy and will also provide a payout in case your bike is damaged by fire, lost or stolen. If own an expensive bike, the Third Party Fire & Theft bike insurance could be your ideal choice.
- Fully Comprehensive bike insurance – This is the most upgraded and often, but not always, the most expensive bike insurance cover available in the market. It covers everything that third party fire & theft bike insurance does and additionally, covers you and your vehicle if it is damaged or destroyed owing to an accident which you have caused.
It is true that the higher cover if often the more expensive premium. However, it is important to shop around to find the most comprehensive cover at the most competitive price. It becomes all the more necessary for you to spend that extra time and spending the additional amount of money looking for an appropriate cover in case you own an expensive bike.
Types of bike insurance
Not everyone requires the same type of bike insurance owing to the different kinds of vehicle. The following classifications will help understand the various types of bike insurance available to suit the type of vehicle you own. However, you must consider that each insurer rates its risks and views each of these types of bikes differently. For example, a modified bike insurance provider may happily provide lower premiums than a standard bike specialist for your situation.
- Classic bike insurance – The classic bike insurance premium is often lower as compared to the cost of other conventional bike insurance policies. They are seen as less likely to be stolen as they are harder to sell on by unscrupulous thieves. Numerous bike insurance companies also believe that the owners of classic vehicles such as Harley Davidson’s or a classic Triumph will be more careful with these vehicles and therefore, are less likely to make a claim.
- Bike insurance for women – Traditionally it was always believed that owing to the lower number of women who drove two wheelers, they were less likely to make a claim and therefore, insurance premiums for them used to less expensive. However, the rules have changed now and bike insurers are no longer considering gender while calculating premium for their clients meaning men and women are on equal grounds when buying their insurances.
- Bike insurance for convicted and young riders – Since convicted riders are statistically considered to make more claims, the premium cost may seem your premiums are higher. Similarly, it could be higher for young riders who are considered to be inexperienced and rash drivers.
- Modified bike insurance – Modifications in a bike which enhance its performance and looks often accrue a higher bike insurance premium amount. However, if the modifications rendered have improved the security levels of the bike, the premium could be decreased considerably. It is important to disclose any modifications to your bike to your insurers. If you fail to tell them, and your bike is stolen it could invalidate any claim you make on your policy.
- Moped and Scooter insurance – Scooters and mopeds are far more fuel efficient, have simpler manoeuvring systems and accrue less road tax as compared to bikes with larger engines. Insurance premiums for these vehicles could cost you less, provided your vehicle meets certain criteria i.e. the engine should not exceed 50cc and the weight of the framework of the vehicle should not exceed 250kgs however, this varies per insurer.
- Quad bike insurance – If you own a quad bike i.e. a four-wheeler bike, you have to look specifically for an insurance policy that caters to this type of a vehicle.
How to prioritize your safety
Irrespective of whichever kind of a bike insurance you have opted for, the goal is to ensure that you never meet with an accident and make a claim. This is extremely important for bike riders as more than often, they have to anticipate the actions of the other drivers on the road. Therefore, whenever you are riding a two wheeler you need to concentrate on how you are driving, where you are going and always be alert of your surroundings. Ensure you use a fitted helmet with a visor as an ill fitted helmet can cause more danger. Wear protective clothing which is water proof and padded and gloves whenever you are riding your bike. Ensure that the vehicle is serviced and maintained, especially if you have not used it for a while.