Motorcycle insurance serves to provide you with financial protection in case of accident, loss, theft, or damage. It typically includes liability coverage in case you’re responsible for the injury of another person or damage to property. When getting motorcycle insurance, you would want to opt for the cheapest one as much as possible. However, before you make such a crucial decision, it helps to understand how insurance carriers establish their prices so that you can help reduce your policy cost. 

There are a handful of factors that can impact the cost of your insurance policy. You first have to get acquainted with these factors before you make the final decision in buying a particular insurance. Below are five tips in getting cheaper insurance for your motorcycle.

1. Opt for a smaller, cheaper bike.

First, it is best for you to opt for a smaller, cheaper motorcycle. Not only will this be convenient for you, but it will also reduce the cost of your insurance policy. Know that the more costly and upgraded your motorcycle is, the higher the risk it poses. That’s why insurance carriers provide a higher rate for big and complex motorcycles. For instance, you will pay more for the repair of your classic two-wheeler when compared to a newer model, considering its rarity and the high cost of spare parts.

2. Keep it original.

If you want to settle for the same premium, it makes sense not to modify your motorcycle. Yes, you can maintain it on a regular basis, but you will have to inform your insurer when you decide to modify your bike. Chances are, this may increase your insurance premium. If you don’t notify your insurance about your bike upgrade, you may have your claims invalidated in the future in case of an unexpected circumstance.

3. Improve your bike’s security.

It is important to understand the need to improve your motorcycle’s security. If your motorcycle is more secure and safe, then it will be much harder for it to be stolen. This security translates into a lower premium. For one, you can keep your bike in a locked garage at night. Two, you can resort to anti-theft measures, such as ground anchors, immobilizers, and bike locks. Make sure to inform your insurer about the security devices and security measures you use so that you can have a discount.

4. Consider your bike users.

Another consideration is the person using your motorcycle. Your insurer doesn’t necessarily know if your bike users are reckless or careful riders. However, they can refer to stats indicating how likely a motorcycle user is to make a claim. In most cases, the usual stats are stacked against younger bikers considering the number of motorcycle accidents common among youngsters. You may possibly get a higher premium if you’re a young biker or have a young biker on your policy. On the other hand, adding an older, experienced driver to your policy can result in a lower premium.

5. Augment your excess.

The higher the voluntary excess you agree to, the lesser will be your insurance cost. However, there’s a drawback to this. When you make a claim, the amount most likely gets deducted from your final payout. If you have zero voluntary excess, your insurance carrier will determine that they have to pay you the full amount of the claim. Chances are, the premium might get higher than usual.

Motorcycle insurance is meant to provide you financial protection and not to cost your financial liability. You will not have to pay a very high premium because you now know that there’s a way to reduce the policy cost and make the most of your insurance. Take into consideration the valuable tips outlined above, and see how you can go about availing a much cheaper insurance rate for your motorcycle.

If you are looking to get motorcycle excess insurance in the UK, get in touch with us today! We’re happy to help.