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Bike Insurance -
Bike insurance what to know
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With the ever growing status of motorcycles in the UK it is of high importance for you to find the insurance policy that best suits you. The great thing about bike insurance is that it is not as complex as car insurance. Still there are some areas to bear in mind when searching for the right type of bike insurance. It is important to acknowledge that the cheapest bike insurance may not necessarily mean that it is the best, this is relevant to all insurances. Some of the things you need to look at with regards to the insurance, are the conditions it sets for driving abroad, whether your no claims is protected and the policy excess.
Another important factor to consider is what you may need to do in the event of riding another person’s bike. In this case a ‘riding other motorcycles’ extension protects you for third-party damage only. In some cases it can even be less protection than that, the lowest form of protection available to you, which is called Road Traffic Act cover. However this type of cover can only be utilised by you, on the assumption that the owner of the bike has insured the vehicle. I must mention that once you park the vehicle using the extension in place, it’s not insured at all until the owner actually takes back the vehicle.
If you have recently purchased a bike and it is your first time, you will be glad to know that in comparison to car insurance many modifications do not actually increase your premium. On assuming that they do increase the premium, it will only be by a slender amount. If we are looking at a modification that does boost performance, then you can anticipate a much higher premium. One important point to remember, even if your modification does not in any way improve the performance of your vehicle, you are still obligated to inform the insurer. The repercussions of failure to inform the insurer could result in the initial claim being rejected and your policy becoming invalid.
For those of you out there wanting to save some money, here is an extremely important piece of information for you to note. Try to avoid paying for your insurance by direct debit, because unlike car insurance bike insurance is very expensive when paid for this way. You could potentially find yourself paying up to as much as 30% APR. If it is difficult for you to pay the full amount forthright, you can opt to use a 0%-on- purchases credit card, but try to ensure that you clear the balance on the credit card before the duration of the interest-free deal ends.
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Only Insurance Ltd is authorised and regulated by the Financial Services Authority, FSA registration number: 313649. Our registered offices are 1 Kings Avenue, Winchmore Hill, London N21 3NA, company number: 05223009. Telephone 0207 377 1805.
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