Types of bike insurance cover available
Bike theft is one of the most common type of vehicle theft and as such it is a wise investment to insure your bike. However bike insurance does not just cover you against theft, it also covers any damages that an accident (or delinquency) may cause to your bike or to yourself.
For a more comprehensive explanation, please read below to clarify the different covers and other answers regarding bike insurance which you may be wondering about.
Insurance companies tend to offer three main types of cover for your bike.
These are:
- Third Party Only Bike Insurance - This is the most basic level of motorcycle insurance cover available and covers you for third party death, third party injury and third party property damage.
- Third Party Fire and Theft Bike Insurance - This cover covers all of the above plus fire and theft cover and miscellaneous damage to your bike/motorcycle (subject to policy conditions).
- Comprehensive Bike Insurance - This insurance covers both of the above plus accidental damage to your bike/motorcycle.
In the event that you should find an insurance offer which you feel is adequate for your needs but somewhat too expensive, adhering to the following criteria can all help to make it easier to obtain cheaper bike insurance:
- Adding a voluntary excess to your bike insurance policy
- Restricting the number and age of drivers included on your bike policy
- Drive a low grouped bike/motorcycle see www.abi.org.uk
- Adding security to your bike.
- If you have a garage or lock up keep your bike in there at night
Many insurance companies also have several installment schemes available to help spread the cost of your bike insurance, so it is worth enquiring about this. If you choose to take your bike abroad while on holiday and you may be wondering how this might affect your insurance policy. Most bike insurance policies now cover you free of charge to drive in any EEC country under those countries’ minimum insurance requirements.
Please be aware that this cover for your bike will usually be minimal. However, several policies will provide you with the same level of cover in the EEC as you have in the UK. Again if this is of interest to you then enquire with the insurance company about their offers for extensive covers abroad.
Bikes are very popular with younger customers, such as those going on a mountain biking holiday or just the wild at heart who like to ride a motorcycle in the city. Statistically younger customers are also more at risk than the older clientele. They are more inexperienced, likely to use their bikes more often and go on gap years with their bikes.
As a result, often the insurance companies will differentiate between the under 21s and over 21s, and offer much better deals for those older. If you fall under the latter bracket, don’t forget to get your money’s worth: search for companies or deals which focus on giving cheaper deals for older people.
When doing this, it is often a good idea to use a price comparison website, as you may find other factors about your particular situation that may work in your benefit.