ALEX GRANT
Here at VC we get TONS of questions about motorcycle insurance. ……
From who we have our insurance with to how to insure your first bike and the factors that either raise your insurance or bring it down. So, we thought who better to give you the insurance skinny than our buddies over at Devitt Insurance who have put together this handy article with some tips and advice on insuring your first wheels and what you need to know before you dive in!
Also if you were lucky enough to snag a Camp VC ticket before we sold out, swing by the awesome Devitt area at the event to pick up a free ride route map around the epic Brecon Beacons National park, Grab a free CAMP VC X DEVITT event poster and much more thought the weekend! See ya there!
ALEX GRANT
Ok, so we know it may not be the most rock ‘n’ roll part of riding, but motorcycle insurance is something that every rider needs.
It’s clearly not as much fun as choosing your new bike or riding gear but it’s always good to know your stuff before taking out your first bike insurance policy so here’s a little step by step guide of things to know before you hit the road.
Insurers, brokers and comparison sites
Before we start, it’s necessary to understand that the bike insurance market is made up of insurers, brokers and comparison sites. There can often be confusion with the roles that these all take.
We can use an analogy of buying a motorbike to try and make it clearer… think of insurers like your bike manufacturer who provide the product. Brokers are then like your bike dealership, where you can purchase various different manufacturer bikes, they all have their own products, prices and discounts.
You then have comparison sites, think of them a bit like Autotrader or similar, where you have loads of different dealers all selling their products at different prices and you choose the best deal for you.
So what do they all do then?
Comparison sites are a place where you can survey the whole market and see which broker or insurer is cheapest for you. When it comes to your policy, it is underwritten by your insurer who ultimately decide on the premium, but brokers can provide additional discounts as well as after sales help and assistance for the duration of your policy.
Brokers can have different arrangements with insurers, which is why policy benefits and pricing can be different from broker to broker, even they all use the same major UK insurers, which for UK bike insurance usually include: AXA, Aviva, Ageas, Allianz, LV, Markerstudy and Zenith.
Most brokers and insurers outsource their claims service, which is referred to as First Notification of Loss (FNOL). This is the place you call when you need to make a claim; they manage the process and communicate directly with your insurer, who ultimately make the decision about any claims.
No provider is the cheapest for everyone
It’s advised that you take a look around the market when you’re purchasing a motorbike insurance policy, due to the fact that no single provider is the cheapest for everyone.
Your friend could recommend a broker where they purchased their bike insurance, stating they’re the best as they were so cheap compared to everyone else; however, this same broker that was the cheapest for your friend could actually then be the most expensive for you!
This is because there are so many variables when it comes to getting your bike insurance, plus every insurer has different appetite for certain profiles, then brokers have different pricing from different insurers, plus they can provide additional discounts in order to remain competitive in the highly competitive world of comparison sites.
Build your experience
If you’ve never taken out bike insurance before then the best thing to do is run a few quotes on bikes you’re thinking about purchasing before you buy one, to get an idea of the cost of insurance on each bike. You don’t want to buy a bike only to find that the insurance on that bike is much higher than you expected.
If you’ve got zero No Claims Discount (NCD) and a brand new licence then insurers don’t have any indication of what you are like as a rider, therefore the price will reflect that. You’re best to select a cheaper bike with a less powerful engine to try and keep the premium as low as you can, then you can build up your riding experience and NCD before moving onto your dream bike, but again before you buy that dream bike, get some insurance quotes first!
Keep it secure
Do everything within your power to stop your bike being stolen. There is no guaranteed way to stop your bike being taken by thieves but you can definitely make it harder for them.
Bikes can be worth a lot of money and they are relatively easy to move into a van if parked in the street without any security, so a garage is always the best. If you don’t own a garage then the next best thing is get it out of sight in any other way, in a shed, in a garden, behind a locked gate, cover it as a minimum!
Then use all the physical security you can, chain, ground anchor, disc lock, etc. try to layer your security where possible. Trackers are also good, but they only come into play once your bike has already been stolen and they don’t always get recovered in the condition that they were taken in.
Declare your mods
Custom bikes have become much more common over recent years and most specialist bike insurance companies are set to accept many modifications. It’s absolutely essential that you check with your specific insurer first before assuming anything, as we’ve discussed, most providers have their own arrangements and policy conditions, so if you’re ever unsure, pick up the phone and ask your broker.
Cosmetic modifications are widely accepted, however, if you start to make changes to enhance the performance of your bike then it would be advised to check with your insurer / broker before you make the change. Some performance enhancing modifications may not be acceptable to your existing underwriter, meaning your policy would have to be cancelled.
Again, if you’re ever unsure, just ask your specialist bike insurance broker, who will be able to ensure that you have your modifications covered in the correct way, as non-disclosure of modifications could invalidate any potential claim.
VIVIANA GOMEZ- MORALES
Don’t forget, insurance is a contract
When you take out your motorbike insurance, remember you are entering into an annual contract. As with any contract, your mobile phone, your mortgage etc. if you decide to change or break your part of the contract then there will be fees that you incur.
Sometimes changes can’t be helped but if you’re able to wait until your 12 months is complete or nearly up, then you will avoid receiving a cancellation fee, as you can simply let your policy lapse rather than cancel it. If you cancel early before your 12 months are up, you will also lose that year’s NCD.
Try to time your bike changes with your insurance coming to an end if you can. This is because when you take out a new policy you are comparing quotes from lots of different insurers and choosing the best price from the whole market. When you change your bike mid contract, then you are in contract with that one insurer and therefore only receive a price from them and they may not be as competitive as other providers for your new bike.
Get a quote asap and HIT THE ROAD!
Visit our partner and motorbike insurance specialist Devitt for a bike insurance quote today. They offer all of your two wheel insurance needs including insurance for new riders, multi bike insurance, classic insurance with agreed value, custom / modified bike insurance, scooter, moped and everything in between (and most of the VC lot are insured with us so who knows ….maybe we could work for you too!)
ALEX GRANT