So, you've set your heart on that dream bike, and it's neither small, old, nor cheap. The good news? You don’t have to settle for less. There are savvy ways to enjoy the thrill of your preferred ride without the financial sting. Let's explore how you can truly have your cake and eat it too when it comes to motorcycle insurance with five helpful tips on getting value for your money on your motorcycle insurance.
1. Pay Insurance Annually
Switching to an annual payment for your motorcycle insurance instead of monthly instalments can be a game-changer. Why? Because this eliminates interest or finance arrangement fees, potentially saving you between 10-15%. It's straightforward—pay once, save more.
2. Reduce Your Premium with Rider Training
Taking an advanced riding course not only sharpens your skills but may also lower your insurance premiums. Not all insurers offer discounts for additional qualifications, so it's crucial to assess whether the cost of a course like the government's Enhanced Rider Scheme—which includes a bespoke training plan and a DVSA Certificate of Competence—outweighs the potential insurance savings. However, completing such a program could reduce your premiums by up to 10%.
At Wheels Motorcycles, we offer affordable, professional motorcycle rider training with first-class, DVSA-qualified instructors, including tuition that would grant you the certification for the Enhanced Rider Scheme. Contact us today if you’re interested in partaking. If you’re already a great rider, it should be a simple, painless process that cuts costs.
3. Get the Right Motorbike Cover Type
Insurance isn't one-size-fits-all. If you own an older bike or one that isn’t particularly high-value, you might consider opting for third-party, fire and theft cover instead of a fully comprehensive policy. Surprisingly, less extensive cover doesn’t always mean cheaper, so do your homework. Compare what each policy covers and excludes to ensure you aren’t paying for unnecessary extras like legal assistance or a courtesy bike if you don’t need them.
4. Increase Your Voluntary Excess
Choosing to pay a higher voluntary excess can significantly reduce your insurance premiums. This means you agree to pay more towards any claim you make. It’s essential to ensure this amount is affordable for you; remember, this is on top of the compulsory excess. This tweak in your policy could save you up to 10% on your premiums.
5. Short-Term Cover
If you only ride during certain times of the year, consider short-term insurance or even cancelling your insurance mid-term. This approach requires obtaining a statutory off-road notification (SORN) for the periods when your bike isn't in use, thereby avoiding the need for insurance and road tax. It may sound cumbersome, but the financial benefits are significant, potentially halving your insurance costs annually. Keep in mind, however, that you won't accrue a no-claims bonus for that year. If you can get it right, you’ll potentially save over 50% on your premiums for the year.
Motorcycle insurance doesn't have to break the bank or restrict your choices. By being proactive and making informed decisions about how and when you pay, the type of cover you choose, enhancing your riding skills, and managing your insurance terms, you can enjoy substantial savings. This way, you can invest more in what truly matters: the joy of riding.
At Wheels Motorcycles, the UK’s premier destination for both new and used motorcycles, we fuel your passion for two wheels. Featuring the world’s most popular brands including Kawasaki, Suzuki, Aprilia and Honda, with our top-notch service and MOT centre, we ensure your bike is always summer-ready, letting you ride with peace of mind. Browse our range of new and used bikes today, or contact us for more information
