When it comes to buying motorcycle insurance, how you go about storing your motorcycle can have a huge impact on the price you pay.
Insurance companies will look at the possible risks you or your situation pose and how likely you are to make a claim when determining the price of your premium.
One of the most important risks that insurers consider when it comes to motorcycle insurance is where your vehicle is stored when you’re not riding it.
Thefts of motorcycles and mopeds are on the rise, especially in large cities as thieves and joyriders seem them as an easier target compared to more secure cars.
This rise in thefts has meant that now more than ever if you’re not storing your motorcycle safely, you could see your premiums rise dramatically.
You’ll find that when you apply for insurance you’ll have to answer the question, ‘where will the vehicle be stored overnight?’.
The answer that is most likely to keep your premiums down is that you’re keeping your motorcycle in a locked brick building or garage overnight. To insurers, this shows you’re concerned about the safety and are actively trying to deter thieves and vandals.
Riders who keep their bikes on the street or even on their drives overnight are seen as a high risk, more likely to have their bikes stolen or damaged and therefore more likely to make a claim.
This shouldn’t stop getting insurance generally, but some insurers will restrict their policies to those who store their motorcycle in a certain way while those that will offer insurance to you wherever you keep your bike, are likely to charge a high premium if it’s kept on the street.
If you prefer to keep your bike on the street or on your drive, then there are a number of extra precautions you can take to ensure your bike is as secure as possible. These should include:
Remember that wherever you store your bike, you must make sure that you are accurate and honest when applying for insurance. Lying on an insurance application is considered fraud and would not only cause your policy to be voided but you could also face police action.
The easiest way to keep your insurance down is not to commit fraud but to be as safe as possible when it comes to driving and storing your vehicle.
Making sure you’re storing your bike properly overnight is just one way you can help to keep the cost of your insurance down.
You can also reduce the price you pay by choosing a smaller, unmodified motorcycle. The size of the bike’s engine can affect how much you pay, so older, less powerful bikes and mopeds will see you pay less for insurance.
If you increase the amount you contribute towards your voluntary excess, you can reduce the overall cost of your premiums.
You will have to pay out more if you do have to make a claim but if you take good care of your bike and are a safe rider, you might find that offering to pay more in the event of an accident, can actually save you money.
This is an ideal situation for those riders who only use their bikes seasonally as you’re less likely to have an accident as you spend these on the road.
Riding a motorbike can be for many riders a seasonal method of getting to work or even just a hobby. If you’re only planning on using a bike for the odd weekend here and there or even if you plan on borrowing a bike, paying for annual insurance could be a big and unnecessary expense.
You might find that getting temporary motorcycle insurance is a more flexible choice for you.
So if you’re on a test ride or just want to hit the road and make the most of the sunny weather, a short-term policy could be the best way to get the cover you want while only paying for what you actually need.
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