Motorbike Insurance Facts You Should Be Aware Of
Insuring your motorbike gives you protection against financial losses should your
motorbike figure in an accident and cause bodily injury or damage to property. The insurance is paid monthly or annually, it is also renewed yearly.
There are several insurance companies offering motorbike insurance but these companies have different rates and offers. You do best to choose a company that offer better rates for a new or used motorbike. If you have been using the same insurer for years because it was convenient for you, you might as well start checking out other insurance companies. Compare rates and know how much they can lower the rates if you ask for discounts.
You can also adjust your voluntary excess. This is an amount of money you must pay before the cover of the insurance plan of the company begins. If you figure in a minor collision and the cost of the damage is minimal, you pay the amount from your pocket. But the next time you accidentally hit a car, the company will pay for the damage over the voluntary excess amount.
A higher premium for motorbike insurance lowers the voluntary excess amount while a lower premium has an increased voluntary excess. So should you need a higher or lower excess? Practically, when paying a higher premium for zero excess and then there's no need for medical claims or property damages, the choice can be expensive but having total cover, with little or zero excess, can be a lifesaver during a crisis. Paying a lower premium though can help you manage your personal and household finances.
The law states that you have to have a minimum level of cover to ride on public roads and that is third party only cover.
Options are available but insurance companies are required to offer these, uninsured motorist cover and guest passenger liability cover. These options will increase your premiums and although this is not legally necessary, the cover can ease your finances should the need arise.
You can still lower your insurance cost for your motorbike by taking out insurance from the same insurance company or by just having a good driving history. If the motorbike will only be used during weekends, the insurer might also consider giving you a better deal.
Or you can use the option of paying your insurance as you go instead of getting a one year or monthly instalments package. However, this can be an inconvenience if you happen to need your motorbike and the insurance has lapsed. This will have legal implications and a stiff fine from authorities.
Whatever motorbike insurance you choose, make sure that you get the protection you need against financial losses and the theft or vandalism of your motorbike. If you get insurance that gives a maximum protection of 15,000 pounds only and the cost of damage exceeds the cover, you are going to pay the excess from your pocket. Since you never know what can happen, it's best to get cover beyond the requirement of the law.
by: Tom Jones
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