To be able to get insurance for a motorcycle one has to define what a motorcycle is first. So put simply, a motorcycle is any vehicle that has two wheels and is powered by a mechanical engine. It is still classified as a motorcycle even if it has a side car or a trailer. A three wheeled vehicle is classified as a motorcycle as long as it has two out of the three wheels on the same axle.
The Road Traffic Act (1988) made it obligatory for motorcycles in the UK to have motorcycle insurance. Essentially, there are three basic options of motorcycle insurance available to choose from. To begin with, there is comprehensive coverage. This is the most expensive type of coverage available and provides the highest type of protection possible to motorcycle riders. It provides coverage for damage or loss of the policyholder’s motorcycle regardless if it is accidental or intentional. Additionally, it includes everything that is included in the third party fire and theft policy.
The next level of cover is Third Party Fire and Theft - commonly referred to as TPFT - and covers all the basic requirements of the 1988 Act (plus a little more). If there is an accident and the policyholder is at fault, the insurer will pay for all repair costs and loss of income to involved third party, including medical bills. The policyholder won’t be paid for repairs or injury incurred to themselves, however they are covered in the event of theft or fire damage to their motorbike.
The last and lowest level of bike insurance cover is known as Third Party Only. It covers the bare minimum requirements of the Road Traffic Act and offers the same coverage as TPFT, only without the fire and theft cover.
One of the most valuable ways to get cheaper motorcycle insurance is the No Claims Discount. It is possible to find insurers offering up to fifty percent discount. The way this works is that one has to let a minimum of twelve months elapse without a claim on the insurance, and then they can be on their way up the discount ladder. The longer one goes without making a claim, the bigger the discount becomes.
While the overall motorcycle premiums are determined based on individual situations and their track record, there are, however, certain things that can be done to reduce premium costs. First off, make limited use of the motorbike by using some other mode of transport. Whether one uses public transport or a vehicle, the idea is to limit the mileage on the motorcycle and qualify for the limited mileage discount. Next, avoid the high powered motorcycles, because a sports bike represents higher risks to the insurance company, as opposed to a standard bike. The greater the risks involved, the higher the premiums will be. Show the insurance company that all possible steps will be implemented to make the motorcycle theft free, like locking it up securely at night. If the insurer knows there is a smaller risk involved they tend to offer insurance with lower premiums. Being cautious not only reduces insurance premiums but protects one’s investment as well.
Raphael Waterstone writes more about motorcycle insurance at Motorbike Insurance Online, where you can find articles and resources on various subjects such as Yamaha insurance