The cost to the insurance industry due to uninsured motorists is estimated at over £500 million a year and this cost is, unsurprisingly, passed to those who do insure themselves properly. Driving without insurance can now cost you dearly. A new system of fines is just the start of it with the new regulations leading to repeat offenders being faced with the confiscation and crushing of their vehicles.
Lower Premiums
The good news for those of us who already have motorcycle insurance is that the regulations are in part designed to lower the costs of insurance. Insurers may to be able to reduce their quotes by an average of £30 per year if uninsured driving becomes a thing of the past. For those who have been taking a few risks now may well be the time to compare bike quotes. A number of factors affect the cost of insurance, some of them you can do very little about - your age for example - while other factors give you some control in reducing your costs.
Health and Safety
When you start to compare bike insurance quotes consider the savings you can make by adding an immobiliser and/or tracking device to your bike. These devices may well pay for themselves in terms of the cost savings on insurance; they also make your motorcycle far less attractive to thieves in the first place, saving you both money and inconvenience. Where you keep the vehicle is a factor also, where possible keep the motorbike in a garage, which will contribute to a lower quotation.
Compare Benefits
When you compare bike insurance quotes, don't take things at face value. Consider the additional benefits some policies offer. Fully comprehensive policies may seem more expensive than third party, or third party fire and theft. But they may include a courtesy motorbike, breakdown cover and legal expenses cover. If you rely on access to your motorbike, these elements of the insurance policy may be very cost effective. Even if you choose the basic level of cover, third party, it is always worth comparing the cost of adding some of these features to your policy. By taking out additional elements such as breakdown cover you may be able to save money.
Competitive Times
The insurance market is very competitive, with a vast number of brokers and insurance companies offering good deals. Eager to keep your business once they have it, you may find there is even some room for negotiation with existing providers, should you be able to source cheaper motorcycle insurance elsewhere.
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