Bikers looking to reinsure their motorbike for the coming year should prepare themselves for big increases as car insurance premiums see a record 20% increase on average.
Bike insurance has already experienced larger than average cost increases for the past year, and the pressures facing car insurers look set to affect motorbike insurers in the same way.
These pressures include increased personal injury claims, caused by the more prominent litigious mentality in recent years. Other pressures on car insurance premiums include fraudulent claims and uninsured drivers, the latter unfortunately being a particular problem amongst young motorcyclists and so likely to reflect in this year’s premiums.
For this reason there has never been more incentive to ensure you get as many motorbike insurance quotes as possible, and look to use insurance comparison sites to cover as many insurers as possible.
Motorbike insurance providers Carole Nash have this month announced a new initiative that will allow customers to effectively ‘earn back’ money spent on their insurance premium.
The scheme will Carole Nash insurance policy holders receive a book of vouchers for exclusive promotional offers over £500 in value. Vouchers include £200 off an MCi Tours flydrive holiday and up to 25% off bike security products from Acumen.
The move follows a similar and successful initiative last year that saw Carole Nash giving away free motorbike crash protectors with every new policy.
Head of marketing for Carole Nash, Rebecca Donohue said, “We’ve always tried to support bikers whether through sponsorship of clubs and events or through promotions like ‘Earn Back’ and last year’s R&G offer. This scheme allows bikers to subsidise their passion by getting great deals on things which can protect them and their bike or simply let them escape for some motorcycle-oriented respite from the UK.”
The initiative is due to run throughout the biking season ending October 31st.
UK motorcyclists spend on average two and a half hours searching for their motorbike insurance cover online, according to a report by Swinton Bike Insurance. The bike insurance specialists polled 1,200 customers, finding much more time was spent searching for the right quote in 2009 than the previous year.
The increase could be down to a number of factors. The most obvious theory is that last year’s economic downturn has put more pressure on bikers to find the cheapest possible insurance deal. The ongoing recession has tightened most consumers’ purse strings, meaning much tighter budgets when it comes to finding the right deal.
There is also of course the fact that motorbike ownership has risen steeply in the last few years, meaning more and more insurance companies are prepared to move into the motorbike insurance market and so an increased number of companies to search through for the best deal. Add on top of this the limited number of motorbike insurance comparison sites available and you end up spending a long time going through all of the online quote engines.
While it sounds a lot of time, it never hurts to search as many providers as possible to ensure you get the best possible insurance deal for the next 12 months.
In the wake of the recent economic downturn, a significant number of UK motorcyclists are putting off potentially important motorbike maintenance in order to save money. This is causing real problems for some riders, as the important maintenance and repairs escalates to full blown problems that affect bike safety and motorbike insurance premiums.
Insurance companies are encouraging riders to stay on top of their bike maintenance after a recent study suggested as much as 78% of riders are putting off minor repairs and waiting until their MOT date before finding out the cause of strange engine noises and vibrations.
According to Swinton Bikes, there are three areas of motorbike maintenance that are most overlooked:
Motorbike Tyres
Failure to replace worn or damaged tyres is both dangerous and illegal, with a possibility of leaving your tyres in such a state leading to a fine or points on your licence.
Motorbike Chain / Sprockets
Riding your bike with a chain in need of replacing will affect performance, fuel consumption, and if particularly damaged could lead to the chain comin completely off the sprockets causing an accident.
Motorbike Oil
Not keeping your motorbike’s oil levels topped up will cause permanent damage to the engine and in some cases can cause the engine to seize up at the most inopportune time!
Keeping on top of motorbike maintenance issues will minimise the risk of problems, keeping your motorbike insurance premiums low and keeping you safe.
Motorbike insurance companies are advising bikers to make sure they declare any modifications made to their motorbike to ensure their insurance policy is up to date and correct. Modifying your motorbike without informing your insurance provider can void your policy and cause a lot of problems if ever you needed to make a claim.
With performance being a big factor in choosing your motorbike, many riders are turning to fitting upgrades or tuning existing parts of their motorbike to get more power and performance from it. One popular modification is to the motorbike’s exhaust – many performance enhancing exhaust systems are available for a variety of motorbikes these days, the exhaust system helping expel the burnt fuel from the engine more efficiently. However, a modification such as this is likely to lead to your insurer requiring you to pay a slightly larger premium to insure your now more powerful motorbike.
Other performance enhancing modifications include enlarging the engine capacity by more than 5%, modifications to the suspension and wheels, and fitting a nitrous oxide injection system. These are all highly likely to require a call to your bike insurance providers.
Another common theme seen amongst young riders who are still on their provisional CBT licence is to declare their bike as restricted to the required power limit of 13Bhp when in reality it isn’t restricted. This obviously means that the power of the bike is more than what the insurers are providing cover for, and more than that, there will be legal problems for the rider should they ever be found out.
However there are also modifications that can be made to your motorbike which do not need to be declared. These include such things as crash bars, crash mushrooms, upgraded braking systems and increases in engine capacity by no more than 5%.
Advice from motorbike insurance providers is to always check with your insurer before performing any alterations, just to be on the safe side and ensure you would still be able to afford your insurance premium.
