With all the hullabaloo about e-scooters making headlines across the UK, it can be easy for other two-wheeler vehicles to slip under the insurance radar. Thankfully, Insurance Business’s recent report on the motorbike insurance market has shone a spotlight on this area of coverage and the safeguard it offers.
This legally required insurance product helps protect riders against liability if their vehicles are involved in an accident and provides financial compensation if their bikes are stolen or damaged. With the UK home to more than 1.2 million registered motorcycles (according to Statista), it’s no wonder that so many riders will look to explore the cheapest possible coverage that still affords them the necessary protection.
Addressing those riders who are looking for the cheapest motorbike insurance, the personal finance website Money Saving Expert reveals there is no “straightforward” way to guarantee the cheapest premium as prices are based on “how much risk insurers perceive you to be.”
In order to help UK motorcycle riders save on premiums, the London-based firm, along with several consumer websites, shared 10 practical tips:
An alternative option, highlighted by Money Saving Expert is for riders to opt for a multi-bike policy which costs less than taking out multiple policies from different insurers. Meanwhile, for motorcycle riders who will be using their motorbikes just a few times a year, experts recommend taking out temporary cover.
Premiums for this type of policy are cheaper, the company stated, but motorcycle owners are risking their eligibility for a no-claims bonus in the future. Additionally, they are required to secure a statutory off-road notification (SORN) for their uninsured vehicle.
Read more: Ten ways to save on motorbike insurance
