Insurance is not a glamorous business. As a kid you want to be train driver, a footballer, a pop star, not an insurance executive. Then there’s the product itself. The phrase “necessary evil” is often bandied about when referring to bike insurance or any of the other protections which are compulsory in law.
So here I am, working in an industry labelled as dull selling a product most people seemingly only grudgingly buy! I do have my uses though, such as sharing with you a few tips to help you find the most appropriate and cost-effective motorcycle insurance.
Evil or not, we all have to resign ourselves to that necessity – but not to getting a bad deal. So I thought I’d pen a few words on how to best buy bike insurance, to help you get the cover you want and need, at a decent price.
Before picking up the phone or tapping in your details have a good think about yourself and your bike. How do ride it? Where do you ride it? When do you ride it? Where do you keep it?. This can help you define the cover you need and spot ways of minimising your premium. So, for example, if you’re not thrashing your bike daily it might be that you qualify for a limited mileage policy; fewer miles can mean fewer £££s. If you’re a member of an owners club as well as being able to share your passion with likeminded bikers, you can also earn you a generous premium discount. We at Principal will offer you up to 10% off.
If you’re an enthusiast think about the kind of protection you want, what outcome you’d be looking for should you need make a claim. In the case of a loss or write-off, insurance policies typically settle on the basis of a vehicle’s standard list price, less depreciation. That may suit the many but if you own a classic bike or custom motorcycle it probably won’t. Look out for policies that offer you ‘agreed value’. This does what it says on the tin, giving you the opportunity to agree with your insurer what your individual bike is worth by providing documentary and photographic evidence of its condition, history, restoration or creation.
[Source: http://www.principalinsurance.co.uk/blog/an-insiders-guide-to-buying-bik...