Everyone that rides a motorcycle needs insurance by law to cover for the cost of any damage or injury. It’s one of those things we all wish we didn’t have to pay for, but it’s essential to be covered in case one day you’re unfortunate enough to be involved in a collision.
There are a number of factors that could affect how much you pay for insurance each year, such as:
- Type of motorcycle
- Where you live
- Your riding history
- Modifications to your bike
- Where you park or store your bike
There are basically three types of cover available so you can choose which one may suit you best.
Third party only
This is the minimum level of insurance required by law in the UK. It covers you for:
- Damage or injury to a third party
To put it simply, if the collision is deemed to be your fault your insurance company will pay out to the other person (s) but you won’t get anything for the damage to your motorcycle or personal injury, nor if your bike is stolen or set on fire.
Third party fire and theft
This offers you a similar level of insurance to third party only but as the same suggests, you’re also covered if:
- Your bike is stolen or gets damaged or destroyed by fire
Once again though, it doesn't include cover for damage to your motorcycle, or for personal injury.
Comprehensive insurance allows you to claim for any damage to your motorcycle (except for those things stated in your policy exclusions) and also covers the third party. It can also offer insurance for:
- Accidental damage to your motorbike
- Medical expenses
Some racing circuits across the country offer track day experiences. Remember, most insurance policies do not automatically cover you for this so if you do attend one of these (when restrictions allow) you'll need to arrange alternative cover. However, be aware that if you're caught racing on the road you'll be fined and will receive penalty points on your licence.
No Claims Bonus
For each year you don’t claim on your insurance you’ll build up a no claims bonus which may earn you a discount on your premium in subsequent years. Please be aware that only a small number of insurers will allow you transfer your car's no claims bonus to your motorcycle - the majority won't so make sure you check. You're not able to transfer your motorcycle's no claims bonus to your car.
If other people will be riding your bike you need to make sure they’re insured. You can add them to your policy as an additional rider but you must make it clear who the main rider is. If you intend to carry a pillion, check that the policy covers you to do so – it may not!
You can find out if your vehicle is currently insured by going to ownvehicle.askmid.com