As a motorbike owner, it is important to get your bike insurance coverage to safeguard it from risks –traffic or otherwise– that could lead to its damage. The premiums charged for different motorbike insurance comparisons often depend on factors like the model of your motorcycle (which influences its cost), how frequently you ride it, and natural factors such as your age. This article will help you get value for your money on your motorbike insurance cover without losing any of the coverage your bike needs.
Consider Your Insurance Cover
There are three different levels of insurance covers you can get for your motorcycle, each of which has a different premium price charge. They include:
- Third-Party Only (TPO) – This motorcycle insurance only covers damage caused by your motorcycle to other people’s property and or lives.
- Third-Party, Fire, and Theft (TPFT) – This insurance covers all damage caused to your motorcycle by consequential fire or theft. It includes all the benefits accrued from the TPO.
- Comprehensive Insurance Cover – This coverage insures you and your bike from all road-related damages and contains all TPFT benefits. It is usually the most expensive.
Before purchasing insurance coverage, determine which coverage you need and what would be too much. This will help you lower your premium obligations.
Improve the Security on Your Bike
Securing your bike more through anti-theft security devices like immobilizers, bike safety locks, and ground anchors can help reduce the value of your premiums. You can also simply lock your bike in your garage when you are not using it. If you can prove to your insurer that you took security measures –one recognized by the insurance company– you can qualify for lower premiums.
Ride a Smaller Model
One of the top considerations made by insurance companies when determining your premiums is how expensive your bike is. A more expensive bike will cost more to replace if it is stolen, hence a higher coverage and higher premiums. Besides the cost, how old your motorcycle is carries as much weight with your insurer as the cost. A new bike model would cost much less to fix if damaged than a classic mustang as the latter is rare and most likely so are its spare parts, making it costly to repair.
Don’t Modify Your Bike
Modifying your motorcycle can lead to an increase in its overall cost, leading to higher premiums. The best solution is never to modify your bike unless you are ready to pay more. Keeping the modification from your insurer is not an option as it could prevent you from qualifying for any motorcycle insurance cover in the future.
Work on Your Riding Record
The insurance company will usually require that you report any convictions or compensation claims associated with your bike in the last five years. If you have reported no such cases in a year or more, you can fill out a form for a no-claims bonus to qualify for a reduction on your premium.
Add Someone to Your Coverage
Most insurance companies consider age a key factor when calculating the amount of premiums to be charged, such that motorcyclists aged between 17 and 25 are considered the least careful riders and charged higher premiums. While you cannot change your age, you can change your classification by including an older and experienced motorcyclist on your cover.
Get an Advanced Rider Qualification
If your premiums amounts are too high, consider applying for an advanced motorcycle riding course. The credits you earn from the qualifications could reduce the premiums charged on your insurance policy, especially if your insurer ascertains through a test that you have experience and enhanced rider skills.
Change Your Location
The location of your residence is a key factor when calculating the amount of premiums that you will be charged for your bike. If you live in a less secure area with high crime rates, you are more likely to pay higher premiums than someone who lived in a safer neighborhood.
Consider DirectAsia Singapore Motorcycle Insurance
Making a motorbike insurance comparison for your helps you to understand how insurers set their prices so you can reduce the cost of your premiums and get affordable coverage. At DirectAsia, every bike owner can study the covers available and customize their insurance policy to their personal needs. This ensures that you never pay for more coverage than you need.
Contact the office today to learn about the Third Party Only (TPO), Comprehensive motorcycle insurance, and Third Party Fire and Theft (TPFT) policies.