Bike insurance tips for young riders

No matter how safety conscious you are, young riders will always be hit with high insurance premiums, especially if you are under 21. So, other than waiting for your 30th birthday, what can you do to reduce your insurance premium?

• Consider increasing your excess. This will mean you have to pay out more in the event of an accident, but will reduce the cost of your insurance premium. However you should only consider this option if you will have funds available if an accident occurs.
• Store you bike securely. You’ll pay a lower premium if you keep your bike in a locked garage, as opposed to on the road.
• Cap your mileage. Most insurers will offer discounts if you don’t use your bike a lot. Be realistic about how much you will use your bike, otherwise you could be paying for cover you don’t need.
• If the value of your bike is not particularly high you may want to consider a third party fire and theft policy.  However you must be aware that this will not cover any damage to your bike in the event of an accident.
• Take your advanced riding test. Some insurers will offer reduced premiums for more experienced riders.
• Keep your speed down! Points on your licence are likely to push your premium up.
• Finally, ride carefully and build up your no claims bonus – this is the key to reducing your premiums in the future.

This entry was posted on Thursday, February 25th, 2010 at 2:43 pm and is filed under Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.