Bikers Advice.com

Motorcycle events...
Changes to motorcycle law...
New features & resources...

 

The UK's original and most complete guide to motorcycle resources and independent consumer advice

Buying Motorcycle Insurance

Top Tips

Always buy from a reputable company

This may be the insurance company itself or (probably more usual) an intermediary such as a broker or consultant. Whilst there are differences between broker and consultant (a broker, for example, must be a member of the Association of Chartered Institute of Insurers), it has to be said that, from a consumers point of view, there is little importance to be attached nowadays to the difference between the two - provided of course all are controlled under the Financial Services Authority. For the purpose of this section we shall assume the business you are buying from is a broker but our remarks equally apply to consultant or insurance company direct.

Know and understand basic insurance jargon before you start looking.

Be clear about what is covered/not covered by the policy - eg: foreign travel/ breakdown etc.

Be clear about the terms and conditions of your proposed policy.

If you have special requirements/concerns/doubts, it is a good idea to put these in writing to the provider before you take out the insurance.

Know and understand the broker's own terms and conditions (separate from the insurers terms and conditions). For example some brokers charge fees over and above the premium on:
  • Renewal
  • Mid term adjustment
  • Credit arrangements
  • Cancellation

Installment arrangements:
If you are to pay by instalments, be clear what premium and what administrative fees you are likely to pay - particularly if you were to cancel mid term.

Non-acceptance of your proposal by the insurer:
When you take out insurance you normally receive a cover note which applies until the full policy is issued. If the insurer is not happy with your application and ultimately refuses to cover you, then you need to be clear what your financial liabilities are in those circumstances.

Shop around for the best deal.
But remember that the best deal may not be the cheapest. What, for example, is the reputation of the insurer in the event of a claim having to be made.

Complaints
Many brokers and insurers have their own internal complaints procedures. The following addresses may also be useful:

General Insurance Standards Council, 110 Cannon Street, London EC4N 6EU - tel: 020 7648 7810 - fax: 020 7648 7808 - e-mail: enquiries@gisc.co.uk

The Financial Ombudsman Service (UK), South Quay Plaza II, 183 Marsh Wall, London E14 9SR - tel: 0845 080 1800 - e-mail: enquiries@financial-ombudsman.org.uk

Lloyds of London Complaints and Advisory Department, Lloyds, One Lime Street, London EC3M 7HA

 

Keeping the Premium Down:

Keeping the bike in a secure garage.
Fitting an alarm and the various security systems on the market.
Agreeing to be responsible for the first part of the claim (known as a policy excess).
Developing and qualifying with advanced riding skills.
Joining a club.
Riding a classic bike.
Going for a new bike where there are often insurance deals - but beware of later years.

MAJOR WARNING:

When taking out insurance don't tell lies - an invalid insurance policy can be disastrous for you. We have even known it lead to bankruptcy in the event of a claim against you. If for one reason or another your insurance company invalidates your insurance you are personnally liable to others

 

©2007 Bikers Advice. Privacy / Terms & Conditions
Sputnik Internet providing Manchester Web Design