6 Know your mods
Performance-enhancing modifications like full exhaust systems or internal engine upgrades often attract an additional premium but some smaller ones won’t need to be declared with some insurers. Bennetts, for example, have a list of 16 common modifications that won’t affect your premium and don’t need to be declared. But it’s always best to check with your broker, to stay on the safe side. It’s also worth ‘modding’ the rider too, says Becky Gaskarth, who points out that you can get up to 10% discount on your premium with certain advanced riding qualifications.
Be precise with your address
When it comes to applying for an insurance quote, make sure you submit the correct address. You don’t necessarily have to live at the address where your bike is stored, but you must declare this and also give full details of the address where the bike will spend most of its time as this information will affect your premium. Devitt’s Nick Chavda explains: “If you keep your bike at one address (locked up at an office in London is a common one) and live elsewhere you need to separate the two. Your home address has to be your home address, and not just where the bike is kept. A lot of people trip up on this.”
7Don’t max out your excess
Nick Chavda: “Maxing out your voluntary excess will reduce the cost of your policy, but maybe only by 5-10%. It won’t correlate at all to what you put in. Sometimes people will take up a policy on a bike worth £500, and they might have a compulsory and voluntary excess that adds up to £500 too, so wouldn’t recover any of the value of the bike if it were stolen.”
8It’s all about the NCB
What’s really important to the insurer is your NCB (no-claims bonus). “A lot of people will make the mistake of cancelling a policy, maybe in the winter,” says MCE’S James Davey. “The money saved by doing this pales in comparison to how much of a saving NCB can give in the future. On larger bikes having three to five years NCB will reduce your premium by 50 per cent.”
9Use a comparison site
It’s not a tip from our insiders, but whenever you’re arranging insurance, it’s invaluable to refer to a comparison site like mcncompare.com. Comparison sites draw together quotes from many companies so you can easily see which is offering the cheapest cover. Our figures show seven out of 10 riders save money by getting insurance through MCN Compare.
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