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8 Ways to Lower Your Classic Bike Insurance
Do you love your vintage motorcycle, but hate the premiums you are paying? If so, then you will need to lower your insurance cover. Here are some helpful tips for getting it done:
1. Choose a motorcycle with a small engine: The power of motorcycles with larger engines translates into faster speeds and greater chances of accidents. So if you want to save on motorcycle cover, then choose a vintage model with a smaller engine. Even if your motorcycle is classified as a "classic" model, you can still save money by choosing a less powerful model.
2. Shop around before you renew: There is no guarantee that your current insurer can provide you with the lowest premiums. So before you renew your current policy, shop around to learn if other insurers can offer you lower premiums.
3. Ask about any available discount: UK insurers of classic motorcycles offer a wide array of discounts, including those for safe driving, low mileage, multiple motorcycles and so on. It's possible that your insurance company will not volunteer a list of discounts that it provides. So ask about them. Even if you already qualify for certain discounts, you might learn that there are others that you can enjoy.
4. Avoid earning penalty points: If you already have penalty points on your driving record, you can enjoy lower insurance premiums by avoiding future penalty points. If you currently have no penalty points, then maintain a clean driving record. Penalty points on your driving record can add significantly to your motorcycle premiums.
5. Buy anti-theft devices: Insurers will often offer discounts on premiums if your motorcycle has anti-theft devices. So ask if your current insurer offers such discounts. Besides preventing your cycle from being stolen, it could lower your cost of insurance.
6. Complete a motorcycle safety course: Many insurance companies provide discounts for their customers who have completed such courses. While completing these programs will not guarantee that you will never be in an accident, you will have the knowledge to ride your vintage motorcycle more responsibly.
7. Buy a basic bike: Motorcycle insurance for vintage motorcycles will generally be higher than for modern cycles. But by purchasing a basic bike, you can save significantly on classic bike insurance. Quite simply, the fancier a motorcycle is the pricier replacing it will be. So if you want to save money on your motorcycle insurance, then choose a cheaper motorcycle.
8. Increase your voluntary excess: This is an easy way to lower your classic bike insurance when you feel that your premiums are too high. But there is a catch! That is because you will have greater out-of-pocket expenses if you need to file a claim later. So determine if the pros are worth the cons. The bottom line is that there is no guarantee that you will never need to file a claim, so avoid quick fixes.
Before you hit the road on your vintage motorcycle, you can lower your insurance premiums. While there are several options you can take, the above ones are some of the best ones available. Use the money you save to upgrade your bike.
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For further information regarding classic bike insurance visit Swinton one of the UK's leading insurance companies.
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