As with any other type of insurance, motorcycle insurance comes with its fair share of myths and misconceptions. With so many options and add-ons to consider when setting up your motorcycle insurance, it’s understandable that you might get confused. Trying to figure out what is and isn’t included in an insurance policy can be baffling for many – especially when they catch wind of the myths in this list.
We’ve laid out the most common myths about insuring your motorcycle in this guide. Read on and we’ll debunk them for you. Some motorcycle insurance policies allow the insured policyholder to ride other motorcycles, much like car insurance does.
Myth 1: You are automatically insured on other motorcycles if you have a fully comprehensive policy
While some motorbike insurance policies allow the insured policyholder to ride other motorcycles, not all comprehensive motorcycle insurance policies have coverage to ride other motorcycles included. You would be right in thinking that comprehensive insurance policies are generally the only policy type that covers you to ride other motorbikes with Third Party Only cover.
However, as we’ve discussed, not all comprehensive policies include cover on other bikes, so unfortunately you aren’t automatically insured on other motorbikes if you have a fully comprehensive policy. This ultimately depends on your insurance company and the policy you hold. You can find a list of the best motorcycle companies online to help find the motorbike insurance policy that is right for you.
Myth 2: Insurance premiums always go down after each year on cover
It’s true that every year you avoid making a claim on your motorcycle insurance, you are granted a year of no claims discount (NCD), which can bring down the cost of your insurance when you renew it. If you are lucky to bank a year of no claims, your insurance premiums will likely go down the following year. However, this is where the myth comes in.
As frustrating as it sounds, even if you have a clean record, it doesn’t mean your insurance renewal price will be cheaper the following year. There is a range of other factors that will impact your insurance costs such as the condition of your motorcycle, repair bills and more. This myth can be true on many occasions, but depending on your insurer, premiums won’t always go down automatically.
Myth 3: Your job doesn’t affect the cost of motorbike insurance
When filling out the extensive list of questions for a new insurance policy, you might ask how your job or profession affects your insurance premiums or whether it makes a difference at all. Well, according to many insurance companies, some jobs are regarded as higher risk than others, so if your profession entails being on the road a lot – or being on your motorbike, you might be quoted a higher premium.
If driving is part of your job, you’d think that the experience makes you a safer driver, but not all insurers think that way – unfortunately. Remember to be honest when answering questions, even if you think your premiums will be affected.
Myth 4: Not making a claim will prevent premiums from going up
This can very much depend on your no-claims bonus. Unfortunately, even if you decide not to make a claim on your motorbike insurance coverage, your premiums might still increase. When an accident occurs, an insurance company has the power to raise premiums as a result. Your insurance provider will more than likely find out about an accident, especially if another person is involved in the accident and decides to make a claim.
Myth 5: It’s cheaper to cancel your motorcycle insurance at times when you’re not riding it for long periods, e.g. in winter
Let’s face it, if you’re licensed to drive a car, you’re not going to spend a great deal of time riding your motorcycle every day. Sure, you may be out on it all weekend or in your spare time, but there will be times when you don’t ride your bike for a lengthy period, such as during the winter. In winter, riding a motorbike becomes a huge risk on icy roads, so your motorcycle may be out of action for some months.
When you decide to get a new motorbike insurance policy after a lapse in coverage, premiums may increase. We’re not saying this isn’t necessary, but it could end up being more expensive when it comes to renewing your policy.
Those were five common motorcycle insurance myths debunked – we hope this helps you when setting up your own policy in future.