If you've just passed your driving test and already own your own bike, then you are likely ready to get riding on the open road, alas there is one further obstacle in your way: the small matter of insurance.
For younger drivers, buying insurance can be a significant hurdle as they are considered to be a high-risk group who are more prone to be involved in accidents. If you do find it difficult to source an affordable deal at first, don’t give up – there are insurers out there who offer specialist insurance for bikers both young and old. For instance, MCE Insurance can compare quotes and insurance policies for any bike and for riders of all ages.
It can be tempting to sacrifice the level of cover you take out in order to save money, but this may end up costing you dearly in the long-term. Like car insurance, motorbike insurance starts at the most basic level with third-party cover, which protects against claims from victims of accidents where you were at fault or when you have damaged property. One step up from this is third party, fire and theft, which will reimburse you should your bike be stolen or damaged or destroyed through fire. Finally, the highest and most expensive type of bike insurance is fully comprehensive and this will cover damage to yourself and your bike whether an accident is your fault or not.
Whatever level of cover you choose, the excess you agree will help to decide the premium you pay. Agreeing a higher excess will of course help you to lower your premium, though this will potentially leave you financially vulnerable in the future. Instead, many young riders opt to improve their reliability in the eyes of potential insurers by completing advanced rider courses such as those offered by IAM, ROSPA and BikeSafe. It is also financially wise to work your way up to riding higher-performance bikes once you have gained more experience and no-claims bonus, as this will save substantial funds.
Real savings can also be made if you improve the security of your bike. If you can’t store it off-road in a garage, you may want to invest in some devices that can also protect it when it is out and about such as an alarm, immobiliser or lock and chain.