What does bike insurance cover?

Typically, you can choose between three levels of cover:

- Third party only: Covers you against liability for injuries to others and damage to their property.

- Third party, fire and theft: Third party cover plus protection for your own bike if it is stolen, damaged in an attempted theft, or damaged in a fire.

- Comprehensive: Third party, fire and theft protection plus repairs to your own bike if involved in an accident (subject to policy exclusions). Policies vary between insurers but will usually incorporate accidental damage, medical expenses and personal accident cover.

Which level of cover is right for you?

As a general rule, the more cover you take out the better. However, there are circumstances in which a lower level of cover may be better for your needs. For example, if you are an inexperienced rider or have claims or convictions in your riding history then comprehensive cover may be too expensive – a third party policy may be advisable until you have built up several years without making claims.

If you opt for a comprehensive deal, bear in mind that policies can differ widely between insurers – what is offered as standard by one, may not be standard elsewhere. Some features are only available as optional extras (additional cover for which you pay an extra premium). Some of the cover options to look out for include:

- Breakdown cover: Generally only offered as an optional extra, check the details carefully to see what is covered – for example, will you receive roadside assistance, onward travel, home starts and European cover?

- Legal assistance: This helps cover legal costs following an accident for which a third party was at fault.

- Replacement bikes: Some insurance companies offer a temporary replacement bike while yours is being repaired following an accident.

- Riding other bikes: Will you be covered to ride someone else’s bike in an emergency situation with the owner’s permission? 

- Travelling in Europe: If you plan to take your bike abroad, check to see if you will still be covered, to what extent and for how long – some policies restrict the number of days you can use your bike abroad and only offer the equivalent of third party cover on the Continent.

Is there anything else to consider?

Though most people consider the level of cover and the premium their primary concerns when shopping for bike insurance, there are other considerations including:

- Excess levels: An excess is your contribution towards a claim and is usually divided into a compulsory excess set by the insurer and a voluntary excess – an additional amount you agree to pay if a claim is necessary. Establishing a high excess can lower premiums, but be careful to only set it at a level you can comfortably afford.

- No-claims bonuses: By avoiding claims you can build up a no-claims discount which could reduce premiums by as much as 60 per cent after four or more years.

- Policy exclusions: Check the terms and conditions carefully for exclusions (these are circumstances in which you will not be covered).

How much will you pay for bike insurance?

Just as cover options vary widely between insurance companies, so do premiums. In fact, bike insurance providers use a number of different criteria to calculate premiums such as your riding history; your annual mileage; the type of bike you ride; your address; and your personal circumstances.

Lowering premiums revolves around reducing the risk of making a claim. Here are some tips:

- Choose a suitable bike: Older bikes usually cost less to repair/replace, while bikes with smaller engines are less likely to be involved in high impact accidents. As such, older bikes with smaller engines generally qualify for cheaper premiums.

- Choose the right options: Don’t pay for insurance options you don’t need.

- Increase security: Make sure your bike has a good security system – such as an alarm, immobiliser and even a tracking device – to earn cheaper premiums.

- Limit your mileage: The fewer miles you ride, the less likely you are to be involved in an accident so consider agreeing to a mileage cap.

- Park safely: Keep your bike in a locked garage overnight where it is less likely to fall victim to bike theft. If possible secure it using a ground anchor – it may also be worth discussing these with your insurer to see which ones they recommend.

When shopping around, compare both the quotes available and the levels of cover offered to ensure you’re receiving value for money – comparison websites can do a lot of the work for you by comparing policies from more than 25 companies with one search.