Case study: When it’s bike insurance renewal time, it pays to shop around
When the times comes to renew your bike insurance, it’s common for the renewal quote to be considerably higher than your previous year’s premium – sometimes by as much as tens or hundreds of pounds. And if you’re running a garage full of machinery, that could mean shopping around for your next policy might save you huge amounts of money.
That was exactly what happened to MCN Editor and bike-a-holic Richard Newland, who took to Twitter in exasperation after saving more than £200 (a whopping 44%) across his three bikes, simply by shopping around rather than swallowing the renewal quotes from his original insurers. And to sweeten the deal further, he got an increased level of cover, reduced excess and protected no-claims discount.
‘Have just taken out new insurance policies on my three bikes. Total cost of renewals if I stayed put: £500.58. What I actually paid by moving all three (while actually increasing my level of cover and taking protected NCB): £278.38. It really does pay to not be loyal. Crazy.’
Asked about his advice for saving money on motorbike insurance, he said:
“Insurers seem to have fallen into the same black hole as many other large businesses, where they put all their effort into new customer acquisition rather than retaining loyal existing customers. Sadly, that means you’re penalised for staying put. Don’t ever let your insurer auto-renew your policy, because that hard stop forces you to look around for a better quote before you buy. I requoted on all three of my bikes (each on its own policy) and saved £221.62. It was the equivalent of insuring one bike and getting the other two covered for free. On one alone I saved over 50% against the renewal quote – and in all three cases I increased my level of cover. It’s not even difficult – I used the MCN Compare website and let the quotes come to me. In less than hour I’d saved nearly enough to pay for the road tax on all three bikes.
“There are other ways to help yourself, too. Using high-quality physical security can reduce your premiums, as well as increasing your peace of mind. All my bikes are attached to ground anchors with hefty chains and locks and have alarmed disc locks fitted, as well as being stored in a locked garage monitored by CCTV. Some insurers will reward your skill level, too – meaning additional certified training could not only improve your riding skill and enjoyment, but also end up saving you money on your insurance every year.”
For more information on shopping around for insurance, read our article, tips for cheap bike insurance here.
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