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You have to have it. Not having it means points on your licence, a hefty fine and possibly even a prison sentence. But what do the terms mean? Who should you talk to? The terms: Fully Comprehensive. Exactly what it says. This covers you against anything and everything, even if it is your fault. Bike gets knocked down, stolen (God forbid), catches fire or whatever, you are covered. Third Party Fire & Theft. Or TPF&T for short. Like the above, but only covers those you crash into not you. Also pays up in the event of fire or theft. Third Party Only. This is the absolute legal minimum. Like TPF&T, but without the fire and theft bit. In terms of cost, fully comprehensive is the most expensive, followed by TPF&T with third party only coming in cheapest. You pay for what you get. No Claims Bonus. Don’t hit the deck in a year, get a discount on your premium. There is a limit on this, usually 60%. Policy Excess. How much of any claim you pay before the insurance company dips into its own pocket. Agreed Value. You agree the price of the bike from the word go. Saves time haggling later, but if you take this route it depends on the bike. Write Off. When the cost of repairing is considered to be more than the value of the bike. The write off value is worth checking with the broker. Depending on the company used, this could be as low as two-thirds of the bike’s value. Who should I talk to? Simple choice, a broker or a direct insurer, the difference being that a broker uses a wide range of companies, but a direct insurer only sells it’s own products. To get the best deal, be prepared to spend a lot of time on the telephone. If you do not have the patience to call every company yourself, then check out a few brokers. Also talk to your mates to see who they use. Don’t think that one broker will get the same deal as another. Depending on which companies they use, one broker could come up with a much better deal than another. Often this could depend on the bike in question, your age, where you live and a million other things beyond your control. Be prepared to haggle. Get a bargaining tool. Got two similar quotes? Call each broker with the other’s quote and see if they are prepared to beat it. Another trick is to get a mate to call giving the same basic details (postcode only for the address!). If he gets a much better deal, call them up and mention it. You should get offered the same terms. The broker or insurer should offer you Legal Expenses Insurance. This is additional cover and will cost you around £10-15. It is worth its weight in gold. In the event of an accident, this pays for a solicitor who will work on your behalf to claim the cost of a new lid and kit, travel expenses, inconvenience money and if you are injured, compensation for bodily injury. Back to Bob's index... |