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Policy changes could lower bike insurance costs
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Written by Jenni Marsh, 03/07/09
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Motorbike insurance customers seeking to reduce the cost of their policies have been advised to modify the terms of their cover by one industry expert.
According to the British Insurance Brokers' Association (Biba), if bike insurance policy holders place restrictions cover considerable savings are available and an increasing number of motorists are wising up to this.
One change highlighted was agreeing to not drive between the hours of 23:00 and 05:00 GMT and installing a black box, which can verify to bike insurance brokers that this promise has been adhered to.
Steve Foulsham, Biba's technical services manager, said: "One or two insurers have been in this market anyway, but it could be that this could start to get some more impetus perhaps going forward."
He added that while this option may save money it is not for everyone as some motorists feel that their privacy is invaded by the tracking device.
Meanwhile, research has revealed that an increasing number of drivers are [using] shopping around for the best insurance policy to ensure their money is going father during the credit crunch.
Comparison websites may be behind this trend, allowing bike insurance customers to assess policies with greater ease, found research firm Mintel.
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