How to get cheap moped insurance
Moped insurance? First, ALWAYS compare price quotes. Motorbike insurers offer different discounts and calculate their rates differently, so get several quotes to obtain the lowest price and save the most money. When your goal is affordable moped insurance, the task is easier with the telephone or by obtaining rates online.
Moped insurance comparison is crucial for inexperienced or younger riders, as premiums for teens or new operators can vary tremendously between insurers.
Want to save up to 15%? Many insurers look to minimize administrative costs by offering discounts up to 10 or even 15% if you buy your policy online (similar to the airlines).
One way to really slash your premium is to choose a higher deductible (or "compulsory/voluntary excess") amount - but make sure you can assume this financial risk (obviously, if you are making payments on your bike, you will be limited in how much you can reduce your coverage). And taking an approved motorcycle operator's riding and safety training course, it can help lower rates; this is especially important when seeking cheap moped insurance for teens, new or inexperienced operators or young riders under 25.
Insurance discounts of the multi-vehicle or multi-type and "batch" variety: You can find reductions for putting more than one bike on a policy -- or if you're a homeowner, letting one company handle both your vehicles and your house. And some insurers will offer generous discounts, even as high as 30%, if you have them insure all your motorbikes, cars and boats.
You can also save by paying a yearly full amount instead of monthly installments. Many insurers charge extra for processing payments received by mail, so credit-card auto-payment or automatic bank account deductions effectively lower your premium (in the UK, look for "direct debit" savings).
For yet lower rates, many insurers offer discounts for using appropriate security devices such as lock, alarm and immobilizer to protect your parked bike. Even without the discount, you shoud buy an insurance-approved locking device to secure your moped when not in operation. In fact, if you'll be buying "fully comprehensive coverage" (explained further below), the insurer may insist on proof of purchase. If your moped should be stolen without being properly secured, you will likely have great difficulty getting reimbursed for the loss. Alarms are also good to have, but many thieves will throw your bike into a van and drive off, thus they should be seen as a supplement to, not a replacement for, a good lock. And many bikes have space under the seat to store a serious locking device.
Be sure you receive ALL the discounts you can get when you compare moped insurance rates. There are plenty to be had. Let's keep going...
Did you know that even your credit rating could push you toward the highest or the lowest rates on moped insurance? It may not be easy during times of financial stress, but try to be timely with bill payments, and protect your credit (watch out for identity theft). Your insurer may even re-examine your credit in the midst of the policy term. Know when the policy ends; be careful that it does not expire. If there is a lapse, this may mean higher rates once coverage resumes.
A spotless biking record, free of tickets or accidents, will keep insurance rates lower. If you've never had a motorbike before, your auto driving record will partly determine your rates. Some accidents can't be avoided, but be careful to observe all traffic regulations and bike safely; keeping clear of blemishes will always help you toward cheap moped insurance.
To keep prices down, in event of a minor mishap, consider paying for small damage amounts yourself that are close to the deductible amount. In the UK, this helps you accumulate the benefits of your "no claims bonus."
For the best moped insurance rates, AVOID the temptation to modify your bike, as this causes the insurers to see you as a higher risk (an obvious exception would be security devices). You may be required to notify the insurer of any modifications made after your policy takes effect, and failing to do so may jeopardize your coverage.
With so many providers available, you may find one offering a rate far lower than the rest: premiums are based on variables such as your gender, marital status (women or married riders can expect cheaper prices), age (for young riders, insurance can be steep, often more expensive than the bike itself), profession, where you reside, biking record, the bike's engine size (a 50cc moped will likely be cheaper than a 250cc, which would technically be a motorcycle), the price of your bike (what's expensive to buy is expensive to replace), and where you park at home and at work.
If you're over a certain age, some companies will offer a discount (quite a difference from when you were a teen). Again, shop and compare.
The more you use your bike, the higher your rates (every moment you're on the road, there is a possibility of accident). So the further away you live from your job, the higher your premium. This is one factor that is difficult to control, but be aware of it.
SOME BASICS ABOUT INSURANCE FOR MOPEDS: Premiums for mopeds tend to be much lower than for cars or outright motorcycles. The following three coverage classifications are fairly universal...
1) THIRD PARTY COVERAGE: This, also known as "liability coverage," is the most elementary and cheapest moped insurance. If your moped hits and causes injury or death to someone, your third party insurance will pay for this. If you hit and damage an object, your third party insurance pays for this damage. There is NO compensation for injury/damage to YOU or YOUR moped.
2) THIRD PARTY + FIRE AND THEFT COVERAGE: In addition to covering third parties, this also covers YOUR moped if it is damaged by fire or theft - but NOT for repairs or replacement if it is damaged in an accident.
3) FULLY COMPREHENSIVE COVERAGE: This is far from the cheapest moped insurance, but provides you the widest umbrella. It not only pays for what "third party" and "fire-theft" pays for, but ALSO what happens to you or your moped (check the individual policy to verify what medical coverage is provided for yourself). This coverage can also pay if your moped is stolen -- or, if it is in an accident or catches fire, the insurer will pay for the damage, and sometimes pay for a replacement moped, even for accidents where no other party was involved.
Check the proposed policy to see if it covers legal expenses (you may need this in event of an accident) breakdowns, and accessories (i.e., helmet, saddle bags, backrests, leathers) -- or if these reimbursements would be add-on purchase options. It may not be a good idea to scrimp on medical coverage for yourself. Remember that in a collision, you and your motorbike are no match for even the smallest of cars.
You must let the insurer know ahead of time if the bike will be used for business purposes (which is different from merely commuting to your place of employment), as this may require a different level of coverage.
These are only basic guidelines. Read your policy carefully to understand exactly what is and is not covered, under what circumstances, and the amounts of coverages provided. Make sure you have adequate coverage, from a reputable, dependable company.
Although the basic stuff of moped insurance coverage is similar everywhere, this article has given you some know-how to get affordable moped insurance, just by doing what insurers like -- minimizing their own risk, and making you a more attractive policy candidate. So if someone asks, "How can I get the best and cheapest moped insurance rates," now you have some answers. Whether you're riding a motorbike, scooter or moped, you really can save big.
A closing reminder: insurance companies are vocal about riders using helmets -- and not cell phones -- while zooming around town. Again, it's about minimizing risk to them, and to you. Safe motoring and ownership practices will aways be the first step to get cheap moped insurance!
Cheap moped insurance
These pointers on cheap moped insurnce address operators' desires to reduce mopd insurace premiums and pay less; the article should not be interpreted as financial advice nor as legal advice; it's only goal is to give information on how to get cheaper, affordable policies for vehicles such as mopeds, scooters and motorbieks, and how to save on insruance rtes for mopeds. Disclaimer: Information in this article is gathered from sources deemed to be reliable, but is not guaranteed. Use of this site is at the user's own risk, and no liability is assumed regarding its content.