Insurance for used bike

[Mike79]

Hey folks

I currently pay £200 for my Kawasaki er6n insurance (inc breakdown) and renewal is mar21. I have a years no claims and this will likely go to 2 then. I’ve only had my licence just under 2 years. First year cost was £270

I’ve got my eye on a 2018 z900 and got some insurance quotes via price comparison £600 being the cheapest but my current insurer on there wanted £1200.

Should I call my insurer and see if they can match my cheapest quote which I assume is impossible? I guess if they don’t then the obvious thing to do is to pay £50 cancellation fee and just buy the new policy from the cheaper provider? But that means I’m sacrificing a years no claims bonus. Does that really matter if there are such massive variations in price anyway? I checked to see the effect of waiting until my 2nd year no claims bonus took effect before getting the new bike and the price reduced from 600 to 450 in March21

What would you do? I’m still a relative newby, I never change vehicles that often and when I do the price difference has always been negligible so I just stay with the same provider until renewal, I would appreciate your thoughts in this case

[geofferz]

Should I call my insurer and see if they can match my cheapest quote which I assume is impossible?

 

Yes

 

I guess if they don’t then the obvious thing to do is to pay £50 cancellation fee and just buy the new policy from the cheaper provider? But that means I’m sacrificing a years no claims bonus. Does that really matter if there are such massive variations in price anyway?

 

 

Yes, yes, no

 

What would you do?

 

Above

[Mississippi Bullfrog]

How often do you ride? Is it a commuter or a weekend bike?

If you won't be riding as much between now and March then could you buy the other bike, put it on SORN in a garage until March, then swap the insurance next March.

You'd probably want some minimal insurance on the new bike whilst it's in storage but if you ring round you might get that cheaper than swapping now.

[Stu]

You may find your current insurer is a broker and your actual insurance provider might not even cover you for the new bike! I have had that before which then forces you to get a new policy.

Ring your current insurance first and see what they say and don't mention the quotes you have had until they have quoted you.

But if your bike is just a weekend toy then I would also wait till next year to get the new bike

[Mike79]

Should I call my insurer and see if they can match my cheapest quote which I assume is impossible?

 

Yes

 

I guess if they don’t then the obvious thing to do is to pay £50 cancellation fee and just buy the new policy from the cheaper provider? But that means I’m sacrificing a years no claims bonus. Does that really matter if there are such massive variations in price anyway?

 

 

Yes, yes, no

 

What would you do?

 

Above

 

Thanks for this. Just thought I’d check

[Mike79]

How often do you ride? Is it a commuter or a weekend bike?

If you won't be riding as much between now and March then could you buy the other bike, put it on SORN in a garage until March, then swap the insurance next March.

You'd probably want some minimal insurance on the new bike whilst it's in storage but if you ring round you might get that cheaper than swapping now.

 

It’s a commuter mostly with a weekend blast thrown in. But working from home until early next year anyway. Still want something to have fun with in the meantime though. I did consider the storage thing but I am trading my current bike in as PE and don’t want to be without a bike completely. Thanks for the input

[Mike79]

You may find your current insurer is a broker and your actual insurance provider might not even cover you for the new bike! I have had that before which then forces you to get a new policy.

Ring your current insurance first and see what they say and don't mention the quotes you have had until they have quoted you.

But if your bike is just a weekend toy then I would also wait till next year to get the new bike

 

Yes my current insurance was provided through carol nash with “markerstudy” so I will call just to check first. Just this morning I tried another price comparison site just to check and a better quote came for 375 which is much better. Ironically with the same insurance company I used last year. So for that I’m not too worried if my current insurer can’t match any more. Cheers

[Shepherd]

Why not call and get a quote to amend the policy to the new bike until March?

You'll only pay half a years difference in price, plus admin fee.

That way, you'd have your 2 years ncb at renewal time?

Shep

[geofferz]

Why not call and get a quote to amend the policy to the new bike until March?

You'll only pay half a years difference in price, plus admin fee.

That way, you'd have your 2 years ncb at renewal time?

Shep

 

I think he's better off financially cancelling?