It is “that” time of year again and time to renew my motorcycle insurance.
Nobody likes to pay for motorcycle insurance right up to the point that it is needed and then it is your new best friend.
To ensure there would be no awkward questions should I need to make a claim, I try to ensure that I tell my insurance company all of the things that they need to know.
This year I spotted that I needed to them about my Givi Luggage, Suzuki factory crash bars and the belly pan, all of which slightly surprised me, but not nearly as much as the £225 price increase.
The easy response here would be to go fishing about looking for a cheaper deal. Yet cheaper doesn’t always mean better, it is just cheaper, and a decent insurance broker will talk you through the merits and restrictions of each insurance company.
Luckily I didn’t need to do any of that. The excellent lady at Bennetts Insurance listened to my stunned silence, worked out that I was lost for words over the increase and started to work out why the price had increased.
Most of the modifications to my bike are allowed as standard under the Bennetts policy. Strangely items I needed to declare included the factory engine bars and the belly pan, but neither of these was driving the cost up.
The culprit was the Givi luggage. There is a £400 cap with the existing underwriter for “luggage”. Givi Trekker top box and panniers, plus the mounting frame comes to approximately £950. The £225 premium hike was due to the change of underwriter to one who would accept the £950 of luggage.
Decision time. Do I accept that I am carrying £550 of uninsured luggage or pay the extra? I’ve opted to take the risk, and my insurance renewal was thereafter pleasantly slight less than last year, despite increasing my annual mileage.
What did I learn through all of that?
It is worth taking the time to check the details of the policy. I’d never even thought I would need to declare luggage or that there would be a maximum value set in the policy relating to the cost of top boxes or panniers.
Why would the underwriter care about a belly pan on an adventure bike, but not be worried about a Delkavic end can (I did need to tell them about it though)? Who knows?
What I did learn is that the value of an Insurance Broker is knowing their products and how they can guide me through getting the best balance between cost and insurance cover.
A Plug for Bennetts?
I’d love to be paid by Bennetts, but the opposite is true, I pay them.
What I pay them is precisely the same as you would. No discounts, freebies or favours. Bennetts were superb when it came to my renewal, so I thought I’d thank them for the excellent service