Need an insurer? Read this first

Do you know who insures your bike

Many people think there broker is their insurer but its important to realise that a broker is simply a middle man selling the policies of the underwriter. So what is the difference between a broker and an underwriter?

• Most people buy their insurance through a broker or an aggregator who offer to get you the best quote to meet your needs. These can be on line or through conventional call for a quote mechanisms (how to define your needs-questions to ask- click here-goes to road map page). They generate their sales revenues from the commissions paid to them for selling the policies of the underwiter. So think of a broker or aggregator as the shop that sold you your bike and the underwiter as being the manufacturer who sold the bike to the shop such a Triumph.
• The underwiter is the company that pays the claims they generate their revenue from the policies which the brokers sell on their behalf and the premiums they collect on the sale of their policies. In some cases underwriters also sell directly to the customer. It is the underwiter that determines what rules apply when you make a claim.
• To make matters more complex, there are other companies that may involved in the management of the claims process on behalf of the insurers.

Make an informed choice

The cost of your insurance is an important deciding factor but what other factors should you consider

• Can you manage your insurance 24/7 i.e. at a time that suit you
• What is their no claims policy-is it protected and for how long?
• Can you pay as you go and how much extra (if any) does that cost you
• Is your riding gear covered
• Can you have multiple bikes and riders on the policy
• What is your excess payment going to be?

You can’t tell how good your insurance is until you make a claim or what do you need to think about when it comes to repairs

• Do they have good repairers that will consider your interests as well as the insurer
• Do their repairers have all the necessary repair skills
• Are their repairers focussed on repairing bikes or do they have other commercial motives
• Consider what salvage percentage is used when deciding whether to repair your bike or whether to right it off. Click here an explanation of how the calculation is made. The lower the percentage the more likely they are to right your bike off.
• If it's not your fault to they offer you’re a hire bike and will they help with personal injury
• Will they cover your legal expenses ?
• Do they have a joined up system which gets you the information you need?

If you have any questions or would like further information please get in touch