We share all you need to know about protecting yourself with cheap moped insurance.
Mopeds can make for a really economical way to get around and there's no reason why insuring your bike can't be equally as easy on your pocket.
Mopeds are classified as bikes with an engine capacity of 50cc or less and a top speed of 30mph and just as with regular motorbikes, moped insurance is a legal requirement.
Traditionally mopeds have attracted higher than expected premiums as statistically they pose a greater risk of being stolen than other bikes. However, thanks to greater competition in the moped insurance market, it's now possible to get comprehensive cover for less.
Taking the time to compare moped insurance policies will help to make sure that you get the cover you need without paying a penny more than you have to.
We explain how you can get cheap moped insurance.
Exactly what is covered by your moped insurance policy will depend on the level of cover you decide to take out. Just like most standard motorbike insurance policies, both third party and comprehensive levels of cover are available.
Third party only policies are the most basic level of insurance on a moped. Third party cover protects you financially against damage to other people and their possessions but not damage or loss of your moped. These will usually be the cheapest moped insurance quotes around and as such are often attractive to new riders and those who have very low value bikes.
Third party, fire and theft is the next grade of cover up. It protects your moped against loss or damage caused by fire and theft, in addition to standard third party protection. This type of policy is a little more expensive; however the extra cost is often worth it because of the enhanced level of cover it provides.
Comprehensive cover is the highest level of moped insurance available and in addition to the aforementioned features, it pays out if your bike is involved in an accident.
European cover, breakdown recovery services and legal expenses can be included as part of your policy although most insurers include these as optional extras, available for an extra fee.
It is vital to compare moped insurance to gauge whether these add-ons are more economical if bought individually or as part of a more comprehensive package. Ultimately how you use your moped will determine whether it's worth paying the extra cost.
How much will moped insurance cost?
While insurance for your moped is likely to be far cheaper than what you'd pay for regular motorbike insurance, insurance quotes for moped can still vary greatly from provider to provider.
This is because insurers calculate premiums based on risk statistics.The riskier you appear, the more expensive your policy.
Some insurers target concessions or discounts in specific areas in order to offer competitive cover, for example specialising in mopeds with larger engines (50cc). If you compare moped insurance side by side you should be able to spot the best moped deal for your circumstances.
Things that insurers look at include:
often than not younger riders will pay more for moped insurance simply because older riders are seen as having more experience, and are statistically less likely to make a claim.
As moped theft is an unfortunately common occurrence, where you live and store your moped will have a big impact on the cost of your insurance premiums. Busy cities are seen as riskier as are certain postcodes where thefts are reported more frequently.
Regardless of where you live keeping your moped in a locked garage when not in use will encourage insurers to drop your premium - and other additional security features may win you further reductions.
New moped riders will usually pay more for their insurance than those with more experience.
However, if you have a previous motoring conviction or offence this will drive up the cost of your moped insurance policy considerably.
Completing a registered advanced moped riding course in addition to passing your test on the other hand is likely to help you get cheap moped insurance.
The type of moped you ride will also have an impact on the cost of your insurance policy.
Newer, more expensive bikes will be more costly to insure as they cost more to repair or replace in the event of a claim. Likewise certain makes and models will attract higher premiums than others: either seen as more likely to be stolen, or faster and more likely to be driven as such.
More powerful mopeds are generally more expensive to cover, e.g. 50cc moped insurance. '50cc' refers to the engine size, with larger engines expected to be involved in more accidents that force a claim.
Along these lines modifications to your bike, particularly de-restricting the speed, will make your insurance more expensive and may mean that some insurers will refuse to cover you altogether.
How you use your moped will also play a role in determining the cost of your cover.
Most moped insurance providers will offer cover for social, domestic and commuting use as standard, so be sure to let them know if you plan to use your bike for other purposes.
Many also offer limited mileage discounts, where they reduce the cost of your premium if you agree not to travel more than a certain number of miles on your moped during the policy year.
The policy excess is the amount you will be required to pay out in the event of a claim.
Most insurers specify a level of compulsory excess that will be automatically applied to your policy however you do usually have the option to reduce your premium by accepting a higher voluntary excess in addition to this.
If you decide to do this do make sure that you can afford to pay the full excess if and when you need to make a claim.
If you identify the areas where you may be able to attract discounts and compare moped insurance side by side, you should be able to get cheap moped insurance that also gives you the cover you need.