What is modified motorcycle insurance?
Lots of riders dream of buying a motorbike and doing it up but it can increase your insurance premium.
Modifications can come in the form of aftermarket exhausts, new air filters or a new paintjob, but however you modify your motorbike, it could cost you when it comes to insurance.
Fortunately with The Bike Insurer you can get insurance policies specifically designed for motorbikes with modifications.
What constitutes a modification?
Any alterations you make to your motorbike can be construed as a modification which can push your insurance premium up.
Even if you’ve just invested in a new paintjob, a change of colour could cost you more in terms of insurance and, if you don’t declare any modifications with your insurer, you could invalidate your policy.
So why modify your motorbike?
As you’re probably aware, riders are a passionate group and take pride in their motorbikes. That means there’s a tendency to improve and update motorcycles as they get older.
And, as we’ve stated, modifications are classed as any change to your bike, even fitting crash bungs – which could reduce the amount of damage caused to your bike in the event of an accident – can drive up your insurance costs…but not always.
I want to modify my motorbike. What do I do?
It’s not all bad news if you modify your motorbike as The Bike Insurer offers special insurance options for modified motorbikes. However, if you modify your bike, even if it’s a minor alteration, you need to inform your insurer immediately – are we sounding repetitive?
Modifications may not alter your insurance premium but some insurers are more stringent than others and it is always best to inform your insurance provider before you modify your motorcycle to get an idea of how (and if) it will change your premium.
My modifications are minor. Is it worth me telling my insurer?
No matter how minor your modifications are, you must always tell your insurer. In a worst case scenario, imagine you’re involved in a crash after adding aftermarket exhausts to your motorbike. If your new cans improve the performance of your motorbike then your insurer could void your policy and not pay out on any claims you need to make.
So, no matter how minor your modification is, you need to inform your insurer – it may not drive up your insurance premium.
What’s the five per cent and three mod theory?
There is a theory that says that modifications that do not cause anything more than a five per cent improvement in your motorbike’s performance will not increase your insurance premium. While this is true for certain insurance brokers, it’s not true for all and each broker is different. So the rule of thumb is, inform your insurer of any modifications, they might not increase your premium.
There is also a school of thought that says that insurers will accept three or less modifications to your motorbike before your premium will be voided or require updating. Again, some brokers do apply this rule however some don’t – you need to inform them!
Where can I get modified motorbike insurance?
Modified motorbike insurance is available from a number of different insurance brokers via The Bike Insurer. Just make sure to confirm your bike’s moderations with your chosen insurer directly, before you purchase the policy.