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If you’re on the look out for a multi bike insurance policy, then look no further!
Whether you’re a motorcycle collector or simply have different bikes for different days or purposes, it makes great financial sense to get a single time and money-saving* multi bike insurance quote.
You’ll find that with Principal, you can arrange a multi bike insurance policy for a combination of modern, classic, custom and vintage motorcycles, scooters and mopeds, all on one great value premium. That means just one port of call for claims, queries and renewals.
You can, as always, also benefit from discounts for membership of recognised owners clubs and use of insurance approved security, and take advantage of free agreed value and salvage retention rights** for custom, classic and vintage motorcycles.
Bike off the road? Click here for details of specialist SORN bike insurance.
Additional cover options – Pick and choose your cover options to get the exact level of protection that you want, with an extensive range to protect you and your vehicle. Options include Breakdown & Accident Assistance, Motor Legal Protection, Excess Protection, Key Care and Road Halo licence defence.
RIDING IN THE EU: From 01 January 2021, the rules have changed when it comes to riding or driving in the EU. This includes the Republic of Ireland and certain other countries. You will now need apply for a Green Card before you travel. For more details on the countries this applies to and how to get your Green Card, please click here.
* The cost per bike can be lower when taking out a multi bike insurance policy than when insuring motorcycles separately. ** The value and availability of owners club, approved security and limited mileage discounts varies between insurers on our panel. Terms and conditions will apply. Please ask for details of the insurers we use to compare multi bike insurance quotes. Cover is available through our call centre only. We do not offer multi bike insurance online.
A great reason for getting a multi bike insurance quote is that you could find it saves you money.
The logic is pretty impeccable.
If you have one, two, three four or more bikes, you can only be riding one at any one time. So a multi bike policy will cover you and your bike for road risks whilst riding one bike and (depending on the cover you’ve chosen) the other bikes for fire, accidental damage and theft whilst they’re resting on their stands at home.
This can mean that insuring two or more bikes on one policy is cheaper than insuring them on separate policies.
Another benefit is multi bike insurance is less hassle, with the same insurer for all your bikes and a common renewal date.
To learn more about why you should buy multi bike insurance – please click here
Insurers will take into account all the usual risk factors when calculating your multi bike insurance quote. These are things like your riding experience, claims history, age, occupation, home address, insurance groups and so on.
Typically an insurer will select the bike which is the most costly to insure as the base for the policy, with additional bikes then covered at a discount.
Because you are ‘bulk buying’ the overall quote can be cheaper than insuring your machines separately. The key logic here is that regardless of how many bikes you own, you can only be riding one at any one time.
Different insurers use different methods for calculating your initial annual premium.
For example, say the full annual premium for your lead bike is £300 and your second bike is due for renewal six months later. If the full year premium for the second bike would have been £150, you will be charged £75 (because you need only six not 12 months cover on that bike.)
Remember the premium for that second bike will usually be discounted.
Alternatively some insurers may simply charge a flat fee for additional bikes.
As long as you meet the underwriting criteria, you can cover pretty much any combination of motorcycles on your policy.
So you could have a solely classic motorcycle multi bike policy, or a mix of bike types. You could secure cover that protects a combination of classics, commuter bikes, cruisers, customs, mopeds, quads, scooters, sports, supersports, tourers, trails, trikes. To learn more about which motorcycles you can cover on a multi bike policy – please click here.
Once you have received and agreed a multi bike insurance quote, then the first bike will be added to your policy when its renewal is due.
If your additional bikes’ renewals fall at the same time as your lead bike, they will be will added at the same time.
If their renewals fall later they will be added to your policy as cover becomes due.
From here on in you will then have a single renewal date based on when that first bike was insured on your policy.
Different insurers use different methods for calculating your initial annual premium as your bike renewals fall and they are added to your policy. Some will calculate the cost of 12 months cover for your lead bike and then add the cost of each additional bike pro rata to the end of the policy term.
To learn more about how to set up a multi bike insurance policy – please click here
If you choose to spread the cost when first taking out your policy, then you will need initially pay 10% and then pay off the balance over 10 monthly instalments.
At renewal you will then be able simply pay in 11 monthly instalments.
We are a credit broker, not a lender and only offer instalments from a single provider, Close Brothers Premium Finance. We do not offer advice in relation to credit agreements.
To find out more about spreading the cost of multi bike insurance – click here
As with most other motorcycle insurance policies, you can choose from Third Party Only (TPO), Third Party Fire & Theft) and Comprehensive cover.
Third Party Only insurance (TPO)
TPO is the most basic insurance. It covers only other vehicles and third parties.
Your bike will not be covered so you will need to pay for any repairs (or a replacement) if it is damaged (or written off) through an accident or fire.
It will also not be covered if it is stolen
Third Party Fire & Theft insurance
As the name suggests this simply TPO with added fire and theft cover.
This offers much more extensive protection. With comprehensive insurance should you need claim, your insurer will meet the cost of repairing or replacing/settling the value (less your excess) of your bike following an accident, theft and fire. Comprehensive insurance also cover claims from third parties involved in accident for which you are to blame (a fault accident).
Your bike will also be insured if it is damaged in an accident and blame cannot be attributed to another party because they cannot be identified.
That’s because the road risk will be increased with more than one rider out and about – remember that, as we said before, multi bike insurance policies are really designed to cover multiple motorcycles, not riders.
Adding multiple riders is not possible on a multi bike policy. For this you might need consider take a personal fleet insurance policy, should the cover be relevant to your circumstances. To learn more about covering other riders on a multi bike insurance policy – click here
Other available benefits
Many of the benefits associated with specialist motorcycle insurance may also be available with a multi bike policy.
Agreed value which may be of interest if you have a classic, custom or high value bike (or bikes).
Salvage retention rights which might be important to you if any of your bikes feature one-off or rare components.
Modifications are not a problem when it comes to multi bike insurance. As a specialist broker we can arrange cover for all road legal modifications, without limit. However, this may be subject to referral and approval by the insurer.
This means discounts may be offered for the fitting of insurance approved and Thatcham tested security devices. Thumbs can go up for electronic or electromagnetic alarms and/or an immobilisers, ground anchors, tagging systems and trackers.
An insurer may agree for your policy to feature a higher excess. This would mean that, if you needed to make a claim, you would need make a greater contribution to its cost. In return for you taking on that higher risk, your insurer will offer a lower premium.
Owners club savings
Many motorcycle insurers offer discounts to members of recognised owners clubs. The size of discounts varies between insurers.
If you ride fewer miles you’ll reduce your road risk. A limited mileage policy is then one way you might get a cheaper multi bike quote.
Remember though that you mist stick to your agreed mileage limit.
No claims discounts
The number of claims free years of riding you have is always important to an insurer. A good record is rewarded with a no claims bonus or discount.
Different insurers operate different no claims bonus structures, with discounts available from underwriters on our panel reaching up to 65%. Discounts usually kick in after 1 claim-free year, with the maximum bonus typically offered after 10 years or more.
Call for a quote
For your multi bike insurance policy quote you should give our specialist motorcycle team a call (0330 024 0087). They will be happy to talk about the bikes you want to insure, your options (such as limited mileage and voluntary excess) and your eligibility for any available discounts.
They will then use all this information to root out the best available quote offered by our panel of insurers.
Sorry, but we do not currently offer multi bike insurance online – we think it’s better to talk it through with you.
To find out more about how you can get cheaper multi-bike insurance – please click here
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