How do I set up a multi bike insurance policy?
OK, let’s start at the beginning.
First, of course, you, need to get a quote. It’s worth remembering that we don’t offer multi bike insurance online.
That’s because we think it’s better to talk everything through with you.
We’ll chat over the bikes you have, when your existing renewals fall and all the details we need take to get you the best quote from our panel of specialist insurers.*
Once you’re happy with that quote, we’ll add the first of your motorcycles to your multi bike policy when its existing cover expires.
Depending on your previous arrangements that could be just one bike – your lead bike – or two or more.
If you are replacing a previous multi bike insurance policy, then it’s simply matter of transferring cover in one go at renewal.
If the renewals for your other bikes fall on later dates, then we’ll add them when they are due.
Once all your bikes are added you will the have a single renewal date when it comes to renewing your multi bike insurance policy.
If you are replacing existing multi bike insurance, then it’s simple.
With just one renewal date, we will simply collect all the relevant details from you as normal and secure the best multi bike insurance quote offered from insurers on our specialist panel.*
If you are starting a new multi bike policy, it’s a little more complicated – but don’t worry – we do all the legwork!
Here insurers employ different methods for calculating the cost of your multi bike insurance 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.
Others may charge a flat fee for each individual bike.
Pro rata simply means in proportion.
Here that means your premium will reflect the time each bike needs to be covered.
Your lead bike will of course need a full 12 months, but if the renewals of your other bikes fall later, then they will need only to be insured from each renewal date until your multi bike policy expires.
It’s best explained through an example.
Imagine that the annual premium for the lead bike – the one insured from day one -is £300.
You might then add a second bike six months later – that is it requires six months cover until the end of the multi bike policy term.
If 12 months cover for that bike would have cost £150, then the pro rata rate for those remaining six months would be £75.
So the premium to cover those two motorcycles would be £35o: £300 + £75.
Typically an insurer will select the bike which is the most costly to insure as the base for the policy.
The premium for your second and any subsequent bikes will then usually be discounted.
Aside from the ‘bulk buying’ benefits of multi bike insurance, this is because insurers recognise that you can only ride one bike at any one time.
This matters to an insurer as they know you only need be covered for road risks on a bike you’re actually riding.
Whilst you’re out on that bike, the others are simply protected at that time against fire, accidental damage and theft risks (depending upon the cover you’ve purchased).
The only difference between getting a single and a multi bike insurance quote is that if your bikes do not already share the same renewal date, you will need let us know when their existing cover expires.
Otherwise you’ll need provide a range of renewal dates for the bikes you want to cover.
Then we’ll just need pull together all the details you might expect when getting any motorcycle insurance quote.
So as well information on the bikes you’re looking to insure, we’ll ask about your riding experience, claims history, age, occupation, home address and so on.
We’ll also be interested to know if you’re a member of any insurer recognised owners clubs, make use of any additional insurance approved security or hold an advanced rider qualification. This is because these may help get you cheaper multi bike insurance.**
There you go. You asked how do I set up a multi bike insurance policy? We hope you like our answer!
Want to set up a multi bike insurance policy? Call our specialist team on 0330 024 0087.
* Please ask for details of the insurers we use to compare multi bike insurance quotes. ** The value and availability of owners club, approved security and limited mileage discounts varies between insurers on our panel. Terms and conditions will apply. Cover is available through our call centre only. We do not offer multi bike insurance online.
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