What’s Multi Bike Insurance?
Multi bike insurance is a form of cover which pretty much as the name signifies, provides insurance protection of people who have a number of motorcycles.
Why might they need special motorbike insurance?
If you have a number of motorcycles it may be convenient to start thinking of them as a collection.
As such there are things that you may wish consider when it comes to insurance:
• it would appear to be unlikely that any owner will be able to ride more than one machine at a time, therefore, the insurer may be able to take note of the fact that the on-the-road-risks arising for each individual bike may be lower than those associated with a single machine (essentially, each individual bike in a collection may have a significantly lower annual mileage than in situations where there was only one machine involved);
• your collection of bikes typically have high value;
• a number of bikes stored together may be tantamount to a larger collective risk through natural disasters, than would obviously be the case if there was a single bike;
• the administrative overheads for the owners of the bikes, may be significant if they need to deal with multiple individual bike insurers.
For all these reasons, some providers have concluded that it may be appropriate to have a specialist policy providing cover to a number of bikes - this is often called multi bike insurance.
There may be many advantages to taking multi bike insurance:
• placing your insurance for several machines with one insurer, may provide you with a degree of commercial advantage and that may result in a significantly more cost-effective solution than would be the case if you had several individual policies (though remember to look closely at the detail and make comparisons as what may be the cheapest solution for somebody else may not work out to be the cheapest for you);
• by only needing to deal with one motorcycle insurance provider you may significantly reduce your paperwork and administration.
Multi bike policies may also require that you take additional commonsense precautions to protect your machines if they are stored together in one location.
For example, you may be required to put certain minimum security into place to help reduce the risks of vandalism and theft. You may also come across policies that may require you to fit various forms of fire alarms.
If you do have several machines and are looking for both suitable motorcycle insurance and a reasonable financial deal, it may be useful looking out for specialist multi bike insurance.