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Author Topic: Insurance - Multibike vs separate policies?  (Read 1398 times)

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Offline orbits

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Insurance - Multibike vs separate policies?
on: December 18, 2020, 04:29:52 PM
I'm in the fortunate position to be running two bikes, and am trying to understand what's to lose/gain by going for a single multi-bike policy over two separate policies I currently have (in the UK)?

I had the XR first, then picked up an old VFR as a bit of a winter ride / project last year. They are currently insured separately on separate policies, though with the same insurer who is rather awesomely mirroring my existing XR NCB across both policies. Put another way, I'm building fresh NCB on a fresh VFR policy (now at 1 years NCB, about to go in to year 2), but I'm only paying a the policy premium as if I already have a bigger NCB from the XR policy. In other words; about as cost effective a way as possible to be earning two separate sets of NCB on two policies if you like.

However, a year in, I'm wondering what's the point?! It's cheaper again for me to stick the VFR on to the XR policy as a single multi-bike policy (and only pay once for break down cover on one policy then).

So, is there a benefit to running two separate policies that I'm missing, or should I just go multi-bike and let the VFR NCB lapse?? Thanks.

#1

Online wessie

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Re: Insurance - Multibike vs separate policies?
Reply #1 on: December 18, 2020, 04:45:32 PM
I have 2 bikes on separate policies. Both with full NCB. S1000XR and a R1200RS. I pay about £100 for each.

I have looked at multi-bike policies. They are more expensive; you only get one NCB to port to another policy.

The other advantage is being able to insure each bike with different uses e.g. in normal years my RS is used for commuting and does more miles per year. It is a little dearer to insure as a result.

For your VFR, it should be old enough for a classic bike policy which might save you some cash. Especially if the annual mileage is low.

#2

Offline Winger

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Re: Insurance - Multibike vs separate policies?
Reply #2 on: December 18, 2020, 05:05:10 PM
I’m a big fan of multi bike policies, if you have an accident it’ll effect other polices you have anyway, so I just lump them all in together, what I have found the max for one policy is 6, so my X/R is on another on its own.

But for anyone reading this, make sure you have an old knacker even if it’s stuffed in the garden shed and not seen the light of day for years it’ll do wonders for your premium.

And anything more than that is way too much info  :001:

#3

Offline LeftCoastKen

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Re: Insurance - Multibike vs separate policies?
Reply #3 on: December 18, 2020, 05:53:05 PM
This has always been a problem where I live in British Columbia Canada.  It is tough to own multiple bikes here due to the cost and laws preventing multiple vehicle policies. There are so many places to explore the unpaved back country, it would be nice to have a second bike that is more dirt friendly.   I get some pretty good discounts for no claims, experience and training certifications but on average it cost between $1200 and $1500 CAN per year for me to insure a bike.  So when in the market for a new bike I try to find the best all-rounder.  Hence the XR.

#4

Offline Crosshairs

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Re: Insurance - Multibike vs separate policies?
Reply #4 on: December 18, 2020, 06:57:31 PM
All my bikes are always on one  policy..and my cars are the same way

#5

Offline advr6

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Re: Insurance - Multibike vs separate policies?
Reply #5 on: December 18, 2020, 09:34:45 PM
Yes we get screwed in Canada.  The bulk of the premium is for the medical coverage and they make you pay that for every bike even though you can only ride one bike at a time  :232:

#6

Offline peterwbaker1100

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Re: Insurance - Multibike vs separate policies?
Reply #6 on: December 19, 2020, 11:51:42 AM
*Originally Posted by wessie [+]
I have 2 bikes on separate policies. Both with full NCB.

I have looked at multi-bike policies. They are more expensive; you only get one NCB to port to another policy.

The other advantage is being able to insure each bike with different uses e.g. in normal years my RS is used for commuting and does more miles per year. It is a little dearer to insure as a result.

Agree 100%, I had a multi bike policy for 1 year, I guess an introductory offer or something, next year two policies were cheaper...  Peter
R1250RT two up / S1000XR for fun!

#7

Offline orbits

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Re: Insurance - Multibike vs separate policies?
Reply #7 on: December 20, 2020, 06:34:05 AM
Thanks for the views. I think I’m hearing that:
    If you already have two policies with decent NCB, hang on to them. They might be cheaper than multi bike depending upon the insurer.

    If you haven’t got two policies with decent NCB and multibike is available and cheaper then go with it.

I fall in the gap between of having a ‘relatively’ cheap way of earning more NCB on a second policy, but relative in this case means paying almost £80 more than going multibike to do it; a sort of ‘deffo pay now, might save later’ route if I keep running two bikes. I think I’m going to go multibike and stick that £80 in the petrol tank, but I’ve got another day or two to ponder it.

I guess any future change of bike might be the main reason to keep two policies; the Viffer is nearly as old as me so probably isn’t loading the multibike much. If I got something more fruity one day that might make me wish I had two policies with decent NCB!
Last Edit: December 20, 2020, 06:37:50 AM by orbits

#8

Online wessie

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Re: Insurance - Multibike vs separate policies?
Reply #8 on: December 20, 2020, 10:26:26 AM
One thing I forgot to mention, if you have a couple of new "premium" bikes, then individual policies might be your only option. I went from owning a 2015 MT09 Tracer and a 2016 R1200RS to swapping the Tracer for a 2017 Triumph Explorer. At the time the RS was still under a year old so if both bikes were nicked from my garage the insurer would replace both with a new bike, costing about £30k on one policy. You won't find a motorcycle underwriter willing to take this risk so you have to use 2 policies.

For some reason, underwriters willing to insure BMW cars for £50k are more will baulk at a top of the range bike costing over £20k.

#9

Offline PhilMill

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Re: Insurance - Multibike vs separate policies?
Reply #9 on: December 20, 2020, 01:14:38 PM
I have a Carol Nash 6 wheel policy, it saved me a lot of money on the combined cost of what I was paying. The policy covers my car, the XR and my 3 classic bikes it worked great for me.
Too many bikes, not enough time.....

 



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