It is a relatively well known fact that classic vehicles are cheaper to insure in the UK than new ones. In case of comprehensive insurance, not only is the insured value of a 30 year old motorcycle less than a brand new one (unless it’s super rare of course!) , I suppose it’s also related to profiling based on make / model.
Possibly a person who insures a 33 year old Honda CB550 or similar is perceived by the insurance company to be less likely to get into an accident and therefore less risky to insure. Guess nobody told them that the bike doesn’t stop nearly as well as a new one so in case someone brakes in front of me I am in fact MORE likely to rear end them…
OK so without going through the hassle of contacting specialist insurers, when I bought the old Honda, I just followed the same procedure I would have if it was a new vehicle. Log on to some insurance comparison websites and see what they can offer me.
I have a clean license (held for over 2 years) and am over 25 so I suppose that also makes me less of an insurance risk. However, I never had any insurance in my own name and so did not have No Claims Bonus saved up for it. Turns out that didn’t matter and my quick search on GoCompare led me to find an insurance policy from Bennetts for only a little over £80 for third party, fire and theft.
Now here is where it gets interesting – I happen to be signed up to a Cash Back website called TopCashBack. I did a quick search and it turns out they were offering me about £20 Cashback if I used their referral link to sign up to Bennetts motorcycle insurance. It took a few months for the money to come through but I am pleased to report that it worked and my insurance premium for the whole year is little over £60!
TopCashBack and other cash back websites are well established and a good way of getting a bit of money off purchases you would be making anyway. For the most part they will offer cashback on purchases you make online, and the percentage or amount depends per participating retailer. Some sites charge joining fee, but TopCashBack is totally free to join and if you’re not sure there are some small incentives you can get that don’t even require a purchase. Don’t just take my word for it, please see the guidance on the topic that can be found on Martin Lewis’s website MoneySavingExpert.com (yes that guy off the telly).
