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Electric Motorcycle Insurance

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James
Posts: 12
Topic starter
(@james12169)
Eminent Member
Joined: 5 years ago

I am a 67yr old biker with maximum 9yrs No Claims Bonus, no driving convictions, no criminal record, no penalty points and have held a full car and motorcycle licence since 1970 .......... and all that means I am an insurance company's dream customer. That is why the annual insurance for my two classic bikes (1974 & 1981 Boxers) fully comprehensive with breakdown recovery & legal cover is less than £200. Why the hell is comprehensive cover for my brand new Socco TC three times that amount?????? Lexham Insurance have offered Third Party Only cover for £195.89p - but that is still MORE than the Fully Comprehensive cover for my two classis bikes - 600cc & 650cc - the Socco TC is only the equivalent to a 125cc.

Someone explain this ludicrous situation ........ PLEASE!!!

James (confused).

5 Replies
Posts: 108
 tomp
(@tomp)
Estimable Member
Joined: 6 years ago

Hi James! Yes it is very strange, I think it might have something to do with the lack of crash/accident statistics on electric bikes? Either that or it’s £3000 price tag and expensive battery etc. 

Who knows  ? 

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James
(@james12169)
Joined: 5 years ago

Eminent Member
Posts: 12

It gets even more crazy .......... today MCE quoted thus -

Fully Comprehensive - £401.09 - No way!

Third Party, Fire & Theft £354.72 - Only a £46.37 reduction for a much lower insurer's risk!

Third party only (which is a much safer gamble for the insuring company) is £10.57 more than TPF&T at £365.29 ............. seriously, that is totally illogical.

Insurance is all about calculating risk - higher the risk, higher the premium. So how the hell is Third party only more expensive than Third Party, Fire & Theft?????

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Aming
Posts: 8
(@awsming)
Active Member
Joined: 5 years ago

My insurance with Lexham on TPFT was £500 - 🙁

I have a full car license (12 years), not a motorbike one -

I think because it is electric and theft, crash statics are limited this could be the reason.

Lexham said they would offer a reduction once a new scheme for having a helmet camera came into action.  - Until then it is what it is. 🙁

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James
(@james12169)
Joined: 5 years ago

Eminent Member
Posts: 12

£500 ....... ouch! I'd better stop moaning and consider myself lucky.

I've settled on a quote from Bikesure - £204.54 third party, fire and theft ............. which is is just £8.65 more than Lexham's quote of £195.89 for third party ONLY!

I think they just quote the first figure that comes to mind - there really is no logic to all these crazy quotes.

James

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James
Posts: 12
Topic starter
(@james12169)
Eminent Member
Joined: 5 years ago

A quick addition to my insurance saga ......... all the insurance companies I have had quotes from have tried to sell me breakdown and recovery for about £60 - which allows up to 4 call outs a year.

Green Flag quote £49.82 for Nationwide recovery to your destination of choice or home  with UNLIMITED call outs.

Tell me I'm wrong - but I think that not only are insurance companies pretty dumb regarding electric motorcycle insurance, but they are also robbing cowboys who think we are too stupid to do a bit of online research!

AN HOUR OR TWO SEARCHING ONLINE WILL SAVE A FORTUNE - IT IS WORTH THE EFFORT  ........... & PLEASE REMEMBER TO SHARE ANY INFORMATION YOU FIND.

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