Riding a motorbike can be a thrilling experience, but sometimes life gets in the way, forcing you to take a break from your two-wheeled passion. But what about your hard-earned no claims bonus (NCB)? Can you keep it intact even when your bike is gathering dust in the garage? The answer is yes! In this blog post, we’ll explore the ins and outs of maintaining your no claims bonus during a motorbike hiatus. So, buckle up and let’s dive in.
Understanding Your No Claims Bonus
Before we discuss how to keep your no claims bonus intact, it’s essential to understand what it is and why it matters. A no claims bonus is a reward offered by insurers to policyholders who have not made any claims on their insurance policy during the policy term. This reward typically comes in the form of a discount on your premium when you renew your policy. By maintaining a clean claims history, you can save a significant amount of money on your motorbike insurance.
Taking a Break from Riding – SORN Your Bike
If you’re planning on not using your motorbike for an extended period, you should consider registering it as SORN (Statutory Off-Road Notification). By doing so, you inform the Driver and Vehicle Licensing Agency (DVLA) that your bike is off the road and not being used. As a result, you won’t have to pay road tax and can even cancel your current insurance policy.
However, cancelling your insurance policy might cause you to lose your accumulated no claims bonus. So, how can you safeguard it?
Opting for Lay-Up Insurance
To protect your no claims bonus while your bike is off the road, consider getting lay-up insurance. Lay-up insurance provides coverage for your motorbike when it’s not being used, ensuring it’s protected against theft, fire, and accidental damage. Most importantly, this type of policy allows you to maintain your no claims bonus.
When you’re ready to get back on the road, you can switch back to a regular motorbike insurance policy and still enjoy your no claims bonus discount.
No Claims Bonus Protection
Another option to consider is no claims bonus protection. Some insurance providers offer this feature as an add-on to your motorbike insurance policy. By opting for no claims bonus protection, you can secure your existing no claims bonus, even if you need to make a claim.
However, this protection typically comes at an additional cost and may be subject to certain limitations. Be sure to check with your insurer for the terms and conditions that apply.
Taking a break from riding your motorbike doesn’t mean you have to give up your hard-earned no claims bonus. By opting for lay-up insurance or no claims bonus protection, you can keep your discount intact while ensuring your bike remains protected. Remember to communicate with your insurance provider and discuss your options before making any decisions. With the right approach, you can resume your motorbike adventures without losing your valuable no claims bonus.
