Advice on insurance policy for new bike...

Hi Guys,

I need a bit of advice.

I’m insured with my current bike through MCE, my policy ends on the 10th February, but I’ve bought a new bike and I’m going to go pick it up on the 18th January. MCE have told me they will let me renew my policy early and get my no claims bonus instead of having to wait until 10th Feb which is great.

There’s just one issue, I’m moving from my current address to a better area on the 18th February. Online I got two quotes based on my current address with the bike parked on the street, and the new address with the bike parked in the drive, there’s nearly a £400 difference.

I called MCE and asked them if I setup the new policy at my current address and then call up to amend to my new address in February would the monthly payments then be reduced for the rest of the policy since the bike would then be in a safer location. They tell me “yes that should be the case” but no-one will give me a definitive answer and I very much doubt they are going to put anything in writing.

What do you think? Have any of you changed address mid policy, did your insurer adjust the price accordingly?

This insurance stuff is really starting to bring me down and I haven’t even got my hands on the bike yet! :crazy:

Thanks for any info…

They will do. Its an amendment to the policy and since it affects the risk, they will adjust your payments accordingly.

You also don’t have to renew with them in order to insure the SV. If you are getting the SV and SORNing/selling the YBR you can simply amend the policy to change bikes. Then at renewal go with them or elsewhere if they are not cheaper.

Just remember that any amendment will come with a standard admin charge that they will work into your monthly payments as a rule.

If you moved and it was in a worse area they would want more money, so in theory why wouldn’t they do it the other way? They will charge you a admin fee of between £30 & £50 but if the difference is £400 then its worth it

It depends from insurance company, but doubt it very much that they will refund £400.

When I changed my address last time, my car insurance (Admiral) gave me a refund for around £20. Meanwhile motorcycle insurance stayed the same (ebike).

They base the price on ‘risk’ the data for which they collect on the relevent vehicle/area etc. The area you moved to may have had less reported claims for cars but the same number as the previous area for the motorbike. Also, if the difference is £50 and the admin fee is £50 you won’t see any change.

They will definitely reduce your premium if you move into a lower risk area, but from that they will deduct the admin fee. If you pay in installments it will lower the installments, if its one lump sum then they refund the amount back to the original payment method.

As I once said before, I had the misfortune of working in insurance briefly and I made amendments to peoples policies all the time, most of the time a change of address didnt make much difference or it increased the premium but when it was reduced it was refunded. When you pay via installments the insurance company takes a further 10% cut anyway, they’ll never be out of pocket.

I’ve changed my address several times during a policy period. As I’ve gone from garage to garage I just get charged the admin fee.

I’ve recently sent a complaint to MCE for their shocking service, I very much doubt that they will respond in writing to you regarding the matter. However if you can remember the time, date and who you spoke to when they confirmed that write it down and keep it. All calls are recorded! If there are any discrepancies you’ll have the supporting evidence of the phone calls.

This is great everyone, thanks so much.

It’s not too bad after all really, now I’m thinking I’m just going to go down the Third party fire and theft route rather than fully comp as it cuts the insurance cost in half and I’m still covered for theft, which is the main thing I’m worried about with the bike.

Well going from Streatham to Walton on Thames seems to really improve things for my policy lol!

I understand all of this, but Insurance companies always find a reason to get more money out of you, so I would be very surprised if price will go down by £400 :slight_smile: . In my case there is no admin fee with ebike, you can amend your policy as many times as you like for free and also I never had to pay more or less for changing my address. So as I said it depends from insurance company.

p.s. Lauren, how much is excess fee? Last time I checked it was £1000 with MCE

It’s £825 regardless of fully comp or third party fire and theft, there was another company with a higher annual cost but a £250 excess…

I went from garage in Epsom to an street parking outside an undisclosed bat cave in Sussex and still got a £40 refund… :slight_smile:

With MCE

+1 Absolutely Agree!!!

My advice would be ride your existing bike until the policy expires, ask for your proof of NCD then insure your new bike at your new address.
Might sound disappointing but you’ll be busy with moving etc and it makes for a nice and simple policy start with no admin fees and no hassle.

MCE will make adjustments according to risk

I renewed my insurance with MCE when living in EN9 for £259.70 in Aug 2013, bike garaged.

Moved into temporary accommodation in E17 and had to pay another £127.80 + £32.00 admin fee in Sept 2013, no garage.

Moved to the far side in Jan 2014 and received a refund of £137.94 - £32.00 admin fee, bike garaged.

Just to cheer you up …

I’m currently paying a staggering £82.54 fully comp, £250 excess, 3 years NCB and 9 penalty points on 1,000cc Honda :stuck_out_tongue: