It’s been a tough time for MCE over the last few years but new thinking on PAYG or usage based motorcycle insurance could be the perfect fit for many leisure bikers.
The UK motorcycle insurance market is largely driven by older riders, who use their machines primarily in the summer months. Some collect and renovate older bikes, others own a trackday machine or a long distance adventure touring bike. The existing offer from the industry via comparison sites and brokers like Bennetts, Atlanta/Carole Nash, Devitt, Principal, Lexham, Hastings and many others is the same as it was 4 decades ago; TPF&T or Fully Comp. The only thing that has changed in the last 20 years is that pillion passenger and riding kit cover have become optional extras.
So the time is right for new thinking, as technology offers insurance brands the chance to assimilate data while the machine is being used.
HOW DOES IT WORK?
MCE has separated the theft and damage risk from the PI and third party on-the-road risk. So you pay a flat fee of £25, then from £5 per month for laid-yp cover. Each time you ride the bike the mileage counter – which is attached to the motorcycle – logs the miles and you pay a set rate per mile.
For bikers who see this as a gateway towards globalists tracking their every move, speed, lean angle etc feat not – it only tracks the miles, nothing else.
Another plus point is that if you sell the bike, you can cancel at any time. No cancellation fees.
It’s refreshing to see a brand try something new in the market and for many bikers, especially sportbike or classic owners who often ONLY ride on sunny days and clock up under 3000 miles a year, this could work out as being a better way to pay for insurance.
Roll on summer.
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