You must have insurance cover for you moped. I always make it a rule to shop around for insurance every year. The insurance companies are always trying to compete against each other and it’s not hard to change insurance company when it is time for renewal. If necessary you may be able to pay by installments. Comparison websites are good, but there are also independent brokers who can find a good deal. Do get a quote for insurance before you buy. They might also be able to advise you whether they insist on specific sorts of extra security like chains. That will depend on where you live.
There are three basic types of insurance:
Third Party Only Cover (TPO)
You are legally required to have this cover in place. It will cover any claims made against you for injury, damage to property or even death. Bear in mind that if you have an accident which is partly your fault or entirely your fault, this sort of insurance policy will not pay for the damage to your moped. If your moped is stolen or damaged in a fire, this type of policy will not pay.
Third Party Fire and Theft (TPFT)
This sort of policy will cover you for all of the above, but will also cover you if your moped is stolen or damaged in a fire. Check the details to see if the insurance company insists on certain types of lock, especially if you live in an area more prone to crime.
Comprehensive Cover (COMP)
This is the most comprehensive cover and covers everything in third party fire and theft cover and additionally covers damage to your own moped, even if the accident is your fault. Insurers might chose to pay to replace your moped if it is too badly damaged. Some comprehensive policies may also cover certain types of legal fees, contain personal accident insurance and have breakdown recovery. It is comprehensive, but it is also more expensive.
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