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Motorcycle insurance is one of the biggest costs involved in riding your motorcycle. Whether your ride is a scooter or a sports bike it’s best to get the best value insurance policy that covers everything you need.
What determines the cost of motorcycle insurance
Your personal details
In the insurance business, age is a common determinant for risk. Male riders under 25 are considered the most likely to file claim, whereas female and older riders are more likely to receive lower premiums. Occupation may also come into play in factoring premiums, depending on whether the coverage compensates you for time missed at work.
Where you live
A big influence on the cost of your car insurance is where you live. The chance of your car being broken into or stolen is a key concern for the insurer. More urban areas traditionally facing greater risk of theft and therefore tend to be more expensive than countryside locations.
The type of bike you own
The type of bike you own can greatly affect your insurance premium. Naturally, a more expensive bike will cost an insurer more to fix or replace. Motorbikes with better engines and faster speeds will represent a greater risk for collision as well as damage caused by an accident.
Older model bikes may require more maintenance and difficulty securing repair parts. For motorbikes older than 20 years, it would be wise to seek an insurer that specialises in classic bikes and cars.
Who else will be riding the bike
Adding another rider to the policy will affect the overall cost. Adding an experienced motorist will generally lower your premium. Conversely, adding a younger individual may escalate costs.
As each insurance company weighs these factors differently, you will find fluctuations in the prices you are quoted. Cheaper rates most likely find your situation more amenable to their particular risk formula.
Usage of the bike
The more often you ride your bike, the more likely you will be involved in an accident. Moreover, bikes that are used for commuting represent a greater risk than those ridden for pleasure, due to the difference in traffic. Residents living in high traffic postcodes may also experience higher insurance costs.
Storage and security measures
Theft represents another concern for insurance companies when calculating premiums. Alarms or anti-theft devices such as an immobiliser, bike lock, or ground anchor can mitigate this risk. In some cases, an insurer might recommend a specific brand or anti-theft device to their consumers.
Parking your bike in a garage can further alleviate theft concerns. Insurance companies will also factor in the crime rate in your postcode before settling on a quote.
Previous claims or convictions
Riders who have made previous claims or suffered motoring convictions present a greater risk to insurers. If you fall into one of these categories, it may be best to seek a company that specialises in insuring convicted riders
Your excess
The excess is the amount of any claim that your insurer will expect you to cover. For example, your riding your bike and you have an accident your bike now needs repairs worth £1000 and your excess is £100, you’ll have to pay £100 and your insurer will pay the remainder.
The more cost you are willing to absorb, the lower your premium. Having a high excess is ideal for riders who travel infrequently or on less busy roads. Those who commute daily may want a lower excess in order to file a claim for minor accidents. This, in turn, will elevate the cost of insurance.
No Claims Discount
Save up your no claims discount by avoiding making small claims upon your policy. After a set number of years, 4 or 5 typically, you’ll often be offered the option to pay an additional small premium to protect your no claims bonus. This can prove very helpful if you subsequently end up having an accident.
Advanced driving skills
By taking an advanced driving course you may also be able to reduce your premiums. The Institute for Advanced Motorists and the Royal Society for Prevention of Accidents each offer membership which provides you with discounts for both the cost of driving courses and your car insurance premiums. Two key variables NOT within the policyholder’s control
Consolidating policies
By insuring a number of vehicles with the same insurer, or by trying to take out home and life insurance through your car insurer, you may be able to secure a ‘bulk buy’ discount.
One final piece of advice
A large percentage of insurance is now sold on the Internet. That’s because it’s convenient and cheap. Many insurers now give a further 10%-15% discount if you buy online.
Level of cover
Third party
This covers the policy holder against damage to a third party’s property or to the third party themselves. Third party only bike insurance cover is usually a cheap motorcycle insurance policy compared to Third Party Fire and Theft or Comprehensive motorcycle insurance.
For example, if you have an accident with another vehicle and it is your fault then the Third Party Only policy will pay for the repair to that other vehicle, and will pay for any medical claims or injuries suffered by the occupant(s) of the other vehicle and your pillion rider. A Third Party Only bike insurance policy will not pay for the costs of repairing your own vehicle nor will it pay anything toward your medical expenses if you are injured. In addition, if your vehicle is stolen or is set on fire, a Third Party Only policy will not make any payment toward the theft or repair of the vehicle.
Third Party Fire & Theft
This is exactly the same as the Third Party Only motorcycle insurance policy, set out above, however a Third Party Fire and Theft UK motorcycle policy will pay out in the event that your vehicle is stolen or is set on fire.
Fully Comprehensive
A Fully comprehensive UK motorcycle insurance policy will pay-out for third party damages and injuries, will pay-out in the event of your vehicle being stolen or set on fire, and will also pay for any damage to your own motorcycle regardless of whose fault the accident was.
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