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What influences your motorcycle insurance costs?

Reducing motorcycle costs

With more than one million licensed motorcycles on the roads in England and plenty more in the rest of Britain, there are many riders who will be keen to keep their running costs down.

According to data from Compare the Market, around half of motorcycle riders could expect to pay an average of just over £376 annually for their bike insurance.

Those that undertake advanced motorcycle training could expect to reduce that figure further, while improving a rider’s technique and potentially reducing their chances of being involved in an accident.

However, many riders will also pay significantly more. So what factors influence the costs involved, and what else can bikers do to see lower insurance premiums?

Influential factors on your motorcycle premiums

Like with cars, younger riders face higher insurance premiums as the level of risk is deemed to be higher – generally speaking, costs should start to decrease once a rider is over the age of 25.

The location where the bike owner lives is also a key factor, as risk levels are higher in busier areas and in places where crime is more prevalent.

Naming an additional rider on a policy will impact on the premium in some way too – a younger person or learner could push the cost up, while, in some instances, a more experienced rider could bring the cost down.

Previous claims and driving misdemeanours, such as speeding, must be declared when getting a quote for insurance and will ultimately push up premiums.

Again, as with driving a car, good practices are rewarded by lower premiums, and those with several years of no claims can also expect to see costs dip, as their associated risk level is lower.

The motorbike itself impacts premium costs too

The type of motorcycle being insured will have a big impact on the costs of premiums, as a small scooter will cost considerably less to insure than a more powerful motorbike with a larger engine.

Riders are encouraged to consider this when purchasing a new motorcycle, as the cost of a little extra power could be significantly more than they had bargained for.

Any modifications could also drive premium costs up, while riders who complete a high number of miles annually can also expect to pay more than an occasional rider.

Where a bike is kept can keep premium figures down too – if possible a bike should be locked in a secure location, with a sturdy lock attached. Leaving it locked on the street, rather than in a garage, could drive up costs.

More expensive bikes to purchase will have higher premiums too, simply because the costs of repairs or replacement will be that much greater.

The insurance options available

A motorcyclist may also wish to set their excess at a higher figure in order to reduce their premium – that figure could then be covered using motorcycle excess insurance.

It’s important to note that the excess would still need to be paid in the event of a claim, although it can then be claimed back using the policy.

Any excess figure should, therefore, be affordable so that it can be paid in the unfortunate case that a claim is needed.

Date Created: 13/05/2020


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