Motorbike insurance premiums can vary significantly, because they depend on a number of factors. How likely your insurance provider thinks you are to make a claim, and how expensive that claim will be, has a big impact on the cost of your insurance policy.
The following are all factors that could potentially increase or decrease your insurance premiums:
The area where you live
Your postcode can actually affect the cost of your motorbike insurance. For example, if you live in an area that’s very busy, such as a city centre, you’re likely to be considered at a greater risk of being involved in an accident. Similarly, if your postcode area has a high rate of crime, such as motorcycle thefts, this will likely see your premiums increased.
How old you are
Motorcycle insurance premiums can also be affected by your age as well. Statistically, insurers are likely to deem you more at risk of being involved in an accident if you’re a younger rider. Those aged 17 to around 25 are statistically more of a risk to insurers, therefore they are likely to see higher than average premiums compared to older riders.
Your job
Certain occupations will also be considered a higher risk by motorbike insurance providers. If you happen to fall into this category you may find that the quotes you get result in increased premiums, as opposed to occupations that are considered low risk.
What you use the bike for
Perhaps you use your motorcycle to commute to work every day. If so, you’re likely to see increased insurance premiums compared to those who just use their bike for social, domestic and pleasure purposes. This isn’t always the case, but when you’re riding frequently during rush hour, you’re more likely to be involved in an accident, simply because the roads are a lot busier.
How many miles you do
You will have to state to your insurance provider how many miles you do on average when getting a quote for motorcycle insurance. This is because it’s one of the factors used to calculate your premium.
Accuracy is important when disclosing this, as overestimating your mileage could lead to you paying more than you need to. On the other hand, setting this too low could result in your insurer refusing to pay out for a claim, if it turns out you do a lot more miles than you’ve stated. One way to try and cut the cost of your insurance is to restrict the number of miles you do on an annual basis.
Your years of no-claims
Every year you have motorbike insurance in place and don’t make a claim, will give you another year of no claims discount (NCD). The more NCD you accumulate, the more you can reduce the cost of your cover when you come to renew, usually capped up to a maximum of 5 to 6 years no claims discount. However, if you have any penalty points on your licence then this is likely to increase your premiums.
The make and model of your bike
Generally, if you have a more powerful model of motorbike it may cost you more in premium than if you have a bike with a smaller engine size and performance capabilities. However, just because you have a more powerful machine doesn’t necessarily mean you’ll always be paying higher for your insurance.
How much your bike is worth
When getting a quote for motorbike insurance, you’ll be asked about the value of your bike. If you have a more expensive model, this could mean that payout for a claim would likely be higher for damage and repairs. Of course this can mean that you’ll pay higher premiums on your insurance to begin with.
If you ride a classic motorcycle, and are therefore looking for classic bike insurance, spare parts may be difficult and expensive to obtain. This can increase any repair costs, and your premium calculation as well.
If your bike has any modifications
If you’ve made any modifications to your motorcycle, this could change the risk factors for certain insurers as well. For example, a modified bike may be more attractive to thieves, increasing the chances that it would be stolen, and therefore you will be more likely to claim.
Modifications that enhance your motorbike, such as making it faster, may make it more likely that you’ll be involved in an accident. This would make you a higher risk as far as some insurers are concerned. It’s essential that you inform your insurer about any modifications you’ve made to your bike, or you risk invalidating your policy, being unprotected in the event of an accident, and underinsured when making a claim.
The level of cover you need
Of course, the level of insurance you require will affect the premium you pay. It’s easy to assume that getting the lowest level of cover, which is third-party only insurance, will be the cheapest option. However, just because this offers the most basic level of cover, doesn’t necessarily mean it will cost you less.
Insurance premiums depend on your individual circumstances, as well as which type of cover you need; whether it’s third party, third party fire and theft, or comprehensive.
If you have a voluntary excess
Every insurance policy will come with a compulsory excess, which is the amount you’ll have to pay towards a claim. This excess is set by the insurer, but there’s also the option of having a voluntary excess on top of this, which is chosen by you. If you opt for a higher voluntary excess, it might reduce the price of your premium. However, you’ll need to pay both the compulsory and voluntary excess together in the event of a claim.
Having added bike security
How secure your bike is, may have an impact on your insurance premium. For example, if you keep it locked away in a garage or on a private driveway, as opposed to parking it on the street, it’s less likely to be stolen. Security features, such as a bike lock, ground anchor and immobiliser can all affect your insurance quote too. Keep in mind though that you need to check with your insurance provider to see if this will impact your premium.
You can get a quick and easy quote for motorbike insurance with Carole Nash today – by simply clicking here, or calling us now on 0333 005 3355.
