Generally speaking, it may be the case that a motorbike is cheaper to insure than most cars, however the exact cost of your motorcycle insurance will depend on the actual model you’re riding, and your rider history. These factors could mean your motorbike may end up more expensive to cover than some cars.
Let’s look at what exactly can affect your premium, so that you can better determine whether your motorbike will be cheaper, or potentially more expensive, to insure.
How exactly is your motorbike insurance calculated?
Your motorbike insurance premium will largely depend on how likely you are to make a claim, at least according to your insurer. There are a number of important factors to consider, including:
- Your age: Statistically, younger riders (aged 17-25) are more likely to be involved in an accident. The younger you are, the higher your premium is likely to be.
- Your job: Certain professions may be considered a higher risk than others.
- Your address: Where you live can affect your motorbike insurance premium. If you live in an area with a high crime rate, you’re more at risk of theft. Also, busy cities makes you more likely to be involved in an accident, statistically.
- Your riding record: You build up a no-claims discount (NCD) for each year you ride without making a claim on your motorcycle insurance, up to a limit. This may reduce your premium at renewal. Also, if you have penalty points on your licence, you can expect a higher premium.
- Your usage and mileage: If you commute to work every day, the cost of your cover might be higher, as riding in rush hour is seen as a higher risk by insurers. Also, if you happen to do a lot of miles per year, this can also affect the cost of your insurance.
- The value of your bike: If you happen to be riding a more expensive bike, the cost of a potential claims for damage and repairs will likely be higher. For classic motorbikes, finding parts may be more expensive. All this could be factored into calculating the cost of your premium.
- How secure your bike is: Storing your motorbike in a secure garage or on a private driveway could see the cost of your insurance brought down, as could adding security features such as a bike lock, a ground anchor, and an immobiliser.
How does the make and model of your bike affect the cost of insurance?
Another important factor to consider is the make and model of the motorcycle you’re riding. For example, if you own a superbike with powerful performance capabilities, it’s likely to drive up the cost of your motorbike insurance, more so than if you had a street motorcycle with a more modest engine.
Of course, this isn’t always the case, as insurers will take other factors, such as the ones listed above, into account when working out your premium.
Also, if you happen to have made any modifications to your bike, this could also increase your risk factor with insurers. Your modified ride could be more attractive to thieves, for example. Or, if the modifications allow your bike to reach higher speeds, you may be at greater risk of being involved in an accident. It’s always important to inform your insurer about any modifications you have, or are planning to make, to your bike.
Cover and excess level
The actual level of cover you choose for your motorbike insurance can, of course, change the price you pay. However, you shouldn’t assume that the lowest level of cover (third party only insurance) is going to be the cheapest for you, as your motorbike insurance quote is affected by your own personal circumstances.
When you get a quote with Carole Nash, we can give you prices on all levels of cover. Third party, third party fire and theft, and comprehensive.
Keep in mind that insurance will come with a compulsory excess, which is the amount of money you have to pay in the event of a successful claim. You’ll also have the option of adding on a voluntary excess, which can be an amount decided by you. Having a higher voluntary excess may reduce your premium, but you’ll still have to pay both excesses in the event of a claim.
If you’re looking for a motorbike insurance quote, give Carole Nash a call today on 0333 005 2295.