Getting a motorbike insurance policy quote isn’t a one size fits all process. To get the right quote for you, insurance providers have to take into account a number of factors from your age, where you live, to how you use your bike. And it is this information that will determine what sort of policy you’ll get and how much you have to pay.
It’s so important to provide the correct information as otherwise it can result in your policy becoming void.
Whilst some of these elements are out of your control, some of them can be changed to try and make sure you get lower premiums. Here, we’ve looked into how your motorbike insurance policy is calculated and the factors that can affect it:
- Age
Even if you’re the safest rider in the world, in most cases younger riders have to pay more than older riders.
It’s not due to some bias against younger riders. Statistics show that riders aged between 17-25 have a higher chance of being involved in an accident. So unfortunately, if you fall within this bracket you’re likely to have higher insurance premiums.
- Address
Your place of residence is likely to affect how much you have to pay annually for insurance.
If you live in an area with high vehicle theft rates this will affect your bike insurance policy. Likewise, if you live in a busy, built up area, naturally, there’s an increased risk of accident compared to if you live in a rural area. So if you are a city dweller be prepared to be hit with a more expensive policy.
- Type of bike
If you’re lucky enough to be riding round on a brand spanking new model, the cost of repairs, damage, or any claims will likely be higher. This is also true for classic bikes because parts might be particularly difficult to get hold of. These factors will also be taken into account when your bike insurance provider is calculating your policy.
In addition, if you’re the owner of one of the more powerful superbikes out there, this will likely cost more than the regular street bike.
It is important to note that just because you own one of the older bikes doesn’t mean your policy will necessarily be low. Because it is low value you might be less likely to ride it with caution – there are multiple factors an insurance provider will take into account.
- How you use your bike
If you use your bike as your main method of commuting to work, you might find you have to pay more for your insurance policy. In this case, you’ll be likely riding during rush hour which is the prime time an accident is likely to occur.
Besides this, if your bike has a considerably higher mileage, your insurance is likely to be more because you’re spending more time out on the road.
- Type of cover
A fairly obvious one but the type of bike insurance cover you would like to be insured for will determine how much you pay.
Third party is usually the cheapest form of cover, with comprehensive being the most expensive due to the potential amount of opportunities for an insurer to pay out for.
- Excess
A concrete part of all insurance policies is excess. Excess is the amount of money you volunteer to pay when you have to make a claim. The higher this amount is the lower your insurance policy will be. Because the more you have to pay in excess, you’ll be less likely to put a claim forward and the chance of the insurer needing to pay out are lower.
It is important to note that voluntary excess is different to compulsory excess. You have no influence in how much compulsory excess is and will have to pay it as well as voluntary in the event of a claim.
- Riding Record & No Claims
This is usually one of the biggest elements that make up an insurance policy. If you go a full year without making any claim on your insurance this gives you a no claims discount and reduces the overall cost of your insurance.
But if you have one or a few claims over the past year, it will be assumed you’re more likely to make a claim and therefore your insurance policy will be more expensive.
Usually, most bike insurance companies will accept up to 5 or 6 years of no claims to calculate a discount on your policy and it will be capped here.
Similar to no claims, if you incur penalty points, fines or bans as a result of speeding or another road offence. Your insurer will take you into account and will increase the price of your policy.
- Bike Security
How you store your motorbike when not in use is another aspect of owning a bike that insurance companies take into account when determining the cost of your insurance.
If your bike is stored in a secure, locked garage, compared to on the street, this could save you money on your insurance policy. If you don’t have a garage or private drive, there are a number of security measures such as a bike lock, a ground anchor or an immobiliser which can influence your premium.
As you can see, there are an abundance of factors that go into calculating a motorbike insurance policy. Luckily, the process with us couldn’t be simpler. If you are interested in getting a quote, get in touch today.
