Young riders are statistically more likely to be involved in accidents and insurance companies are well aware of this. There’s no way around it - if you are under 25 you can expect your premiums to be significantly higher. However, you can try to mitigate this by choosing a bike with a smaller engine and taking an accredited bike safety training course. Young riders should also be especially mindful of safety in order to build up a no claims discount for the future.
Certain areas of the country are considered higher risk by insurance companies due to higher crime rates. Insurance companies will focus specifically on the rates of bike theft when insuring a bike. Cities are also more expensive in general as the odds of having an accident are higher in a busy area. Once again, there isn’t much you can do about this, although storing your bike in a safe place such as a garage will certainly help.
Some jobs are considered higher risk because they involve a lot more time spent on the road. For example, you can expect to pay a higher premium if you use your bike to work as a delivery driver rather than simply riding it for pleasure. People who commute via bike can also expect to pay more as they are more likely to be riding during rush hour.
Your claims history
Insurance companies will look at your previous insurance history when deciding your premium. If you have had previous accidents or have made a lot of claims in the past, you will be considered a higher risk and your premiums will reflect this. Penalty points on your licence will also increase your insurance costs. Most insurance companies will offer a discount based on the number of years you’ve gone without making a claim.
The value of your bike
An insurance company will base their quote on how much they would have to pay out in the event of an accident. Since a more expensive bike would cost more to replace, it will also cost more to insure in the first place. Rare or old bikes can also be expensive to insure as replacement parts can be much harder to obtain.
The type of bike
In general, more powerful bikes will cost more to insure as they are considered more dangerous. However, things are sometimes a little more complicated. Certain makes are considered more reliable than others so a powerful bike from a reputable brand can sometimes be cheaper than a less powerful bike from an unknown manufacturer.
How and where you store your bike
Insurance companies will ask detailed questions about where your bike will be stored. A safe location such as a garage will reduce your premiums, as will security features such as a bike lock or an immobiliser. The safer, the better.
Your level of cover
Not all motorcycle insurance is the same, and a cheaper quote doesn’t necessarily mean a better deal. Your premiums will depend on the level of cover you require. It might be worth paying extra to cover fire, theft, and other forms of damage. Comprehensive insurance packages cost more but might offer better value in the long run.
Your voluntary excess
The excess is the amount that you have to pay towards any claim on your insurance policy. A compulsory excess will be set by the insurance provider but you can volunteer to pay a higher excess in the event of a claim. This will cost you more if you have to claim but can reduce your insurance premiums. In effect, you're betting on yourself not to make a claim. It’s worth remembering that, if you do end up having to make a claim, the voluntary and compulsory excesses will be added together.