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What affects the cost of motorcycle insurance?

Before you get your bike on the road, you will need to sort out your insurance. Here we look at some of the factors which affect insurance costs, to help you learn how to get the best deal for you.

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Words by: Auto Trader

Tom Roberts

Additional words by: Tom Roberts

Last updated on 2 May 2024 | 0 min read

We will cover these 9 points and the affect they may have on your insurance costs.
1) Age 2) Location 3) Job 4) Claims history 5) Bike value 6) Bike type 7) Bike storage 8) Level of cover 9) Voluntary excess

1. Your age

Young riders are statistically more likely to be involved in accidents. Insurance companies are aware of this.
There is no way around it – if you are under 25 you can expect your premiums to be significantly higher. How can you try to mitigate this: - Choosing a bike with a smaller engine. - Taking an accredited bike safety training course. - Be especially mindful of safety to build up a no-claims discount for the future.

2. Your location

Certain areas of the country are considered higher risk by insurance companies. The risk is based off crime rates – most specifically bike theft rates.
You can find out what the crime rates in your area here on the Police UK website here. Living in a city will often bring the cost of your insurance up. This is because the odds of having an accident are often higher in a busy area. How can you try to mitigate this: - If you live in a city, consider storage options like a garage - Invest in more security for your bike.

3. Your job

Some jobs are considered higher risk because they involve a lot more time spent on the road.
An example of a job role you could expect to pay a higher premium for is a delivery rider. If you commute via bike, you can also expect to pay more especially if riding during rush hour. How can you try to mitigate this: - Use another vehicle to travel to work - Use public transport to get to work.

4. Your claims history

Insurance companies will look at your previous insurance history when deciding your premium.
Most insurance companies offer a discount based on the number of years you have gone without making a claim. If you have had an accident previously or have made a lot of claims – your premiums will reflect this. Penalty points on your license will also increase your insurance costs.

5. 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. If you have a rare or an old bike, this could cost you more to insure as replacement parts can be much harder to obtain.

6. The type of bike

Powerful bikes will often cost more to insure, as insurance companies consider them to be more dangerous.
However, things are sometimes a little more complicated. You can try and bring your insurance costs down by: - Buying a bike from a reputable brand - Considering if you need a powerful bike or not.

7. How and where you store your bike

Insurance companies will ask detailed questions about where your bike will be stored. The safer, the better.
To try and bring your costs down you could: - Store your bike in a garage - Invest in extra security like immobilisers and or locks.

8. Your level of cover

Not all motorcycle insurance is the same, and a cheaper quote does not necessarily mean a better deal.
Your premiums will depend on the level of coverage you require. It might be worth paying extra to cover fire, theft, and other forms of damage. Comprehensive insurance packages cost more but might be better value overall.

9. Your voluntary excess

The excess is the amount that you must pay towards any claim on your insurance policy.
A compulsory excess will be set by the insurance provider. You can volunteer to pay a higher excess in the event of a claim. This will cost you more if you must claim but can reduce your insurance premiums. In effect, you are betting on yourself not to make a claim. If you do end up having to make a claim, the voluntary and compulsory excesses will be added together. In conclusion, the cost of motorcycle insurance is influenced by a multitude of factors. Each of these play a significant role in determining premiums. Take some time to comb through all the points in this article to see where you can try to bring your premiums down. Once you have done this you should feel more confident to getting your next insurance.

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