The Cost of Motorbike Insurance

The law requires you to have sufficient insurance if you want to ride a motorbike on any UK road. That means that quite a bit of money is being added to the expenses that you already have in running the bike. However, finding affordable motorbike insurance isn’t difficult at all. All you need to know is what the factors are that insurance companies take into consideration when calculating the premiums and then you shop around.

The factors are fairly straightforward:

• The Type of Motorbike That You Want To Insure
  The first thing that insurance companies will look at, is the age of the bike. If it is new, the premium will be higher because it will be more expensive to repair or replace should it be written off. An older bike will be cheaper to insure because the parts will be cheaper and even second-hand parts will be available – therefore the insurance company won’t have to pay out as much in the case of an accident.
  The story is different with bikes that are older than 20 years. These are considered classic bikes and are, once again, more expensive to insure because the parts will be more difficult to find.
  The power of your bike’s engine also determines the size of your premium. The faster it goes, the more likely you are to be in an accident that causes greater damage than less powerful motorbikes. Hence the large premium.
  
  

• How Much You Use Your Bike
  As with cars, the mileage on the motorbike counts strongly towards the size of your premium. The more you use your bike, accumulating miles, the more likely you are to be in an accident. You will also pay more if you use the bike to go to work and back as you will be driving at times when there are more cars on the road – hence you are more likely to be involved in an accident.
  
  

• Where You Live and Where You Park
  The security aspect is a big one. If you live in a high crime neighbourhood and you bike has to be parked on the pavement, you will pay a higher premium than when you live in a safer neighbourhood and your bike is parked in a garage. It’s all about the risk of theft and damage.
  
  

• Other Considerations
  The insurer will also consider the following in order to determine the premium of your motorbike insurance: Previous claims or convictions, details such as your age, gender, profession etc., other drivers of the bike and, finally, the excess that you are prepared to pay.

If you want the best deal, you really need to shop around.