My AccountWhy does motorcycle insurance cost so much?
In this post we will explore the factors that can affect the price of motorcycle insurance, and explore some ways you can get the cover you need, for less.
What Affects The Price of Motorcycle Insurance?
Unfortunately, many of the things that affect the cost of your motorcycle cover are beyond your control:
- Your age. New riders and younger riders will always pay more for their cover than more experienced riders. According to Go Compare at the time of writing this blog, the median premiums for riders aged 16-24 are £933. For riders aged 25-49 they are around £410, and around £151 for riders aged 50 and over.
- Your job. This might affect how you use your motorcycle. If you use your motorcycle for work purposes, or even just to commute to and from work, then you’ll be more likely to drive at peak hours, when accidents are more likely to happen.
- Your location. Motorcycle theft is more common in some parts of the UK than others. Plus, the busier the roads are in an area, the more likely it is that you’ll be involved in an accident.
- Your rider history. If you have a history of accidents and claims, or if you have any criminal convictions, insurers will consider you a higher-risk and you may be charged more as a result.
Despite all this, there are some things you can do to bring down the cost of your motorcycle insurance.
Think About The Bike You Ride
If you’re a young rider, or you’re new to the world of motorcycles, then you should choose your first bike very carefully. A super slick 700cc model might be the dream, but the insurance premiums will higher even for a more experienced rider.
For your first motorcycle, you should prioritise safety and security over speed and style. Go for something smaller, older, cheaper, and less powerful – depending on the specification of the bike, generally a 100cc motorbike will cost less to insure than a 500cc+ model.
Be Honest About Your Mileage
When you take out a new insurance policy or renew an existing one, your insurer will ask for an estimate of your annual mileage. This helps to assess your level of risk – generally, the more miles you ride, the higher the chance of an accident, which can lead to higher premiums.
It might be tempting to underestimate your mileage to reduce your insurance costs. However, doing so can affect your cover. If you ride significantly more than you declared, it could impact how a future claim is assessed.
That’s why it’s important to provide a realistic estimate. If your mileage is genuinely low, you may still benefit from lower premiums – just be sure your information is accurate to help keep your cover effective.
Secure Your Motorcycle
A reason why motorcycles cost so much to insure is because of the risk of theft. According to one study, there were 23,963 recorded motorcycle thefts in 2023 alone. This means that a motorcycle is around 11 times more likely to get stolen than a car.
If you can take steps to secure your motorcycle, you could save on the cost of your cover. This is particularly important if you live in an area with high rates of theft.
In an ideal world, you’d be able to store your motorbike in a locked garage, with security features such as CCTV and motion activated floodlights. If you don’t have access to a garage, consider renting one. If not, try to park your motorbike somewhere safe: off-road, or at the very least in a well-lit public area.
You can also take steps to secure your motorcycle with various anti-theft devices, including alarms, immobilisers, trackers, and disc locks.
Commit to Safe Riding
Insurers allow you to build up your no claims discount. The more years that pass without you making a claim on your policy, the more you can expect to save.
You can also demonstrate your commitment to road safety through taking an advanced riding course. The British Motorcyclist Federation (BMF) Advanced Rider Course is open to all riders of all ages and experience levels.
Think About How You Pay For Cover
It can be cheaper to pay for your insurance annually, rather than monthly as you will usually pay interest on your monthly direct debit payments. Plus, you may also be able to lower your premiums if you select a higher voluntary excess.
This voluntary excess is an amount you agree to pay for any repairs, or other expenses on top of a compulsory excess, following a claim. However, you should tread very carefully here. Make sure that the total excess – the voluntary excess you select plus the compulsory excess – is one you can afford to pay in the event of an accident.
Another way to save is to switch to an insurer that specialises in getting you the cover you need at the right price. Get a quote now.