Why is motorbike insurance so expensive?
Costs associated with getting on the road with your first motorbike can quickly get out of hand – from the price of the bike itself to expensive motorcycle insurance.
As well as your chosen bike and insurance cover, you will also need to budget for:
Safety equipment including helmet, leathers and other appropriate riding gear
Provisional licence
Compulsory Basic Training (CBT)
Road tax
MOT, if one is needed
Do I really need motorbike insurance?
Whatever bike you want to buy, if you plan to ride it on the road, it is a legal requirement for it to be insured.
There are three main types of motorcycle insurance:
This is the minimum level of cover you need to drive on UK roads. It covers damage to another person’s property, along with compensation costs for injuries to other people. Third party only won’t cover damage to your bike or your own injuries.
This covers damage to another person’s property, just like TPO, with the addition of fire and theft cover.
You are covered for damage your motorcycle or someone else’s property, regardless of who is at fault. Comprehensive insurance also covers you against fire and theft and vandalism.
To find out more about the different types of motorbike insurance, take a look at our answers to the top 10 FAQs for motorcycle insurance.
What else impacts on the cost of motorcycle insurance?
A broker such as Bikesure will do its best to find ways to reduce the cost of your insurance but there are a number of factors that will impact on the price of your cover, these include:
1. Your age
Usually the younger you are, the more expensive your motorcycle insurance will be. That’s because insurers rate less experienced riders to be a greater risk than older riders with lots of safe and claim-free miles under their belts.
2. Where you live
If you live in a city or a large town your motorcycle insurance will be more expensive than if you live in a rural area. That’s because statistically there is more crime and more traffic in heavily built up areas so there is a greater risk that you will need to make a claim.
The place that you store your machine when it is not in use will also affect your premium. For example, if you can lock it away in a garage overnight your insurance will be less than if you left it outside parked on a road.
3. How you will use your bike
If you plan to use your motorcycle for business, you will have to tell your insurer. You will likely be riding more often, and at busier times of the day, than if you were using your bike for social and domestic purposes. Using your bike for business purposes will likely mean higher insurance costs.
4. Anticipated annual mileage
Broadly speaking, the more miles you anticipate covering each year, the higher your insurance costs will be. The price difference won’t be that much but there is still a difference.
However, don’t deliberately underestimate your mileage as if you rack up double what you predicted, you could invalidate your policy when you need to make a claim.
5. The make, model and value of your machine
In general, the more powerful and expensive your motorcycle, the more costly your insurance will be. So if money is tight, go for something a little more modest until you have built up your no claims discount to get a decent reduction on the cost of your premium,
It doesn’t pay to bend the truth when it comes to insurance
You might be tempted to be a little economical with the truth when applying for insurance, saying you’ll do less miles than you really will, claiming to park in a garage every night when you don’t really have access to one, and not declaring your business usage.
While this strategy may save you a few pounds in the short term, in the long run it is a very risky business. If you need to make a claim on your policy and the insurer becomes aware of your dishonesty, your policy may be invalidated meaning you will have to fork out for any damage and losses.
The figure you will have to stump up will probably far exceed the figure you have saved.
Other factors that impact on your motorcycle insurance
The government adds Insurance Premium Tax (IPT) to the cost of your motorcycle insurance. In recent years that has doubled from around 6% to 12%.
Inflation is also at record levels and those extra costs – for parts, repairs and labour costs – are also passed onto motorcycles through their insurance premiums
.Motorcycle theft, especially in London and other larger towns and cities, has increased meaning companies are having to pay out more in claims, which then increases premiums.
Nonetheless, you can still get a cheaper insurance quote if you shop around or go to a specialist insurance broker such as Bikesure, who will do the leg work for you..
If you’re still looking for even more ways to save money on the cost of your motorcycle insurance, read our helpful blog.
How to get a motorcycle insurance quote
You can rely on Bikesure for a fast and sensible quote, whether you’re a learner or newly qualified rider insuring your first bike, or an experienced rider looking for classic bike insurance.
Call Bikesure on 0330 123 1028 – [[ FLUX_AVG_SAVING ]] of all customers receiving an online quote in [[ FLUX_AVG_SAVING_DISCLAIMER_MONTH ]] could have obtained a cheaper quote over the phone. Alternatively, book a callback at a time that suits you.
