Motorcycle insurance is one of the biggest costs involved in riding your motorcycle. Whether your ride is a scooter or a sports bike, it’s best to get the best value insurance policy that covers everything you need.
What determines the cost of motorcycle insurance
your personal details
In the insurance business, age is a common determinant of risk. Male riders under the age of 25 are considered the most likely to file a claim, while female and older riders are more likely to receive lower premiums. Occupation can also play into factoring premiums, depending on whether the coverage compensates you for time lost from work.
Where do you live
A big influence on the cost of your auto insurance is where you live. The possibility of your car being broken into or stolen is a key concern for the insurer. More urban areas traditionally face a higher risk of theft and therefore tend to be more expensive than rural areas.
The type of bike you have
The type of bike you own can greatly affect your insurance premium. Naturally, a more expensive bike will cost the insurer more to repair or replace. Bikes with better engines and faster speeds will pose a higher risk of collision as well as damage from an accident.
Older model bikes may require more maintenance and difficulty securing repair parts. For motorcycles over 20 years old, it would be advisable to look for an insurer that specializes in motorcycles and classic cars.
Who else will ride a bike?
Adding another rider to the policy will affect the total cost. Adding an experienced motorist will generally lower your premium. Conversely, adding a younger person can increase costs.
Since each insurance company weighs these factors differently, you will find fluctuations in the prices you quote. The cheapest rates will likely find your situation more susceptible to your particular risk formula.
use of the bicycle
The more often you ride a bike, the more likely it is that you will be involved in an accident. In addition, bicycles used for commuting pose a higher risk than those used for pleasure, due to the difference in traffic. Residents who live in high-traffic zip codes may also experience higher insurance costs.
Storage and security measures
Theft represents another concern for insurance companies when calculating premiums. Alarms or anti-theft devices such as an immobilizer, bike lock, or ground anchor can mitigate this risk. In some cases, an insurer may recommend a specific brand or anti-theft device to its consumers.
Parking your bike in a garage can further alleviate theft problems. Insurance companies will also take into account the crime rate in your zip code before setting up a quote.
Previous Claims or Convictions
Passengers who have made prior claims or have been convicted of driving present a higher risk to insurers. If you fall into one of these categories, it may be best to find a company that specializes in insuring doomed passengers.
your excess
The excess is the amount of any claim that your insurer will expect you to cover. For example, if you are cycling and have an accident, your bike now needs £1000 worth of repairs and your excess is £100, you will have to pay £100 and your insurer will pay the rest.
The more cost you are willing to absorb, the lower your premium will be. Having a high excess is ideal for cyclists who travel infrequently or on less traveled roads. Commuters may want a smaller deductible to file a minor accident claim. This, in turn, will drive up the cost of insurance.
Claims discount
Save your no-claims discount by avoiding small claims on your policy. After a set number of years, usually 4 or 5, you will often be offered the option of paying a small additional premium to protect your bonus without claims. This can be very helpful if you end up having an accident later.
Advanced driving skills
By taking an advanced driving course, you can also lower your premiums. The Institute for Advanced Motorists and the Royal Society for the Prevention of Accidents offer membership that gives you discounts on both the cost of driving courses and your car insurance premiums. Two key variables that are NOT under the control of the policyholder
Policy consolidation
By insuring a number of vehicles with the same insurer, or trying to get home and life insurance through your auto insurer, you may be able to get a ‘buy in bulk’ discount.
one last tip
A large percentage of insurance is now sold on the Internet. That’s because it’s convenient and cheap. Many insurers now offer an additional 10% to 15% discount if you buy online.
Coverage level
third
This covers the policyholder against damage to the property of a third party or to the third party itself. Third party only motorcycle insurance coverage is usually a cheap motorcycle insurance policy compared to third party fire and theft motorcycle insurance or comprehensive motorcycle insurance.
For example, if you are in an accident with another vehicle and it is your fault, the Third Party Only policy will pay to repair that other vehicle and pay any medical claims or injuries sustained by the vehicle’s occupants. another vehicle and its pillar passenger. A third-party only bicycle insurance policy will not pay for the repair costs of your own vehicle or pay anything for your medical expenses if you are injured. Also, if your vehicle is stolen or set on fire, a third party policy alone will not make any payment for the theft or repair of the vehicle.
Fire and theft of third parties
This is exactly the same as the Third Party Only motorcycle insurance policy, set out above, however a UK Third Party Fire & Theft motorcycle policy will pay out in the event your vehicle is stolen or set on fire.
fully understanding
A UK comprehensive motorcycle insurance policy will pay for damage and injury to third parties, pay in the event of your vehicle being stolen or burned, and will also pay for any damage to your own motorcycle, regardless of who is at fault. the accident was.
