Having your motorbike insured is not a matter of choice in the UK, as it is an offence in this country to ride without insurance. Those who fail to comply with this requirement could end up with fines, points added to their licence and even the confiscation of their motorbike.
However, just because motorbike insurance is compulsory, it doesn’t mean there are not ways to reduce the cost of your motorbike policy. If you understand the factors that insurers consider when calculating premiums, then you may just be able to find ways to lower the price you will have to pay.
Level of coverage required
The level of coverage you require for your motorcycle will definitely have an impact on the cost of the policy. The choices of cover in the UK include third party, third party fire and theft and fully comprehensive. Suffice to say, the more eventualities you are covered for, the higher your premium will be.
Of course, it is important to obtain a level of coverage that is sufficient for your particular circumstance, or you could find yourself at a loss financially.
The motorcycle being insured
This is the most important factor for insurers for several reasons. Firstly, the make, model and value of the bike affects the cost of repairs and replacements; so normally the more expensive your bike is, the higher your insurance quote will be.
Secondly, the more powerful the engine is the more capacity you will have of riding at high speeds, which in turn increases your chance of having an accident.
Finally, if you are considering any modifications to your bike, do check beforehand with insurers to understand if the change is considered a non-standard upgrade, which may affect your insurance cost.
The rider being insured
The personal history and circumstance of the rider also determines the price of the policy.
Riders who are under 25 are considered more at risk of accidents and will therefore find it more expensive to be insured.
Where you live matters too – the lower the traffic volume in your area and the less likelihood of crime, the less premium you will have to pay. Interesting, those in professions that are deemed more socially responsible will also receive better rates.
Finally, your driving record will also be taken into account. Check out this more in-depth and useful article on your driving record implications.
What you can do to lower costs
Although you can’t help where you live, how old you are and what job you are in, there are other ways in which you may reduce your motorcycle insurance premium.
For example, those who have undertaken an advanced riding course may be eligible for better rates.
You can also take action to improve the level of security of your bike. Fitting anti-theft devices such as a high quality immobiliser and bike locks, as well as keeping your bike off the road overnight will command a lower premium.
A lower mileage will also help matters, so having alternative ways of travel will allow you to use your bike less.