Do you need new motorcycle insurance? Wondering what affects the price of your policy? Then you’re in the right place. Here, we’ll explore the key factors that impact motorcycle insurance premiums. Of course, many of these cannot be changed, but some you may be able to alter to reduce the overall cost of your insurance.
Your motorcycle’s engine size
Typically, a super powerful bike with a large engine will cost more to insure than a less powerful make and model. This is because insurance companies will have to pay out more to replace it if it is stolen or damaged. That’s why it’s important to consider all costs related to your bike before you purchase, such as maintenance, garage bills, fuel and insurance, as well as the initial price tag.
The type of cover you choose
Different levels of cover will vary in price – so it’s important to carefully consider what you need before you commit to a policy. There are three main types of cover: fully comprehensive, third party, fire and theft, and third party only. What is covered will vary depending on the insurer, so always check the policy documents carefully before you buy. Also, if you own multiple bikes, it may be cheaper to opt for multi-bike cover rather than having separate policies.
You may not realise it, but your job can have an impact on the cost of your motorcycle insurance. This is because certain professions are deemed to be more at risk than others. For instance, if your job means you spend more time on the road, you may face higher premiums.
Your no-claims discount
Like for car insurance, most insurance companies will take your no claims discount into account when calculating the overall cost of your policy. Typically, the more years of no claims you have on record, the better your insurance premium will be, as it showcases that you are a low-risk driver. It’s really important to provide the insurer with the correct no claims discount – you can usually obtain a certificate from your previous insurer if you’re switching.
Where you live
Where you live can also have an impact on your insurance premium. If you live somewhere with a high rate of crime, then it’s likely your insurance will be more expensive than areas with less risk. This is also the case with busy urban areas vs quieter, rural locations. You should consider where you keep your motorcycle and if you could store it somewhere safer, as keeping it in a locked garage rather than on the street is likely to be reflected in your premium.
Understanding the various things that impact the cost of your motorcycle insurance is essential to make sure that you get the best possible cover for you. It’s worth doing your homework, carefully reading all policy documents and working out if there are any areas you could improve before taking out your next policy.