How bike insurance quotes are calculated
Insurance companies take lots of factors into account when working out what to charge you
for your motorbike insurance, which is why they ask so many questions. They work out what
type of risk you are to them (how likely it is that you will make a claim on your policy)
and charge you accordingly.
They will look at:
Claims history
If you've made a claim on your motorbike insurance in the last 5 years, you must tell your
insurance company about it. If an insurance company has had to pay out for a claim,
they will see you as a greater risk to them and charge you more for your policy.
Having made a claim doesn't necessarily condemn you to paying huge sums for your motorbike
insurance though. Just run a quote through Gocompare.com and we'll bring you prices from
the most competitive motorbike insurance companies in the market.
Riders
An insurance company will ask for information about who will be riding your bike, including
their riding history, age, claims and convictions history etc. Adding a rider under 25 who
has a speeding conviction and has previously crashed their bike will certainly increase your
insurance costs compared to letting a 40 year old with a no claims or convictions ride
your motorbike.
Riding convictions
It stands to reason, the more riding convictions you have, the more you will be charged for
your insurance – someone who speeds habitually may be seen as having more chance of being
involved in an accident and so will cost their insurance company money.
Insurance companies will generally ask for your conviction history for the last 5 years.
Medical conditions
If you have had, or currently suffer from a medical condition or disability that may affect
your riding you must tell the Driver and Vehicle Licensing Agency (DVLA). They then decide
whether to place any restrictions on your driving licence. If you don't have a restricted
licence, then insurance companies can't charge you any more for your insurance as you are
not an increased risk to them.
For further information regarding Medical Conditions please use this link:
http://www.dvla.gov.uk/medical/ataglance.aspx
†
Mileage
Motorbike insurance companies will ask you how many miles you cover per year because the
more time you spend out on the road, the greater the chance of you having an accident or
making a claim.
Occupation
Some occupations attract higher insurance premiums than others. For example paying out on a claim
for a professional sportsperson is going to cost an insurance company a lot more than say an
office worker. Other occupations that may increase your insurance premiums are working on
licensed premises and entertainers.
By using a comparison site like Gocompare.com you'll be able to look for a good deal and compare
insurance policies so you can find one that is best suited to what you need.
Security
It's important that your motorbike is kept as securely as possible to help keep your insurance
premiums down. Examples of security devices are motorbike chains, ground anchors or alarm
and immobilisers.
Marking and identification
Put as many security markings on your bike as you possibly can. It will deter thieves as they
will not be able to get rid of a marked bike as easily as an unmarked one, and it will increase
the chance of getting your bike back if it is stolen.
Mechanical security
You can now get locks and chains to protect your motorbike that Houdini would find it difficult
to break into! They are also a good visual deterrent, the opportunist thief is not going to
want to spend time trying to get a lock off a bike as this will increase the chance of
being caught.
Lock your bike to something solid and immovable, like a bike anchor and keep locks and chains
off the ground as this makes them harder to break.
Electronic security
Having a Thatcham approved security system
† on your motorbike may help keep the price of your insurance down. Thatcham is the
industry standard for safety and quality and is recognised by all insurance companies.
Devices are graded by Thatcham into the following order:
- Thatcham grade one - alarm and immobiliser
- Thatcham grade two - immobiliser
- Thatcham grade three - mechanical security such as a ground anchor or chain
If you have a motorbike alarm and/or immobiliser fitted it is less likely that your motorbike will
be stolen - you can therefore expect to pay less for your insurance policy than someone who has no
security device on their motorbike.
Parking
Park in safe, well lit areas. Try to look for a public car park that is part of the police approved
“Safer Parking Scheme”. For further information and location of your nearest safer car park
scheme go to www.saferparking.com
†. Use a motorbike cover whenever your motorbike isn't garaged.
Vehicle value
The more expensive a motorbike is, the more it will cost an insurance company to repair or replace
it if you make a claim on your policy, so the more they will charge you for your insurance.
Vehicle age
If you own an older motorbike you may well find your insurance quote is less than if you wanted
to insure a newer bike. This is because the cost of replacing parts or the bike itself will be
much less if you make a claim. The insurance quote should reflect this.
This doesn't apply to collectables or classic motorbikes. Although these may have been manufactured
and produced some time ago, the cost of parts or replacing the bike for an insurer could potentially
be very expensive as they are rare and difficult to find. A specialist classic motorbike insurance
company should be able to offer you a competitive quote.
Vehicle use
What you use your motorbike for will have an impact on the cost of your insurance premium. Just using
your bike socially to visit friends or at the weekends in the summer for enjoyment means you are much
less of a risk to your insurance company than if you use your motorbike to travel back and forth to
work, or you use your bike for your work.
If you need business use on your motorbike then your premium may increase to cover the increased
mileage you will be doing as you are seen as a greater risk of having a claim or accident.
Here are the different types of use for your motorbike. Make sure you tell your insurance company
exactly what you use your bike for:
- Social, domestic & pleasure - cover for day to day riding, such as a visiting family, friends or going shopping
- Commuting - covers you to ride to and from one fixed place of work. It also includes travelling to and parking at a railway station
- Business use - use of your motorbike in connection with your job, such as riding to more than one place of work
- Commercial travelling - covers you and your bike to be used for things like door to door sales
Your address
Where you live can affect your insurance premium. For example, if you live in an urban area there are
high levels of traffic and so the chances of being involved in an accident are higher. Motorbike
insurance companies are aware of this and it will be reflected in the cost of your motorbike insurance
quote. This doesn’t mean that living in the country means you won’t have a claim or accident but with
fewer road users it's less likely.
You may get a discount for keeping your bike locked in a garage overnight or parking it on a driveway
rather than on the road.
Make sure you give your insurance company the address that you spend most of your time at. For example
if you are a student and you use your motorbike while at university, tell your insurance company
otherwise if you try and claim on your insurance they may refuse to pay as you haven't disclosed the
correct information about where your bike is kept.
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