Motorbike owners know that insurance premiums can drive up the cost of owning a bike. Given the danger associated with bikes, these prices can be crippling, particularly for young and inexperienced riders.
However, as the insurance industry has become more competitive and specialised, riders are finding significant savings by repeatedly shopping for quotes online. To find the best value, it’s important to know how a motorbike insurance is calculated and how that affects your online quote.
How Online Motorbike Insurance Quotes are Calculated
Although every insurance company has a different formula for factoring a quote, nearly all take into account the following factors:
Age and Personal Details
In the insurance business, age is a common determinant for risk. Male riders under 25 are considered the most likely to file claim, whereas female and older riders are more likely to receive lower premiums. Occupation may also come into play in factoring premiums, depending on whether the coverage compensates you for time missed at work.
Make and Model
The type of bike you own can greatly affect your insurance premium. Naturally, a more expensive bike will cost an insurer more to fix or replace. Motorbikes with better engines and faster speeds will represent a greater risk for collision as well as damage caused by an accident.
Older model bikes may require more maintenance and difficulty securing repair parts. For motorbikes older than 20 years, it would be wise to seek an insurer that specialises in classic bikes and cars.
Mileage and Usage
The more often you ride your bike, the more likely you will be involved in an accident. Moreover, bikes that are used for commuting represent a greater risk than those ridden for pleasure, due to the difference in traffic. Residents living in high traffic postcodes may also experience higher insurance costs.
Security
Theft represents another concern for insurance companies when calculating premiums. Alarms or anti-theft devices such as an immobiliser, bike lock, or ground anchor can mitigate this risk. In some cases, an insurer might recommend a specific brand or anti-theft device to their consumers.
Parking your bike in a garage can further alleviate theft concerns. Insurance companies will also factor in the crime rate in your postcode before settling on a quote.
History
Riders who have made previous claims or suffered motoring convictions present a greater risk to insurers. If you fall into one of these categories, it may be best to seek a company that specialises in insuring convicted riders.
Excess
The more cost you are willing to absorb, the lower your premium. Having a high excess is ideal for riders who travel infrequently or on less busy roads. Those who commute daily may want a lower excess in order to file a claim for minor accidents. This, in turn, will elevate the cost of insurance.
Helmet
For those opting for additional medical coverage, the quality of the helmet you wear may reduce the risk of personal injury and further decrease premiums.
Other Riders
Adding another rider to the policy will affect the overall cost. Adding an experienced motorist will generally lower your premium. Conversely, adding a younger individual may escalate costs.
As each insurance company weighs these factors differently, you will find fluctuations in the prices you are quoted. Cheaper rates most likely find your situation more amenable to their particular risk formula.
Finding an Online Bike Insurance Quote
In most cases, insurance companies will offer motorbike insurance as part of their larger package of offerings. For those looking to bundle their policy with home, fire, or car insurance, this may provide an extra discount or incentive to stick with a larger conglomerate. However, individually speaking, it may be wiser to choose an insurer that specialises in motorbike insurance.
These companies will have a quote system that is typically more refined than their competitors, and thus able to offer a better and more realistic assessment of the risks of motorbike use.
Another tool that helps streamline the search process is an online comparison site. These websites partner up with hundreds of motorbike insurance companies and earn a commission on a referred sale. As a result, they are free to use for consumers and supply you with an instant comparison of major providers, saving you the time and burden of visiting each company individually.
