How much is motorbike insurance?

With the average cost of motorcycle insurance being between £340 and £850 according to Nimblefins.co.uk, it is perhaps unsurprising that many people worry about their insurance costs. Despite this however, there are some riders who can get away with only paying £170 for their coverage whilst others need to pay thousands. In this guide, we’ll break down how much you can expect to pay for your coverage and why some people pay far less on their premiums.

Average costs for motorbike insurance

The average cost of a motorbike insurance policy comes to around £600. The power of your bike will also play a large role in determining how much you can expect to pay on your coverage. A 125cc will be cheaper to insure than a 1200cc for example. This comes down to the power of the bike and it’s increased potential to cause serious damage or injuries. In one study, a 125cc Honda PCX cost £324 on average to cover whilst a 1200cc (BMW R1200 GS) cost nearly double at £689. In general, the more powerful your bike, the more you can expect to pay on your premiums.

Tip: Cheaper insurance policies tend to have higher excess costs.

…

The cost of comprehensive motorbike insurance

Perhaps unsurprisingly, the more comprehensive a motorbike insurance policy is, the more you will be expected to pay on your premium. However, the price difference is not always as dramatic as many would expect. With basic Third-party coverage starting at £314, a comprehensive motorcycle insurance policy may only see you back around £324. The key difference in price comes from the difference in excess. Third-party insurance had an average of £0 excess whilst comprehensive had a £500 average excess.

Surprisingly the cheapest form of coverage was not the most basic either. Third-party, fire and theft was found to be the cheapest option on average with annual premiums of around £241. This can be explained by the fact that insurers are aware riskier drivers will tend to opt for the cheapest option and so a Third-party, fire and theft policy may at certain times be cheaper.

How much does motorbike insurance cost by age?

Those between 20 and 25 came out worst off for average premium costs at around £1006 per annum. Those 45 and over had an overage premium of only £234. The distribution of motorbike insurance prices followed a step decrease in premiums once a rider hit the age of 25 and over. Average premiums for this age bracket nearly halved in price from £1006 to £478. From the age of 25 onwards, you can expect your premiums to gradually decrease every 5 years or so. This is assuming all other things are equal however.

Getting cheaper motorbike insurance

In order to get cheaper motorbike insurance, it is recommended that you compare multiple quotes before committing to a policy. There are also some things you should avoid as much as possible in order to avoid increased premium costs.

1. Avoid making claims – This may seem obvious but it really does pay off not getting into any accidents that require you to make a claim. Previous claims can drive up your premiums by as much as 25%.
2. Increase voluntary excess – By increasing your voluntary excess, you can effectively decrease your premium costs.
3. Take up an advanced driving course – By reducing your risk profile to insurers, you can effectively bring down your premiums.
4. Choose a less powerful bike – A less powerful motorbike means that your capacity to cause damage and serious injury to third parties.
5. Review your policy regularly – Your policy and premiums will likely change over time so it pays to keep on top of it and to ensure you aren’t overpaying.

Being a good rider also cannot be understated as penalty points and fines along with motoring convictions can all dramatically increase your premiums. 6 penalty points can raise premium costs by as much as 25%.

References

*https://www.nimblefins.co.uk/average-cost-motorcycle-insurance