If
there is one thing motorcyclists agree on, it’s that motorcycle
insurance quotes vary wildly in price depending on which company you
ask.
Making
sense of it all can seem an uphill struggle, but what are the
factors that influence the price quoted by motorcycle insurance
companies?
After
age and experience, which we will return to later, the next dominant
aspect affects all riders: security. Motorbike theft is rife, and
after some big losses recently motorcycle insurance companies have
hiked up prices to recoup their multi-million pound pay-outs.
Invariably,
the thefts have occurred from outside the owner’s home, so
garaging your motorcycle, especially if you live in a high risk
area, will cut the price quoted.
Another
insurance quote-reducing tactic is to fit a Thatcham-approved
security system. A combined alarm/immobiliser will set you back
between £270 - £400. Thatcham
is the body recognised by insurance companies to oversee vehicle
security standards and over the past years have been testing and
approving a number of motorcycle security systems. According to the
organisation, “If you install a Thatcham approved system to your
motorcycle you can expect to receive a premium discount from most
insurers.”
They
point out, however, that motorcycle thieves walk bikes down to a
waiting van and rarely, if ever, start them to ride away. It’s
recommended by Thatcham that any motorcycle security system should
incorporate an alarm in order to detect motion.
Age
and experience, as mentioned, are crucial in assessing your risk to
an insurance company. While building up a No Claims history, it will
be infinitely cheaper riding motorcycles with smaller engine
capacities.
It’s
also possible to make further in-roads into your quote price if you
notch up a limited mileage. Motorcyclists who ride less than 5000
miles per year will receive an extra discounts from some insurers.
While
you cannot in real terms affect your age or experience, you can
avoid adding to your burden by restricting who is covered to ride
your bike. Sticking to named drivers rather than all drivers will
help curb quote prices. One exception to this rule would be where
all the named rider are young and inexperienced.
Finally,
consider the level of excess you pay. By electing to pay more than
the standard excess, the quote will be reduced. Just be sure
that you really can afford what you volunteer to pay as an excess -
or you may be left languishing with a bike that’s off the road for
several weeks while you save up!
