Before purchasing a motorcycle you need to factor in the cost of insurance as it can be one of the biggest costs involved. However, whether you ride a sports bike or indeed a scooter there are four factors that will determine the premium that you have to pay. With this in mind, let’s take a look at what they are.
In the insurance business, unfortunately age is often a common denominator that determines the cost of your insurance. For instance if you’re a male rider and you are under 25, then according to statistics, you’re more likely to make a claim, whereas older male riders and females generally receive lower premium quotes. Your place of residence can also be a factor that determines insurance costs, so if you live in an urban area you face a greater risk of theft and therefore will probably have to pay more.
The Type of Bike
Similarly to cars, the more expensive the vehicle and the more powerful the engine, the more you’re likely to pay. This is simply because faster bikes are deemed at greater risk of a collision. If you have an older bike say over twenty years of age, repair parts may be costly as they could be difficult to get hold of. For this reason some insurers will also charge a premium.
Sole or Dual Rider
Adding another rider to the cover is also likely to bump up your premium. If it’s an inexperienced rider for example, or someone under 25 this could make quite a hefty difference. So you may want to think twice about dual person cover.
Previous Convictions or Claims
Any riders that have had previous motorcycle convictions or have made previous claims are also deemed a greater risk to an insurer and therefore your premium will reflect this. So what do you do if you do fall into a high risk category? In essence you really do need to shop around. There may well be specialised companies out there who will ensure you cheaper insurance than other companies would. For example, if you have been convicted of a motorcycle related offence, then look for an insurer who deals mainly with this type of individual. If you are under 25, then have a look for companies that specialise in insuring younger motorcyclists.
Finally, get several quotes as you will be surprised at the difference in pricing. This doesn’t necessarily mean that one company is right and one is wrong. It simply means that the company with the cheapest quote is more likely to find your situation favourable to their particular type of formula of risk.