When it comes to renewing your bike insurance there are a whole variety of factors which can affect your renewal price. These can vary from your postcode to the type of job you have.
Giving the right information is essential to prevent your insurance from becoming void, however, there are a lot of steps you can take to reduce your insurance premium. So what factors affect your policy, and how can you change these to affect your quote?
Unfortunately, unless you’re prepared to move house, then chances are you will have little control over where you live. If you reside in a high theft area, you’re going to get hit with a high premium. However, in some instances, you may find that it’s far cheaper to keep your motorcycle in a lockup at a different postcode or perhaps at a close relatives address. If you live in a high crime area, it’s worth checking out the price of a lockup against the cost of your insurance quote to save money.
Statistically, if you’re between the age of 17-25, you’re more likely to be involved in an accident. Unfortunately, even if you ride cautiously, you’re still going to have to pay that premium. However, if biking runs in your family, it may be worth checking whether adding a named rider to your policy brings the quote down. Many are aware of this tactic when it comes to renewing this car insurance, however, not many bikers are aware that the same option applies when it comes to renewing your bike insurance.
Type of bike
Desirable bikes get stolen, fast bikes are often crashed, and old bikes will break down. Insurance companies know from experience that certain motorcycles are naturally problematic. These factors will be taken into account when it comes to getting your insurance. A good tip is always to check your insurance rates before buying your motorcycle. Often you will find that it’s just the case that specific bikes have more expensive quotes. This is concerning the number of claims made against that model. Another point to consider is the fact that a bike which comes with a higher insurance quote may be a bike worth avoiding for your safety.
How you use your motorcycle
Want to be Uber’s fastest delivery man? Perhaps you want to commute daily to work? How you use your bike will dramatically affect your quotation price. However, we’re aware that many don’t have the luxury of a secondary vehicle to get to work. Unfortunately, this means that travelling in rush hours means higher insurance. In addition to this, the added mileage will be a contributing factor to your insurance price. The more time spent on the road equates to a higher-priced policy. Those who opt to use their bikes recreationally will be afforded the luxury of a lower quote.
The type of cover you chose to take out
It used to be the case that third-party only was the cheapest insurance on the market. However, lately, many consumers have noticed that it’s quickly becoming the case that comprehensive is the more affordable option. Don’t automatically assume that comprehensive cover will be more expensive and always do a price comparison between companies.
The amount of excess
Excess is the amount of money that the policyholder will have to contribute if a claim will be made. Many assume that the higher the excess, the cheaper the insurance policy. However, this isn’t always the case, or if there is a difference, it may be minimal. It’s still worth running multiple quotes with different excess amounts to see the effect on your predicted policy. A secondary issue to bear in mind is, in the event of a motorcycle accident where you are required to make a claim, can you afford the excess price? Remember, insurance is there to protect you in the worst-case scenario. If paying a small amount on top allows you to drop your excess by hundreds, it may be worth doing.
Your riding record and your previous claim history
This is generally the most significant factor when it comes to renewing your insurance. If you have little to no no-claims and a poor riding record, it’s going to affect your quotes. This is because an insurance company will most likely assume that you will be more likely to be involved in an accident. Often insurance companies will require you to disclose your riding record for the previous six years. In addition to this, fines, penalties and bans will also negatively affect your quote. So try to stay safe and legal and ultimately you will be rewarded with a lower quote. Remember, if you have been involved in a motorcycle accident that wasn’t your fault, using a solicitor like SorryMate may mean that you can protect your no claims by not going through your insurance!
The type of motorcycle security you use
Bikes get stolen. Stolen motorcycle lead to more claims. Unfortunately for bikers, this means higher insurance for everyone. Insurance companies want to minimise this risk as much as possible by having you add better security for your motorcycle. Your insurance quote will be significantly lower if you store your bike in a garage overnight. In addition to this, try to opt for more substantial security measures. For example, using a ground anchor, disk lock and a decent immobiliser.
As you can see, while there are many factors outside of your control, it’s still worth adapting your habits to lower your insurance quote. We hoped that this guide gave you great insight into how to lower your premium. If you have any other suggestions, drop a comment on our Facebook page.