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Last Updated on 27th July 2022
Motorcycle insurance is like car insurance in several ways –why we have it, how it is used, and how the cost is determined, for example. Several parts of the world, including the UK, all have insurance requirements that their motorcycle riders have to meet in some form. When it comes to the cost and finding the average, that is easier said than done because insurance is often unique, and everyone pays different amounts for it.
However, you can get a general idea of where you stand with the cost of your own motorcycle insurance by considering the four major factors which determine how much you will pay for it.
Factors That Determine The Cost of Motorcycle Insurance
There are several factors in general that determine how much you will pay for insurance, but there are four that are really easy to keep in mind as you go looking for the right motorcycle coverage. These factors are:
- Motorcycle engine size – Similar to how to make and models determine how much you pay for car insurance, motorcycle engine and type also play a role. The three main types of motorcycle engines are 125cc, 900cc, and 1200cc –each one is more expensive than the other due to their risk and speed capabilities. Annual costs are estimated at around £340 for 125cc, £424 for 900cc, and £846 for 1200cc.
- Amount of motorcycle coverage – Of course, the amount of coverage you desire for your motorcycle will determine how much you pay for insurance. Because motorcycles aren’t as dense or protected as cars, it’s common for riders to get full comprehensive coverage beyond just the required amount.
- Rider age – The foremost determining factor of how much you pay for both car and motorcycle insurance is the age of the rider. Younger riders in their twenties and lower are known for paying the highest insurance rates. Through safe driving and avoiding filing claims, riders are able to get more average rates by the time they reach their 30s.
- Where the motorcycle is stored – Even when they are parked, motorcycles are still just as likely to be damaged or stolen as a car, if not more. That is why motorcycle insurance companies often assess the risk of where owners keep their bikes when they aren’t driving them.
Cost of Motorcycle Insurance And Engine Types
A motorcycle’s capabilities can be assessed by the type of engine it’s equipped with. The most common types are the ones previously mentioned –125cc, 900cc, and 1200cc. Honda, Yamaha, and BMW produce these kinds of motorcycles, respectively. Naturally, the faster your motorcycle goes, the more likely it is for an accident to occur. This is exactly what insurance providers look at in the policy underwriting process.
Cost of Motorcycle Insurance And Amount of Coverage
The amount of coverage you desire or need for your motorcycle will also determine what your rates will look like. We’ll get into the exact amounts later, but comprehensive coverage naturally costs more than just basic coverage. Comprehensive coverage is necessary in order to cover your motorcycle while it is parked or not in use. Especially in recent times, it has become more of a necessity than an optional add-on.
Cost of Motorcycle Insurance And Rider Age
It doesn’t need to be stressed anymore that younger and more inexperienced riders will pay the most for motorcycle insurance. They often pay at least double the amount that the average motorcycle rider does. This is one of the few factors that can’t really be avoided. You can shop for certain motorcycles and coverage while laying out your own policy, but you can’t readily change your age.
Cost of Motorcycle Insurance And Place of Storage
There are specialized motorcycle products and shelters that are meant to enhance how you store it during any off-seasons or extended periods of time. The insurance provider also hopes you store your motorcycle to the best of your ability. Insurance rates tend to be higher for riders that keep their motorcycles out in the open rather than in a garage, for instance. The difference is actually quite staggering for 900cc and 1200cc bikes, with policyholders having to pay at least £1,000 greater than if they are keeping their motorcycles in garages.
How Much Motorcycle Insurance Costs
We can’t give you any clear averages for reasons just discussed, but we can give you a general idea. Motorcycle insurance can cost anywhere from £340 to £5,560. How much you will specifically be paying is entirely dependent on you and your motorcycle. Take advantage of free motorcycle insurance quote calculators to see where you stand when it comes to bike rates.