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There are two types of motorcycle insurance policy – a specified rider policy and a specified bike policy. The specified rider covers a rider, regardless of what motorbike they are riding. The latter, specified bike policy will only cover the motorbike and not the rider.
As with all types of insurance policies, the cost of the policy is determined by the likelihood the customer is to make a claim. Motorbike insurance company will assess this by evaluating a variety of risk factors. These include…
- …Age – Young motorcycle drivers are more likely to be involved in an accident than more mature drivers.
- …Job – People who drive their motorbike as part of their job are more likely to have an accident as they spend more time on the road.
- …Location – People in urban areas are more likely to have their motorbike subjected to criminal activity.
- …Driving record – If you have made claims on your motorbike insurance in recent years, your premiums will be higher.
- …Security – Security measures such as alarms and immobilisers will reduce the chances of your motorbike being subject to criminal activity.
- ...Performance and type – More powerful bikes are more likely to be involved in an accident and expensive bikes have higher repair costs should they be involved in an accident. Sought after models of motorbike are more likely to be stolen.
- …Parking - Motorbikes parked in locked garages are less likely to be lost or damaged.
As with car insurance, policies available are third party only, third party fire and theft and comprehensive. It is worth noting that motorbikes decrease in value rapidly, and should your bike be damaged, insurers will only pay out the current market value of your bike. If this is the case, and your bike is that bit older, it may not be worth paying larger premiums for fully comprehensive cover.