Motorbike Insurance Cost
Trends - how to lower your own rates.
a car or bike? You'll need drive away insurance from
carriers witnessed a jump in competition for market share in the UK from
2005-2008. If you are considering buying a motorbike or if you own one,
this article will show you how to keep your insurance rates very low, even
in a bullish market.
In 2005, medium-sized motorbike insurance companies dropped their rates to
attract clients from industry leaders such as Norwich Union and Equity Red
Star. By 2006, the leading UK insurers also dropped their rates, to
recapture the market share lost in 2005. This triggered a quiet price war
which benefited consumers, but since then insurance rates have generally
trended upwards due to other factors.
Major insurance brokers
specialising in motorbike insurance include Bennetts™
(www.bennetts.co.uk), Carole Nash™ (www.carolenash.com)
and a number of specialist price comparison companies
In 2005 the UK motorbike
insurance market was worth about £187 million, compared to £183 million in
2004—a 2.5% increase. Motorbike insurance rates have been rising in recent
years because of the steady spike in petrol prices which have triggered a
surge in UK motorcycle ownership. Many motorcycle buyers also cite London
traffic jams, as a reason for shopping for a motorcycle.
An increase in the number of UK motorcycles has also contributed to a
spike in traffic accidents, and motorbike theft. These have in turn forced
motorbike insurance rates to trend upwards. Over 35,000 motorbikes are
stolen in the UK annually, while motorbike accidents cause 28,000
casualties yearly. Only a few of the stolen motorbikes are ever recovered.
Industry experts contend that motorbike theft is likely to continue
because it takes only about 14 seconds to steal an unprotected bike.
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Factors That Can Reduce your
Motorbike Insurance Rates, and Keep them Down.
Age and experience: If
you are over 25 and can prove that you are an experienced rider, you
should pay lower premiums.
Driving Record: Riders
with multiple accidents, and a history of lost motorcycles, have higher
Residence and places you
visit often: Your home and work postal codes, and their accompanying
crime rates are factored in when computing your premiums.
Type of bike: If you own
a brand new splashy motorcycle with lots of speed enhancing accessories,
it is considered high risk because: 1) A new motorcycle is worth more,
and insurance companies will spend more money to replace it, if stolen.
2) Speed and performance enhancing devices are susceptible to accidents.
Low annual miles & DMV:
Drive a reasonable number of miles every year. Take the time to be
trained by the DMV, and park in a secure garage with security alarms
insurance on line reduces premiums because Internet administrative cost
savings are passed on to the consumer.
Pay for minor damages:
Consider paying for minor damage yourself. Each insurance claim is
counted as a negative strike against your record, and that raises future
Always wear a helmet.
Use an independent
comparison site - most are certainly NOT independent - to get multiple
If every motorcycle owner follows these tips, UK accidents, theft, and
premiums will drop precipitously. Will you follow them?
* Most major price
comparison sites are owned by the major insurance companies - no conflict
of interests there, obviously! Quotezone on the other hand is completely
independent and so can offer you a completely unbiased comparison, and
help you find the right policy at the best price.
Click here for a
Bennetts™ is a registered
trademark of BISL Ltd, Perterborough Hants
Carole Nash™ is a registered trademark of Carole Nash Insurance
Consultants Ltd, Altrincham Cheshire
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