Motorbike Insurance Cost Trends - how to lower your own rates.

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Motorbike insurance 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™ (, Carole Nash™ ( and a number of specialist price comparison companies

Market Size

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 insurance rates.

  • 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 every night.

  • Buying motorbike 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 premiums.

  • Always wear a helmet.

  • Use an independent comparison site - most are certainly NOT independent - to get multiple quotes.

    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 price comparison now!

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