Midlife crisis bikers pay more for cover
THE midlife crisis can exert a high price, especially if you respond by buying a motorbike for the first time in your life.
Born-again bikers who take to the saddle in their 40s are considered a major risk for insurers, as too many take unnecessary risks while trying to recapture their youth.
They face insurance premiums two-and-a-half times higher than the average, new analysis from insurance data experts Consumer Intelligence reveals.
Accidents involving older bikers have rocketed 77 per cent in the past 10 years, NHS figures show, and this is reflected in the level of insurance premiums charged for newly-qualified motorbike riders in their 40s and beyond. They pay premiums of £423 a year on average, far more than the £162 a year more experienced motorcyclists pay between ages 40 and 60.
These premiums will fall as they get more experience, after five years the average is a much less daunting £181, and falling again to £141 after 10 years.
Across all ages the average biker pays £257 a year, up a fifth in the last couple of years.
Consumer intelligence pricing expert John Blevins said high insurance premiums are unlikely to deter older bikers from hitting the road: “It may still be cheaper than insuring a car.”
Engine size also affects premiums for the over-40s. Bikes with engines below 100cc may expect to pay an average £109 a year for cover rising to £194 above 500cc and £219 for engines above 900cc.