RIDE investigates
We find out what can reduce your costs
How to get your insurance premium down
INSURANCE ISN’T JUST desirable, it’s essential — you can’t legally ride without it. But the cost of cover isn’t as black and white as the requirement to have it. There are myriad variables that can affect how much you pay for a policy, many of which you can legitimately change for a more favourable quote.
To illustrate how the cost of insurance can vary for the same person, we sought quotes through a well-known comparison site for an average RIDE reader: male, 51, full and clean UK motorcycle licence held for 20 years, with three years’ no-claims, looking to insure a 2015 Kawasaki Z1000SX valued at £5400.
Location
We got two control quotes, one for urban Leeds, the other for rural Oxfordshire to see how location plays its part. In both cases, the applicant was an employed homeowner who garaged the bike at night. For Leeds, we received 33 quotes varying
from £282.78 to a whopping £1168.76 — a difference of £885.98 for the same comprehensive cover.
The equivalent details with an OX postcode gave us a similar number of options, but with a saving of £129.34 on the cheapest quote and an eye-watering difference of £673.72 on the dearest. Urban postcodes load premiums compared to rural because of the higher traffic density and greater accident risk, lack of storage and increased chance of theft.
Security
Keeping your bike secure is perhaps the most effective route to a cheaper policy. Were our owner forced to park his bike on the drive overnight instead of in a locked garage, the cheapest premium for Leeds would spike by £185 — one of only three quotes we could get for this scenario. In Oxford, the rise wasn’t as severe — less than £40. Our original most expensive broker would not quote in either postcode.
A factory fitted alarm/ immobiliser and Datatag coding only made a difference to our Leeds quote, trimming off just over £20. However, a Datatool Stealth alarm lowered all quotes but again only by around £20. In practice, go for a Thatcham or similar approved alarm/immobiliser, a hefty lock (again, approved by Sold Secure, say) and be similarly belt-and-braces about the security of your garage or shed.
Personal
Insurance quotes aren’t only based on where you live and the bike you own, they also reflect on you. Marital status has no effect but between working for a company, being self-employed or in full-time education can. Being self-employed loaded our premium by £42; being unemployed bumped it up by a further £36. Retirement made no difference, although mature students would need to cough up an additional £12 on our policy. Owning a car, even with no-claims bonus, had no effect on cover cost.
Bike use
If you ride purely for pleasure some insurers will load your premium less than if you commute. But be honest. If you have a spill on your way to work and you’ve told your insurer you ride only for pleasure, you may not get paid out. Our cheapest Leeds quote increased by £56 with the addition of commuting, although doubling the annual mileage made no difference. However, limiting mileage can
reduce premiums with some brokers, so check first. Business use added just over £100 to the cost. Agreeing not to carry pillions can shave off a bit, but the small amount it saves doesn’t justify the restriction for us.
Points and convictions
Points don’t make prizes. Three points, the usual endorsement for a minor or speeding offence, usually has no impact on cover cost, but six or more can add a painful levy to an otherwise agreeable quote. How much depends on the underwriter, the offence and when it was committed. The admission of an unspent non-motoring offence loaded our cheapest quote by almost £80. Having had previous insurance cancelled or refused resulted in a similar outcome.
Advanced training
Some underwriters will knock a few quid off a premium for those with advanced riding qualifications because they view them as ‘safer’. How much it reduces a quote by depends on the individual and their history. An advanced certificate can be beneficial to new riders who’ve yet to clock-up years of riding experience.
Bolt-ons
Go crazy with the parts catalogue and you can expect your premium to rise, especially if you kit your bike out with magnesium wheels, Gp-spec Öhlins forks, a titanium exhaust system and carbon-fibre bodywork. Replacing that lot in the event of a claim is going to cost your underwriter a mint, so a hike in policy cost is to be expected. But end cans, hard luggage, sat navs and Scottoilers are less of an issue. Be upfront about any extras or modifications to avoid any issues should you need to make a claim.
‘There are myriad variables that affect what you pay’