Factors linked to you
Well, short of simply waiting or a time machine, there’s not a lot you can do about how old you are – but it does have a big effect on the cost of your insurance. Statistically, insurance companies know that young riders, those between 17-25 years old, are more likely to be involved in an accident. To reflect that, you can expect that if you fall into this age group, your premiums are likely to be higher.
While you can’t do much about your age, you can control your riding record. The more years you build up claim free and without any convictions such as speeding tickets – the cheaper your premium will be.
Most insurance providers will accept up to five or six years’ worth of no claims to calculate a discount on your premium. That doesn’t mean you should just make a claim after five years, it just means that the level of discount will tend to be capped to the same point no matter how many more years NCD you accrue.
Where you live affects the way your premium is calculated in two ways. Firstly, whether the area you live in has a high incidence of theft. Not surprisingly, if crime is more likely, your premiums are likely to be higher.
Secondly, if you live in a big urban area, you’re unfortunately at greater risk of being involved in an accident than if you live in a quiet, less busy area. Another one you’re unlikely to be able to change but it can have a big effect on the price of your premium.
- How often you ride, when you’re riding
Statistically, the more miles you ride, the more likely you are to be involved in an accident. Sounds a bit grim doesn’t it, but it’s just a mathematical fact. That means insurance providers are likely to charge you more the more miles you do each year. If you only use your bike for part of the year or on relatively short journeys, you might be able to restrict your mileage which may reduce your premium.
If you commute to work on your bike rather than using it for pleasure only, you could expect to pay more. That’s because you’ll be riding during rush hour – the busiest time on the roads when an accident is more likely to occur. But don’t consider fibbing about what you’ll be using your bike for, as if found out, you could invalidate your policy.