We can all agree that the great thing about getting older is that our car and bike insurance gets cheaper.
The longer we have been riding without being in an accident and needing to claim, the cheaper our premiums get, so we breathe a sigh of relief each year when it comes time to renew.
If only it were as simple as just living our lives and surviving another year to get cheaper insurance.
Unfortunately, some other factors affect our premiums.
We will delve into how motorcycle insurance is assessed and, if you are over 50, what you can do to get the best deal.
Using an Insurance Comparison Engine, we ran several quotes as examples to show you what you could be in for when looking at certain types of bikes.
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How is motorcycle insurance worked out?
Insurance providers assess how likely you are to make a claim and how expensive it will be if you do.
They do this by asking several key questions to make their assessment; then, they generate a quote based on your answers.
What are the main factors that affect insurance costs?
Age
The rider’s age is the first indicator insurance companies use to decide. Statistically, young male riders are more likely to be involved in an accident.
If you check out our motorcycle accident statistics post, you can find our research there.
“According to the Reported Road Casualties Factsheet, 92% of motorcycle killed or seriously injured (KSI) casualties were male between 2015-2020.
Male riders aged 30-39 are more likely to be involved in an accident, followed by male riders aged 20-24.”
Fortunately, if you are over 50 or female, you miss that age group immediately, and your insurance premiums should be cheaper.
Job
Your job only really becomes a factor in motorcycle insurance for two reasons:
- If you use your bike as a means of transport and spend a lot of time on the road. In theory, the more time spent riding, the more at risk you are of a potential accident.
- If you are self-employed
In both instances, you can expect your insurance premiums to be higher than average.
Location
Where you live affects your insurance premiums significantly; it boils down to whether you live in a city/town or live more rurally.
Cities tend to have higher vehicle theft rates than rural areas, and there is heavier traffic, so there is more risk of an accident.
This can vary greatly and be down to your postcode on a map.
Riding History (Claims and Convictions)
If you have been riding for a long time and have no claims or convictions, you can expect your insurance premiums to be lower. However, if you have made a claim or been caught speeding, then it is likely your insurance costs will be higher.
Multiple Riders
Sometimes if you insure more than one rider on your motorcycle, it can lower your premiums. This is great if you are new to riding but your partner has years of riding experience. Putting them on the insurance can lower your premiums substantially.
What you use the bike for and mileage
If you include commuting to work on your policy, then your insurance will likely cost a bit more as there is more traffic on the roads during typical work times, and insurers judge that as riskier.
Equally, if you state you will be doing a lot of miles on your bike each year, your premiums will be higher. The more mileage you do, the higher the insurance as it is deemed the higher the risk.
Value of the bike/Make and model of the bike
If you ride a more expensive motorcycle like a Ducati Panigale V4 over and above a Honda CB500, you will likely suffer when it comes to insurance costs. As the bike and its parts are worth more, so will cost the insurer more.
Some motorcycles are at high risk of being stolen in certain areas, which is also a factor.
Check out our cheapest motorcycle to insure article for more information on choosing the right bike for cheaper insurance.
Also read our guide to the best motorcycles for older riders.
Any modifications
If you ride a custom chopper or a heavily modified motorcycle, then insurers will charge more as the parts used are usually specialist and more expensive.
Security of the bike
How you secure your bike affects your insurance.
If you keep it in a locked garage, with several security measures, and it has a tracker on it, this helps keep costs low.
Level of cover selected
Comprehensive insurance is always the most expensive type of cover.
Voluntary excess
The chances are the higher the voluntary excess you select, the lower your premiums will be.
Over 50’s quotes
As a general rule of thumb, the older you get, the cheaper your insurance. Provided you take into account the other factors that affect your insurance premiums, you should be on to a winner.
There will, of course, be circumstances where the usual rules don’t apply, so we ran multiple quotes through and tested a few different scenarios using the Insurance Comparison Engine.
To keep things simple for each scenario, every bike meets these points:
- Fitted with a Thatcham Category 1 alarm
- Fitted with a Datatag
- Equipped with a Padlock and Chain
- No Modifications
- Not Imported
- Valued at Market Value
- Kept in a locked garage
Scenario 1
55-year-old male, new rider licence held less than 12 months, married, rural location, full car licence, comprehensive cover for social use only.
Bike: 2022 Royal Enfield Classic 350
Cheapest quote: £146.83
We then ran the same details except changing the rider’s age to 25.
Cheapest quote: £336.40
Scenario 2
55-year-old male, 20 years of riding experience with no claims, married, rural location, full car licence, comprehensive cover for social use only.
Bike: 2022 Ducati Panigale V4 (all details as above in scenario 1)
Cheapest quote: £374.42
All details are the same, except the bike is changed to a 2022 Honda CBR500R.
Cheapest quote: £102.97
Scenario 3
55-year-old male, 20 years of riding experience with no claims, married, rural location, full car licence, comprehensive cover for social use only.
Bike: Heavily customised Harley Davidson Road King
Cheapest and only quote available: £378.07
Bike: Standard 2022 HD Road King
Cheapest quote: £138.77
Summary
As you can see from the scenarios, the factors that insurers use to assess you as a rider impact the final premiums.
In Scenario 1, both riders were new to riding, yet the 25-year-old would end up paying nearly double that of the 55-year-old.
In Scenario 2, while both bikes are 2022 registered, brand new, and all other circumstances identical, the Panigale, which is significantly more expensive, costs considerably more to insure.
Then in Scenario 3, it is clear that the custom bike is much more expensive to insure, but not only that, harder to do so, as, during the search, only one insurance company came back able to insure the motorcycle.
Final Thoughts
It would be a lot of work to run through every possible scenario for every rider, and it would make for incredibly dull reading for you!
We can say that there is a clear correlation between being an older, more experienced rider and cheaper insurance premiums.
After that, if you consider your location, the type of motorcycle you ride, what you use it for, etc., you will be armed with all the knowledge you need before buying a new bike or searching for insurance.
The best way to ensure you are getting the best possible deal is to use an Insurance Comparison Engine, which searches through all the leading motorcycle insurance companies to find you the best options.
It only takes 5 minutes to complete the process, and once you are done, you can go back and edit details easily. It is a great way to check insurance prices before pulling the trigger on the new freedom machine that has caught your eye.