Cheap Motorbike Insurance…

That statement is seen all over the Internet within the UK.  Insurance companies falling over themselves to offer you the cheapest motorbike insurance around.  Whether you are new to motorbikes, only being riding a few years or a motorbike veteran, that statement is likely to change very soon.

New legislation is set to come into force in the coming months that could see your insurance premiums sky-rocket, if you just get one speeding ticket.

 

Now I am not endorsing speeding, far from it.  But to see a possible 60% on average increase on insurance premiums is a little steep.

With the rising cost of owning and running a car, many young people are opting for motorbikes and scooters as an alternative.  Gaining your motorbike license is not only finding that thrill of the open road on a two-wheel beast, motorcycling is one of the cheapest ways to get around.  You get much better fuel economy, insurance rates are low, road tax prices are low, and maintenance costs are also low.

Within the UK, whether you drive a car or ride a motorbike, if you are caught speeding, you are currently charged a £60 fine plus three points on your license.  Be warned though…

… it is proposed that a rider under the age of 20 years, a single conviction will increase your next years premium by 60% on average, to just over £1,000 per year.

Motorcyclists in their thirties will face costs of around 18% higher – estimated £303 as opposed to £257.

The older you are, you will have less drastic changes to your insurance premiums after a speeding conviction.  Those in their forties would see an increase from £167 to £172.  With riders between the ages of 50 and 60 not seeing their premiums effected, remaining at around £156.

On average, a teenager with a motoring conviction will have to pay an extra £400 the following year versus one without.  It’s worth considering that a fine for being caught speeding is not just £60 anymore, it’s effectively £460.

So being tempted to push that bike a little bit harder, is it really worth the extra cost? Alex Higgs (Motorbike Insurance Manager at Confused.com)

According to Confused.com figures, the popularity of owning small-engine bikes is thought to be at least partly due to all-time high insurance costs faced by newly qualified car drivers.  The Motor Cycle Industry Association saw an increase of 12% in new registrations of scooters in 2011 compared to the previous year.

The Confused.com Car Insurance Price Index found that the average male driver aged between 17 and 20 was paying £3,730 a year for a comprehensive policy.  With women in the same age bracket paying a yearly policy of £1,960.

The rates for insuring a motorbike are considerable lower, at £621 per year for those in their teens, and £535 for those in their twenties.

With any type of motor vehicle it will always dependent on the type, size and power output that determines how much it will cost to insure.  Confused.com are comparing that if a teenage wishing to insure a Yamaha YZF-R1 Superbike (1000cc) would typically pay almost £6,500 a year to cover, while a premium on a Kawasaki ZX-6RR Ninja would be more than £5,000 to insure, compared to that of a less powerful Honda SH 50 City Express would cost just £213 for a rider under the age of 20.

This may well be true, but I think it is highly unlikely that a person under the age of 20 years will be able to gain access, much less afford a Yamaha YZF-R1 Superbike or a Kawasaki ZX-6RR Ninja to even contemplate paying such a high premium to insure it.

I at 34 years of age, would not even consider riding, let alone purchasing an Yamaha YZF-R1 Superbike – although a beautiful bike, they are simply too powerful and most likely would kill myself.  The Honda SH-50 is certainly not a good looking bike and would probably ruin your street-cred at 18 years of age, but certainly cheaper in every way.

Everything with riding motorbikes is becoming more expensive, I suppose it is insurance companies realizing that many young people are choosing them to lower their cost of driving until they get the experience.  But it ruins it for those of us that have been riding motorbikes for many years.

Let me have your thoughts on the insurance companies increasing premiums significantly after just one conviction for speeding… what if you have just a speeding fine for 38 mph in a 30 mph zone?… quite a steep cost.

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