The cost of bicycle insurance is largely due to statistical research. Knowing the many factors that go into how much you pay for your insurance policy can help you save a substantial amount of money when renewing or taking out a new policy.
Numerous factors will play a role in determining your insurance costs. Items that influence how much you pay for your premium may include: style and type of bike, age and gender of the rider, what type of bike security is available, and the number of miles traveled on the bike, to name just a few.
Bike insurance providers realize the potential for theft or damage to your bike. If you can show that it protects your bike from theft or damage, then you can lower your insurance costs. Therefore, consider where you keep your bike: it is best to store your motorcycle in a garage that is locked at night. Also, make sure your bike is secured with an approved security device.
Speeding violations can result in higher insurance costs. Savings can be achieved by maintaining a clean driving record and not deducting any points from your license. By riding safely and cautiously, you’ll not only be able to keep your bike running and looking great, but you’ll also get the benefit of a no-claim bonus when you renew your motorcycle insurance.
If you are an older or experienced cyclist, there is the possibility of getting discounts on your insurance. History shows that older bike owners tend to file fewer claims, while younger bike owners are at higher risk of accidents. However, young passengers don’t need to wait years for lower premiums. Passengers who have passed the Compulsory Basic Training can expect lower insurance premiums if they obtain a full license. Further discounts can be obtained with certain bicycle insurance providers if the owner passes the Advanced Motorcycling Institute’s advanced motorcycling test.
You should be aware that faster bikes and older bikes pose a higher risk to insurance providers. The age, style, make and type of bike you have will all impact the value of your policy and should be considered prior to purchase. The older the bike and the more distance it has ridden, the more wear it will mean, increasing the chances of breakdown.