The cost of bicycle insurance is largely due to statistical research. Knowing the many factors that affect how much you pay for your insurance can save you significant money when renewing or buying new insurance.
Many factors come into play when determining your insurance costs. The elements that affect how much you pay for your premium can include style and type of bike, rider age and gender, what type of bike security there is, and how many miles on the bike – just to name a few.
Bicycle insurance providers are aware of the risk of theft or damage to your bicycle. If you can demonstrate that you protect your bicycle against theft or damage, you can reduce your insurance costs. Therefore, think about where you store 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 lead to higher insurance costs. You can save by keeping a clean driving history and not having points deducted from your driver’s license. By riding safely and carefully you not only keep your bike running and looking good, but you also benefit from a no-claim bonus when renewing your motorcycle insurance.
If you are an older or experienced cyclist, there is the possibility to get a discount on your insurance. History shows that older bicycle owners generally submit fewer claims, while younger bicycle owners have a higher risk of accidents. However, young riders don’t have to wait years to get a lower premium. Riders who have passed the Compulsory Basic Training can expect lower insurance premiums if they obtain a full license. Further discounts can be realized with certain bicycle insurers if the owner passes the Institute of Advanced Motoring’s Advanced Motorcycling Test.
You should be aware that faster bikes and older bikes pose a higher risk to insurance companies. The age, style, make and type of bicycle you own will all affect the value of your policy and should be considered before purchasing. The older the bike and the greater the distance it has covered, the more wear and tear and the greater the chance of breakdown.