Insurance companies are not fans of young motor cyclists simply because they offer a greater risk than older ones. Not good news when as a youngster the chances of being in a highly paid job are slim.
Many young people share the cost of the insurance with their parents and if all goes well and no claims are submitted then the premiums will decrease as time goes by. Your insurance company will need to fit you into a certain criteria to make a decision on the risk you pose for the possibilities of both theft and accidents. There are a number of factors which affect the price you are quoted, including:
- Your age
- Any past driving record
- Occupation (if any)
- Where you live
- Whether the bike is stored in a garage overnight
- The engine size/performance of the vehicle
- Cost of repairing or replacing the vehicle
Some young bikers will try to give false information to their insurers in the hope of paying less for their policy, this unfortunately, will not help them if they need to make a claim and will undoubtedly go against them when they apply for any future insurance. There are ways that you can try to reduce the cost of your annual policy and these are as follows;
- Do not make any unnecessary claims which could affect your no claims bonus.
- Add additional security to your vehicle such as an alarm/immobiliser combination.
- Ride a low cc model.
- Limit your mileage to under 5000.
- Pay a larger excess amount – the amount you pay towards the cost of any claim.
- Always shop around for the best deals.
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