Bikers looking to reinsure their motorbike for the coming year should prepare themselves for big increases as car insurance premiums see a record 20% increase on average.
Bike insurance has already experienced larger than average cost increases for the past year, and the pressures facing car insurers look set to affect motorbike insurers in the same way.
These pressures include increased personal injury claims, caused by the more prominent litigious mentality in recent years. Other pressures on car insurance premiums include fraudulent claims and uninsured drivers, the latter unfortunately being a particular problem amongst young motorcyclists and so likely to reflect in this year’s premiums.
For this reason there has never been more incentive to ensure you get as many motorbike insurance quotes as possible, and look to use insurance comparison sites to cover as many insurers as possible.
UK motorcyclists spend on average two and a half hours searching for their motorbike insurance cover online, according to a report by Swinton Bike Insurance. The bike insurance specialists polled 1,200 customers, finding much more time was spent searching for the right quote in 2009 than the previous year.
The increase could be down to a number of factors. The most obvious theory is that last year’s economic downturn has put more pressure on bikers to find the cheapest possible insurance deal. The ongoing recession has tightened most consumers’ purse strings, meaning much tighter budgets when it comes to finding the right deal.
There is also of course the fact that motorbike ownership has risen steeply in the last few years, meaning more and more insurance companies are prepared to move into the motorbike insurance market and so an increased number of companies to search through for the best deal. Add on top of this the limited number of motorbike insurance comparison sites available and you end up spending a long time going through all of the online quote engines.
While it sounds a lot of time, it never hurts to search as many providers as possible to ensure you get the best possible insurance deal for the next 12 months.
The British Superbikes Championship have picked up a new title sponsor in the name of motorbike insurance company MCE Insurance, with the deal starting at Brands Hatch next week and running until the end of the 2012 BSB season. The deal is a great boost for the British Superbikes Championship, coming despite the current economic downturn.
MCE are steadily increasing their involvement in motorbike racing, with the MCN Fantasy Racing League already being sponsored by the insurance firm.
Motor Sport Vision Chief Executive Jonathan Palmer said “I’m delighted that MCE Insurance will be the title sponsor of the 2009-2012 British Superbike Championship.
“BSB provides the greatest promotional platform for any bike-related product in the UK already and MCE have confirmed this with their long-term commitment and determination to use it in their strategy to become the UK’s number one provider of bike insurance.”
The first BSB weekend under MCE colours will take place August 9th at Brands Hatch.
With the onset of the hot summer months, the major motorbike manufacturers are beginning to reveal their new models for the year. With so much competition now with top end sports bikes, there is little to separate the different makes and models other than cost and personal preference.
Regarding the costs, it’s not just the face value of the motorbike to take into consideration but also variables like fuel consumption and insurance cover. To help with this, online motorbike insurance comparison website Insurancewide has compiled a list of the most popular one litre sports bikes and how much insurance quotes have been relative to each other.
These figures not only show which bikes are normally cheaper to ensure, but also gives an insight into what it may be like to own and maintain one. European manufacturers are renowned for difficulty in finding spare parts and are a common target for thieves. Insurers are obviously expecting a higher number of claims from owners of these motorbikes and this is indicated by the figures below:
Bike Make and Model (% difference compared to the top ranked bike)
MV Augusta F4 1000 R
Suzuki GSXR 1000 K9 (+5%)
Honda CBR 1000 RR Fireblade (+10%)
Yamaha YZF-R1 (+10%)
Aprilia RSV R Mille (+10%)
Kawaksaki ZX10R (+20%)
Ducati 1098 (+100%)
Benelli Tornado TRE 1130 (+110%)
The month of June saw a doubling in bike accident claims on the same month last year, according to specialist insurance broker Footman James.
The reason for the huge surge in claims has been put down to the heatwave experienced across the UK last month. The hot weather led to ideal conditions for inexperienced weekend riders to rush onto the roads, and with the majority of motorists not used to a sudden increase in motorbikes, accidents were almost inevitable.
Motorbike insurance companies are urging motorcyclists to be extra careful when getting back on their motorbikes for the summer months. It’s important to remember the basics, such as being prepared for drivers not looking, and wearing bright protective clothing to make them as visible as possible. It would also not be a bad idea for inexperienced motorcyclists to look into taking advanced riding courses, ensuring as much knowledge being with the rider as possible.
