Know your motorcycle insurance groups
If you’re thinking of getting a motorbike then you will need to familiarise yourself with the range of different insurance groups that they fall into. Cars and vans follow a similar but different set of groupings, so even if you’ve been driving a car for years, don’t assume you know the lay of the land when it comes to bikes.
Key takeaways
Motorcycle groups classify bikes based on their value, performance, and associated risk, influencing your premiums
Motorcycles are typically sorted into 17 to 22 groups, with most motorcycles fall into groups 3 to 17
More powerful bikes with rapid acceleration and high speeds generally have higher premiums due to increased risk
Premiums are also affected by factors like accident likelihood, theft rates, rider’s age, and bike storage location
Introduction to motorcycle insurance groups
When it comes to insuring your motorcycle, understanding insurance groups can be as crucial as wearing a helmet.
Just as your helmet protects you on the road, a good grasp of insurance groups can safeguard your wallet from hefty premiums. Motorcycle insurance groups are the yardstick by which insurers classify bikes based on their value, performance, and associated risk.
If you're revving up to get a new bike or shopping around for a new insurance policy, it's time to take a closer look at how these groups can impact your insurance costs.
Determining motorcycle insurance groups
Insurance companies didn't just pull these groups out of a helmet. They are a calculated tool designed to help insurers set premiums that reflect the potential cost of claims.
In essence, the higher the value and performance of your motorcycle, the higher the insurance group it falls into. This translates to a higher premium, as the insurer takes on more risk covering potential damages or loss.
Difference between car and motorcycle insurance groups
Motorcycles and cars share the road, but when it comes to insurance, they're on different paths. Cars are categorised into 50 insurance groups, while motorcycles are typically sorted into 17 to 22 groups.
The motorcycle insurance group system is less formal and can vary more between insurers, which is why it's essential to understand that the group your bike falls into with one insurer might differ from another.
Cheaper motorcycle insurance
For the budget-conscious biker, there's good news. Most motorcycles fall into groups 3 to 17, with the lower groups being the most wallet-friendly.
Generally, a 125cc motorcycle might find itself in groups 3 to 6, while a 250cc bike could rev up to group 10. On the other end of the spectrum, a 750cc Ducati might be placed in group 17, reflecting its higher value and power.
Variability in group classification
Motorcycle insurance groupings are not set in stone. While the principle that more valuable and powerful bikes attract higher premiums is consistent, the specific group classification can vary.
That's why it's crucial to get quotes from different insurers, as they may have different perspectives on the same model.
Other factors affecting insurance premiums
Insurance groups aren't the only riders on the premium-setting journey. Insurers also consider factors such as the likelihood of accidents or theft.
Younger riders or those living in areas with a high rate of theft may find themselves facing steeper premiums, especially because a lack of experience can make you statistically more likely to be involved in an accident.
Additionally, where you store your bike, be it in a secure garage or on the street, can have a significant impact on your insurance costs. Storing a bike in a garage is likely seen as safer than on the street, which affects insurance premiums.
Impact of your bike's power on premiums
There's no denying the thrill of a powerful bike, but with great power comes greater insurance premiums. Bikes that boast rapid acceleration and high top speeds are often seen as magnets for accidents and claims, which insurers reflect in their pricing.
The importance of shopping around
If you're looking to save money on motorcycle insurance, don't just settle for the first quote you get. It's wise to shop around and compare what's on offer from different insurers.
This is where the variability in insurance group classification can work in your favour, potentially leading to significant savings.
Using comparison services
In today's digital age, comparing insurance quotes has never been easier. Utilising an independent and free bike insurance comparison service can give you a broad view of the market.
This step will help you make an informed decision before you commit to a policy and can be a game-changer in finding the best deal for your motorcycle insurance.
Our expert says
Which insurance group your bike is classified in is an important factor in how much you will pay – and the good news is that there are opportunities to save money. It's not just about the bike; it's about the rider, the location, and a host of other factors. While groupings for cars are quite rigid, different insurers might place your ride in different groups, meaning that shopping around can, quite literally, pay off. Use a comparison site to compare quotes from across the market you will be revving away in no time.
- Sam Meadows, Insurance Expert
Riding a motorcycle is about freedom, the open road, and the thrill of the journey. But before you set out, make sure you're equipped with the knowledge of insurance groups to protect your ride and your finances.
By understanding the factors that influence your insurance premiums and taking the time to shop around, you can enjoy the ride without overpaying for insurance. Remember, the road to savings is paved with informed choices, so gear up and get ready to navigate the insurance landscape with confidence.
