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.
Here, we look at the different motorcycle insurance groups and what each means for your premiums.
How are motorcycle insurance groups determined?
Insurance groups help insurers to set premiums by classifying vehicles based on their value and performance. Generally speaking, higher value vehicles are in higher groups, and are more expensive to insure because of the higher cost of any damages.
There are 50 car insurance groups, but when it comes to motorcycles there are fewer and they work slightly more informally.
With bikes there are between 17 and 22 different motorcycle insurance groups, and they can sometimes be classed as belonging to different groups from one insurer to the next.
How can I get cheaper motorcycle insurance?
Generally speaking, most bikes tend to fall somewhere between groups 3 and 17. As with cars, the more powerful and valuable the machine is, the higher the group it will belong to, making it more expensive to insure.
For example, relatively low-powered 125cc motorcycles will fall at the lower end of the spectrum – between 3 and 6 – while 250cc motorbikes will likely fall anywhere up to 10. At the top end of the scale you have expensive, high-performance bikes like a 750cc Ducati. This would likely be in group 17.
Though the groupings may be less uniform than with cars, the rule of thumb that more valuable and powerful machines will attract higher premiums still stands. But, because one insurer could put your bike in a different motorcycle insurance group to another, it’s particularly important to shop around and get a few quotes.
What other factors affect my insurance premium?
Of course, insurance groups are just one factor that determines how much you’ll pay for cover. When an insurer calculates your premiums, they’re assessing how likely they believe you are to be involved in an accident or to have your bike stolen, and therefore how likely it is that they’ll have to pay out.
A lack of experience can make you statistically more likely to be involved in an accident, and so younger riders will usually have to pay higher premiums. Your postcode will also affect your premium, as motorcycle theft is more common in some areas than others, as will the location where you store the bike – a garage will likely be seen as safer than on the street.
Riders with more powerful bikes, more rapid acceleration and higher top speeds are also seen as potentially more likely to be involved in an accident and making a claim.
Shop around
One surefire way to save money on your motorcycle insurance is to shop around. With different insurers treating your bike differently in terms of insurance groups, comparing a few quotes is likely to save you some money.
Our bike insurance comparison service is independent and free to use, so you can be sure to get a good view of the market before you buy.
Sam Meadows:
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. 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.
