subject: Factors That Determine The Premiums For Classic Bike Insurance [print this page] Not all premiums for UK classic motorcycle policies are alike. In fact, the costs of such premiums can range quite significantly. So what determines them? In fact, several factors can influence how much your monthly insurance rates will be. Here are some of the most crucial ones:
1. Age:
Does age "matter"? It does when taking out cover for your classic motorcycle. In particular, drivers that are less than 21 years old or above 65 years old tend to pay significantly higher premiums. This does not mean that such drivers are automatically less vigilant than other drivers are. But there are facts and figures. Statistics show that younger and older drivers tend to be in more accidents. Thus, their premiums are higher.
2. Cover:
Whether you take out a minimum or maximum amount of cover, your choice will impact how high your premiums are. Some owners of vintage motorcycles determine that they only need the minimum amount of cover required by law. Others choose to take out comprehensive policies. There is no right or wrong amount of cover that you will need to secure, when insuring your vintage motorcycle. On the other hand, keep in mind that how much you get will impact how much you pay.
3. Voluntary excess:
Increasing your voluntary excess will lower your premiums. Yes, that is a good thing! But it's important to keep in mind that this is only a short-term benefit. There is always a chance that you will need to file a claim in the future. If you need to do that, then your out-of-pocket expenses will be higher. So before increasing your voluntary excess, consider whether you are willing to take the risk of spending more of your own hard-earned capital to cover the cost of accidents.
4. Gender:
Are women safer drivers than men are? The answer is yes, but the gender gap is closing. While the number of female drivers continues to increase, they are still in fewer accidents than men are. So the premiums for men are typically higher than for women. While other factors can influence the amount of your premiums, if you are a man, you should expect to pay higher premiums automatically.
5. Motorcycle:
No discussion of classic bike insurance would be complete without discussing the motorcycles themselves. Various factors can influence how high your premiums are. How old is your bike? How much mileage does it have? How often do you drive it? What's its value? These are all crucial factors that can influence how high your monthly premiums are.
6. Term:
Insurance policies with longer terms tend to have lower premiums. Yes, your total cost for taking out (or renewing) a policy will be higher. But choosing a longer term will decrease the policy's overall cost. So this is definitely a factor that you should consider when choosing a term length for your policy.
Are you paying too much for your classic bike insurance? The bottom line is that you cannot really know until you learn how the premiums are calculated. These above factors are some of the many factors that affect them.
by: Neil Anderson
welcome to Insurances.net (https://www.insurances.net)
