Hit the brakes: Cost of motorbike insurance falls 8%, new price index reveals

The latest price index from Go.Compare Bike Insurance has revealed that the average cost of bike insurance has fallen 8% in the last quarter, from £250 in Q2 of 2024 to £230 in Q3.*

The Index from the comparison website also reveals that the cheapest type of policy is comprehensive, with an average cost of £193, over £100 cheaper than third party fire and theft which costs £369 on average. And despite offering the most basic level of cover, third party only is the most expensive at £507.

When it comes to the age of the policy holder, those aged 16 to 24 are faced with the highest average premiums at £804, almost six times the average for those aged 50 and over (£123).

Across the UK, the index reveals that it’s those in London who pay the most for their premiums at £607, which is more than three times the average paid by those in Scotland, who see the cheapest premiums at £159.

Tom Banks, motoring spokesperson at Go.Compare commented on the findings: “This latest index brings some encouraging news for motorbike owners, showing that the cost of insurance has dropped in the last quarter.

“The report itself highlights how many factors can contribute to the cost of the premium you are quoted. It might come as a surprise that comprehensive policies, despite offering the most coverage, are on average the cheapest type on the market. Age and location are also continuing to have an impact on the cost of premiums - with younger riders and those in London faced with the highest costs.

“While there are some things like age and location, which you can’t change, it's worth being aware of the steps you can take to lower your premiums. Our top tips include:

• Pay annually: Opting to pay monthly rather than annually could increase the cost of your premium, as insurers view monthly policies as loans and therefore charge interest.
• Avoid unnecessary add-ons: When you purchase a policy, you will be offered lots of add-ons, so think carefully about which ones you actually need and check they aren’t already included in your policy.
• Increase security: Improving the security measures on your motorbike by installing a bike lock or alarm could deter thieves and as a result lower the cost of your premium.
• Compare policies: Look around and compare the policies which are available to you rather.
• Check your job title: While you have to be honest about your occupation, it’s a good idea to see if adjusting your job title might knock a few pounds off your quote, such as chef versus cook.

“Insurers take into account every little detail, so being aware of these and what you can change might save you some money when it comes to renewing your policy.”

To read the full report and find some more top tips: https://www.gocompare.com/motorbike-insurance/how-much-does-motorbike-insurance-cost/