Motorcycle insurance prices on the up
Motorcycle insurance prices have risen in the UK, based on real quote data from The Bike Insurer.
For the year-to-date, average Comprehensive insurance premiums quoted through The Bike Insurer are £63 more expensive than they were last year, costing £545.71 in 2016.
The change in price represents around an 13 per cent price hike over the last 12 months and it’s one that is also mirrored in Third Party Fire and Theft (TPFT) and Third Party Only (TPO) average premiums too.
Over the same 12-month period, average TPFT premiums grew by around 16.5 per cent while TPO jumped by just over 14.5 per cent.
The data comes from all quotes provided by The Bike Insurer from some of the UK’s leading motorcycle insurance brokers.
Comprehensive rises over the past 5 years
The rise in Comprehensive average premiums is similar to the previous 12-month period when again, average premiums grew by around 12.9 per cent from 2014 to 2015.
It means average Comprehensive motorcycle insurance premiums are at their highest for four years.
In 2012, average premiums stood at a whopping £922.56, while in 2011 and 2010 average Comprehensive premiums sat at £715.34 and £663.51 respectively.
The same trends apply to TPFT and TPO where 2012 marked a high point for average premiums.
Car insurance goes the same way
Car insurance has followed a similar upward trend in the UK this year with average premiums hitting £737 for an annual policy – a 17 per cent rise over the last 12 months.
With the average motorcycle insurance premium sitting some £200 below average car premiums, it’s another reason to opt for two wheels rather than four.
Remember, there are a couple of ways you can make sure your motorcycle insurance is as cheap as possible.
And one of the best ways is with The Bike Insurer’s Cheapest Price Guarantee.