Can someone explain insurance pricing?
Discussion
I used compare the market to see how much it would cost to insure the CBR600.
Assuming I can’t use the NCB I built up in NZ it came out at £820. Ouch. Exact same details for the more expensive ST 765 RS - £540.
Then for a used GSXR 750 worth around £6…just £340. Despite the GSXR 750 being quite a bit more powerful and having zero safety aids. Even a secondhand GSXR 1000 is cheaper than the Honda.
Can anyone explain?
Assuming I can’t use the NCB I built up in NZ it came out at £820. Ouch. Exact same details for the more expensive ST 765 RS - £540.
Then for a used GSXR 750 worth around £6…just £340. Despite the GSXR 750 being quite a bit more powerful and having zero safety aids. Even a secondhand GSXR 1000 is cheaper than the Honda.
Can anyone explain?
Removing the rider details and location, it's all about risk and subsequent costs.
Risk - how much more likely are accidents/thefts going to occur on specific bikes. There will be weightings around this which influence the price. All provided by the big data consolidators.
Costs - how much do particular bikes cost to repair, lead times for parts, etc. Again, data companies buy all of this past claims data from insurers, anonymise it, add extra things, and then sell it back for underwriting.
Then you have to remember some of these "insurers" are just either broking, or can offer quotes for certain providers. Say the above figures are scored out of 20 - one insurer might not accept bikes that hit one of the risk weightings of 10 or more. So you get a quote on Bike 1, and it's underwritten by Highway - £500. On Bike 2, Highway won't accept that risk, so the website/brand provides a quote from Markerstudy - which could be vastly different.
Risk - how much more likely are accidents/thefts going to occur on specific bikes. There will be weightings around this which influence the price. All provided by the big data consolidators.
Costs - how much do particular bikes cost to repair, lead times for parts, etc. Again, data companies buy all of this past claims data from insurers, anonymise it, add extra things, and then sell it back for underwriting.
Then you have to remember some of these "insurers" are just either broking, or can offer quotes for certain providers. Say the above figures are scored out of 20 - one insurer might not accept bikes that hit one of the risk weightings of 10 or more. So you get a quote on Bike 1, and it's underwritten by Highway - £500. On Bike 2, Highway won't accept that risk, so the website/brand provides a quote from Markerstudy - which could be vastly different.
Its as simple as data.
The S1000r is the only bike I can't get a reasonable insurance quote (£3000) on in my area.
Yet, move 3 miles in a north westerly fashion, and almost every insurer is willing to quote and for a price (£700) I'd happily accept.
The S1000r is the only bike I can't get a reasonable insurance quote (£3000) on in my area.
Yet, move 3 miles in a north westerly fashion, and almost every insurer is willing to quote and for a price (£700) I'd happily accept.
Edited by Tonberry on Monday 29th April 15:20
That first year's NCB is the biggie after that it's just the data.
It's worth playing with the variables you can control and bike model which might mean a cheap to insure heap for year 1. If you already own the CBR you'll just have to pay.
And of course read the small print.
It's worth playing with the variables you can control and bike model which might mean a cheap to insure heap for year 1. If you already own the CBR you'll just have to pay.
And of course read the small print.
Edited by Steve_H80 on Monday 29th April 08:31
It's all statistical.
I looked at the KTM 1290R, GT and S. Even though they are all in the same ballpark power and cost wise the R was more than 1800 for me to insure vs around 600 for the other two. Assume more likely due to people of my age (30s) generally choosing the R and getting it nicked or crashed.
I read about the NC750 being very expensive to insure, I suppose due to the amount of mileage that they do meaning they're on the road more and more likely to get into an accident as a result?
I looked at the KTM 1290R, GT and S. Even though they are all in the same ballpark power and cost wise the R was more than 1800 for me to insure vs around 600 for the other two. Assume more likely due to people of my age (30s) generally choosing the R and getting it nicked or crashed.
I read about the NC750 being very expensive to insure, I suppose due to the amount of mileage that they do meaning they're on the road more and more likely to get into an accident as a result?
Biker9090 said:
It's all statistical.
I looked at the KTM 1290R, GT and S. Even though they are all in the same ballpark power and cost wise the R was more than 1800 for me to insure vs around 600 for the other two. Assume more likely due to people of my age (30s) generally choosing the R and getting it nicked or crashed.
I read about the NC750 being very expensive to insure, I suppose due to the amount of mileage that they do meaning they're on the road more and more likely to get into an accident as a result?
To be honest, the biggest driver (although more for cars than bikes) is how easy it is to get parts, how repairable it is and how long on average it takes to repair them. 8 weeks of hire car/bike costs can be an eye watering sum!! I looked at the KTM 1290R, GT and S. Even though they are all in the same ballpark power and cost wise the R was more than 1800 for me to insure vs around 600 for the other two. Assume more likely due to people of my age (30s) generally choosing the R and getting it nicked or crashed.
I read about the NC750 being very expensive to insure, I suppose due to the amount of mileage that they do meaning they're on the road more and more likely to get into an accident as a result?
I'm in the process of booking my CBT and MOD 1/2 tests. I'm 51. I thought I'd look at some insurance costs before committing to a bike test and then a bike purchase. Bike to be parked in a car park (outside of my apartment) then in my girlfriends garage during the winter months. Examples of some of my varying (and surprising) fully comp. quotes
BMS 310 GS - £308
BMW F 700 GS - £334
BMW F 800 GS - £327
KTM 390 Adventure - £324
KTM 790 Adventure - £372
Triumph Scrambler 400X - £311
I haven't declared any no claims. I've been driving a Vespa ET2 (50cc) around town in the summer for the last few years. This costs around £100 a year fully comp. but I'm not sure if the no claims could be used on a larger bike after test.
BMS 310 GS - £308
BMW F 700 GS - £334
BMW F 800 GS - £327
KTM 390 Adventure - £324
KTM 790 Adventure - £372
Triumph Scrambler 400X - £311
I haven't declared any no claims. I've been driving a Vespa ET2 (50cc) around town in the summer for the last few years. This costs around £100 a year fully comp. but I'm not sure if the no claims could be used on a larger bike after test.
Gassing Station | Biker Banter | Top of Page | What's New | My Stuff