The cost of bike insurance is largely due to statistics. Knowing the different factors that affect how much you pay for your insurance premium can help you save money when renewing or taking out a new policy.

Bike insurance providers take into account the potential for theft or damage to your bike. If you show evidence that you can protect your bike from getting stolen or damaged then you can lower the cost of your insurance. Therefore, consider where you store your bike - it’s best to keep your motorcycle in a locked garage at night. Also, ensure your bike is secure with an approved security device.

Bear in mind that more powerful bikes and older bikes pose a higher risk to insurers. The type, make, style and age of the bike you own will all have an impact on the cost of your premiums and should be taken into consideration prior to purchase. The older the bike and more miles it has driven will lead to wear and tear making it more likely to break down. Likewise, high mileage each year on a newer bike can also lead to maintena.

Indeed, when summer approaches, an increasing number of motorcycle riders take to the roads - either on organised group rides, individual outings, or extended holiday rides. Yet statistics show that a significant number of motorcycle riders won’t update their insurance policies before this peak riding season - or worse, fail to secure an insurance policy altogether.

Yet, as is the case with car insurance, many people are still illegally choosing to forego motorcycle insurance. Moreover, recent studies show that a significant number of people are opting out of insurance due to the economic crisis. Instead, people are spending only on what they consider ‘necessities’: their rent or mortgage, food, and household bills.

A major misconception with regard to insurance policies is that they are overpriced to an unmanageable level. But the truth is that affordable policies are readily available through countless insurance providers across the UK. There are also different levels of cover depending on your specific needs - so you can get a policy tailored, in both offerings and price.