If you guessed London, then you’re right. According to The Bike Insurer’s analysis of 870,000 motorcycle insurance quotes over a three-year period, London accounts for the 13 most expensive areas for bike insurance in the UK.
“At the top of the tree are bikers in the Western Central London area who paid £691 for their bike insurance between January 2014 and February 2017. The East London postcode is the second most expensive area in the UK, paying £647, with West London and North West London in third and fourth place paying £621 and £620 respectively,” reported the Actuarial Post.
The report said The Bike Insurer’s data, which does not include quotes from The Channel Islands, revealed that premiums in big cities are much higher than in towns, villages, and countryside areas but not because of higher rates of claims caused by accidents or theft – but because of the costs of claims themselves.
Jon Morrell, CEO at The Bike Insurer, said, “What we actually found was that the number of claims per quote was the same in cities and in rural areas, despite much higher rates of theft in urban areas. The big difference was the cost of claims themselves; in cities they were more than double the cost of claims in non-city areas.”
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Motorcycle owners in Manchester paid £509 on average, while the average premium in Leeds was £449. Birmingham, on the other hand, showed an average premium of £445.
“In Wales, Cardiff leads the way with an average premium of £366 while the average premium in Edinburgh is £328. Bikers in Belfast on average found themselves paying less for motorbike insurance as the average premium came to £295,” added the report.
The data also revealed that improving one’s No Claims Bonus will result in dramatic reductions in the cost of motorcycle insurance.
