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Bikers count the cost of speeding

30 miles per hour road signBeing caught speeding could lead to a huge rise in the cost of motorbike insurance, on top of the minimum £60 fine and three points on their licence, bikers are being warned.

For young riders in particular, a conviction for speeding or other motoring offence can lead to a sharp increase in the cost of insurance.

For riders under 20, a single conviction will more than double premiums on average, to almost £2,500 a year from £1,074.

This is according to the latest figures from Confused.com's database of motorbike insurance quotes.

Older riders fare better

For older riders, however, the impact of a speeding conviction is much less drastic.

Those in their twenties will see the cost of cover rise by just 6 per cent, from £808 to £860 if they are caught going too fast.

Motorcyclists over 30 will face costs less than 5 per cent higher – £264 a year as opposed to £252.

Nigel Chivers, motorbike insurance manager at Confused.com, says soaring car insurance costs are leading young people in particular to opt for motorbikes and scooters.

'New-found freedom'

Chivers says: "Bikes are a much cheaper way to get around.

"But young riders shouldn't let their new-found freedom go to their heads and drive too fast or recklessly.

"On average, a teenager with a motoring conviction will have to pay an extra £1,390 the following year versus one without.

"It's worth considering that the fine for being caught speeding isn't just £60, it's effectively £1,450.

"So, tempting as it may be to push your bike that bit harder, is it really worth the extra cost?"

New registrations up

Figures from the Motor Cycle Industry Association show that new registrations of scooters – the style of motorbike most favoured by cash-strapped youngsters – were up almost 4 per cent in 2012 compared to the previous year.

The increased popularity of small-engine bikes is thought to be at least partly due to the all-time high insurance costs faced by newly qualified car drivers.

The latest Confused.com Car Insurance Price Index found that the average male driver aged between 17 and 20 was paying £2,960 a year for a comprehensive policy at the end of 2012.

Women in the same age group face yearly premiums of £1,986.

These rates are significantly higher than the typical cost of insuring a motorbike.

Cheaper cover for scooters

But being caught speeding is not the only way to increase the cost of cover - the type of motorbike also has a large bearing on insurance premiums.

More expensive and powerful models cost far more to cover than mopeds and scooters due to the potentially greater damage they can cause, as well as the fact they would cost more to repair or replace.

For example, a typical 18-year-old man wishing to insure a Yamaha YZF-R1 superbike would pay up to £8,000 a year for cover.

Meanwhile, annual premiums on a Kawasaki ZX-6RR Ninja would be more than £5,000.

At the less powerful end of the scale a Honda SH 50 City Express would cost about £500 for the same rider to cover, based on quotes from Confused.com's panel of insurers.

These quotes are based on an 18-year-old man living in Birmingham B15 with one year's no-claims bonus, opting for comprehensive cover with £500 voluntary excess.

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Chris Torney

Chris Torney

Chris is the former personal finance editor at the Daily Express. He's been a journalist for more than 10 years and contributes to a wide range of finance and business titles.Read more from Chris



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