What affects the price of motorbike insurance?
The type of motorbike you ride. Insurers categorise motorbikes into insurance groups. These normally range from 1-17, but can go up to 22 depending on the provider. Insurance groups are based on the value and power of your motorbike, and the type of motorbike can affect its engine size and value. Triumph offers various types of motorbikes, from adventure and sports models to cruisers and classic motorbikes.
Your age. Generally, older riders have more experience and are less likely to be involved in accidents than younger riders. So, the price of insurance usually decreases as you get older.
Your location. Living in an area with high rates of vehicle crime means you pay more as there's a higher risk of theft or malicious damage.
Your riding history also impacts how much you pay. Having past claims or driving convictions means your insurance costs more because you're seen as more of a risk to insurers.
How can I save on my Triumph motorbike insurance?
Here are a few ways you can save on your motorbike insurance:
- Compare quotes and shop around. You don't have to accept your renewal price. Even if it hasn't changed much from last year, you might still be able to make savings. Comparing quotes is the easiest way to make sure you're getting the best price for the insurance you need.
- Estimate your mileage accurately. The more you ride your motorbike, the higher your risk of being involved in an accident and making a claim. So, having higher annual mileage generally means you pay more. Estimating your mileage accurately when getting a quote means you only pay for miles you actually travel.
- Pay annually instead of monthly. When you pay monthly, insurers charge interest, which increases the overall cost of your insurance. So, paying annually almost always works out cheaper.
- Avoid unnecessary add-ons. Policy extras come at an added cost. So, if there are any you don't need, leave them off. For example, if you don't carry passengers on the back of your motorbike, you don't need to add pillion cover.
- Avoid modifications as they make it more expensive and time-consuming to repair your Triumph motorbike following an accident. This is because it makes sourcing replacement parts harder. So, avoiding modifications on your motorbike can save you money on your insurance.
- Consider a less powerful motorbike. Triumph offers several models of motorbike with different sized engines and different values. Choosing a motorbike with a smaller engine can mean you pay less for insurance.
- Build your no-claims bonus (NCB). You get a year added to your NCB for each year you're insured without making a claim. Insurers offer a discount for your NCB, and the bigger your NCB, the bigger the discount.
What types of insurance are available for my Triumph motorbike?
Third party insurance is the lowest level of cover available and the minimum level legally required to ride a motorbike in the UK. It covers damage to a third-party's property and any injuries they get following an accident that's your fault. But it doesn't cover theft or damage to your motorbike. Although it offers the lowest level of cover, third-party is often the more expensive option, costing £5722 on average.
Third-party, fire and theft
Third-party, fire and theft offers cover for third parties and your own motorbike if it's stolen or damaged by fire. You aren't covered for any damage to your motorbike or any injuries if you're in an accident. Third-party, fire and theft cover costs £4512 on average.
Comprehensive insurance is the highest level of cover you can get. It includes everything covered by third-party, fire and theft, plus damage to your own motorbike following an accident. Comprehensive cover is often the cheapest option, costing £3202 on average.
2Based on Confused.com data June 2023
Triumph Motorcycles history and facts
Triumph Motorcycles was established in 1983 following the collapse of Triumph Engineering. John Bloor, the billionaire founder of Bloor Homes, bought the Triumph name and manufacturing rights from the administrators. The original company had been making motorbikes since 1902, but had been struggling to keep up with Japanese competition before going into receivership.
Under Bloor's direction, Triumph Motorcycles adopted the manufacturing techniques and technology of leading Japanese producers. The first models rolled off the production line in 1991. These included a range of 750cc and 900cc motorbikes with 3-stroke engines, as well as 4-cylinder 1000cc and 1200cc motorbikes.
Triumph has been the exclusive supplier to the FIM Moto2 World Championship since the beginning of the 2019 season. This partnership is currently set to last until the 2029 season. All teams use its 765cc triple-cylinder sports motorbikes. The Dynavolt Triumph racing team also competed with the 765cc Triumph triple in the Quattro Group British Supersport 2021 season.
Triumph is currently the biggest UK-owned motorbike manufacturer, with 2,000 employees worldwide. They also have significant manufacturing capabilities in Thailand. The company has continued to grow year-on-year, seeing global sales up 30.8% in 2022.
The company is committed to developing electric motorbikes and is testing an electric prototype - the TE-1. It won Electric Motorbike of the Year at the 2023 GQ Car Awards. But the TE-1 will probably never be available to buy. There's currently no timeline for when customers will be able to buy an electric Triumph motorbike. Instead, the company is using it as a learning tool to help them understand how to overcome some of the challenges of producing electric motorbikes for the mass market.
Triumph is also considering other options for meeting carbon neutral goals. These include using synthetic and biofuels, especially for motorbikes with bigger engines like the ones they supply to the Moto2 World Championship.
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