The motorcycle insurance premium refers to the total cost of insurance for two-wheelers. According to the insurers, this premium can vary according to several criteria. How is the motorcycle insurance premium calculated? What criteria allow the insurer to determine the amount of your contribution? How to pay the amount of your motorcycle insurance premium? We help you better understand how the motorcycle insurance premium works !
Motorcycle insurance premium: definition
The motorcycle insurance premium corresponds to the amount paid by the insured in return for the guarantee of a motorcycle insurance contract . This cost is generally calculated over a period of 12 months. It is reviewed each year according to different criteria.
The motorcycle insurance premium therefore represents all of your contributions during the year. Indeed, as an insured and depending on the insurance company, you can pay the amount of your motorcycle insurance in different ways:
The annual payment consists of paying the full amount of the premium when the insurance contract is taken out.
Quarterly payment allows you to pay your premium in installments, with contributions paid every 3 months.
The monthly payment divides the total cost of your premium into 12 monthly installments to be paid each month. This payment method tends to increase your premium amount due to additional management fees.
Note : the amount of the motorcycle insurance premium should not be the only criterion to take into account when choosing the insurance contract for your two-wheeler. Indeed, very low contributions sometimes hide very high deductibles in the event of a claim .
Calculation of the motorcycle insurance premium: the criteria taken into account
Insurance companies take different criteria into account when calculating the cost of your motorcycle insurance premium. The latter therefore varies from one driver to another. Let’s take a look at the main elements that affect the amount of your motorcycle insurance premium.
The driver profile
The insurance company assesses the risk related to the rider of the motorcycle taking into account different variants. These include in particular the following:
the presence or absence of a secondary driver (the registration of a secondary driver generally entails an additional premium);
the place where the vehicle is parked (a closed car park or a private garage exposes less to the risk of theft or damage than an unclosed car park or parking in the street, which therefore entails a more expensive insurance premium).
Good to know : the secondary driver must use the motorcycle occasionally. Regular use of the two-wheeler by this driver constitutes insurance fraud.
The type of motorcycle
In addition to the information on the driver, the information relating to the two-wheeler to be insured is also taken into account to calculate the motorcycle insurance premium. The insurer can determine its amount based on the following elements:
For example, a new, high-end motorcycle is likely to have a higher insurance premium than a standard, older two-wheeler.
The guarantees chosen
The more cover you have in your insurance contract, the higher the amount of your insurance premium. You have the choice between different levels of guarantee :
Civil liability cover : this is the lowest premium because it corresponds to the minimum mandatory formula.
The intermediate guarantee: the minimum formula is supplemented by a few essential guarantees.
All-risk motorcycle insurance : it corresponds to the most comprehensive insurance formula and the most expensive premium.
The evolution of claims
The evolution of the loss rate designates all the claims of the insured during the year . This criterion also influences the amount of your motorcycle insurance premium. Depending on the claims occurring during the year, the insurance company may adjust its rates to cover the additional costs.
The motorcycle bonus-malus can reduce or increase the insurance premium depending on the driving behavior of the subscriber. When a driver has a bonus, the amount of his insurance is lower than if he has a penalty.
Need to take out motorcycle insurance? Remember to compare the offers of insurers to find a motorcycle insurance contract adapted to your budget whose guarantees correspond to your needs.