Standard Insurance Groups ?
There is no standard insurance grouping for motorcycles.
For many years the standard was the 17 motorcycle groups used by Norwich Union. However advancements in statistical interpretation and the advent of more powerful sports bikes has meant that rating groups have moved on. Many insurers now have up to 25 groups. One insurer has 65 rating groups. Since 2005, Norwich Union classify each group with an additional A-J rating depending on the type of bike so they have 17 groups and 9 additional factors giving 153 rating variations.
Agreed Value and Classic Policies
The general view is that vehicles which are over 15-20 years old can be covered by a classic policy. If the vehicle is in "everyday" use or for commuting, a standard policy should be sought. Vehicles which are suitable are cherished vehicles - possibly likely to become collectable and used on "high days and holidays". Mileage will be limited to less than 5000 miles per year and the vehicle should normally be garaged. Policy holders will have an alternative main form of transport. Discounts are usually available for up to date club membership.
Values can be agreed and this will require you to submit 4-6 photographs of every aspect of the vehicle. Underwriters will consider and may ask for further information such as purchase receipt, invoices for restoration work or an independent valuation by a qualified motor engineer or club valuation officer.
Simon originally sent us the above, which explains that. there's no set answer. All companies have their own groupings so
there's no real point listing one company's groups and which bikes fall in each. Other companies may group differently. So we pressed him for some examples.
(Prices are indicative for comparison, not proper quotes.)
Are a GSXR750 and a BMW K75 in the same group?
- No the GSXR750 (group 16 with NU) is higher than the BMW (group 11), explained by the better power to weight ratio being a sports bike.
And a Panther 750 single used for commuting to work - would that be in the same group?
- A Panther 750 single would be on a classic policy where groupings do not apply.
Why is an R1 a higher group than an R6 - given that they are both well fast enough to get you into trouble, would cost the same to fix if you crash it, just as likely to get nicked.
- The R1 does have a better power to weight ratio and is torquier. The R1 costs more in the first place so the payout would be higher in the event of a theft or write off. Not sure whether the R6 is actually a more stolen bike - but they are both quite nickable!
Is there a difference between insuring men and women on bikes?
- Yes - the claims experience for women is lower - typical discounts of 20% indicating the experience is probably that much better.
How about a mythical 18 year-old living in London (SE13). what would a 250cc scooter cost to insure ?