Middle-aged bikers rev up cost of motorcycle cover

THE Post Office has launched its first ever motorcycle insurance policy to cash in on the growing lure of the lonely road. Motorcycle ownership is on the increase as growing numbers of middle-aged men splash out on sports bikes in an attempt to recapture their youth. Elsewhere, the soaring cost of petrol and road taxes is driving motorists to swap four wheels for two in a bid to cut costs. Norwich Union's underwriting strategy manager Nigel Bartram said: "There is a big surge in the numbers buying small bikes and scooters for their commute to work. This lets them save money not just on petrol but on parking." But as rider numbers soar, so do accidents, which have pushed up the cost of insurance and forced companies to restrict cover.

Co-operative Insurance Services, historically a big underwriter of motorcycles, now restricts cover to bikes worth less than £8,000. And, according to the AA, some companies require anyone who has not ridden for a while to take a new test. The police are also concerned about accident numbers. A spokesman for the Association of Chief Police Officers said: "There is obviously little we can do to stop these people with disposable income from spending it on high-powered motorcycles, but we are doing what we can to stop them from killing themselves." Worryingly, these two most at-risk groups comprise 70% of all riders. According to Bennetts, the UK's biggest motorcycle insurance specialist, 35% of its policies are taken out by middle-aged hobby riders, with a further 35% relating to commuters. Bartram added: "We are seeing a big increase in those buying sports bikes for a hobby. They hit their 50s, have a bit of spare cash, had a bike when they were younger, think about buying a sports car and decide to get a fast bike instead.

"But even those buying more modest bikes to commute can be placing themselves at risk. They get on machines with no or little experience; just one slip can be fatal." In tough economic times, car drivers regularly switch to bikes, but this time the swing is exacerbated by recent painful surges in the price of petrol and road taxes. Currently, more than three million individuals hold a licence to ride a motorcycle in the UK, but only 1.2 million have a bike and are regularly doing so. Of these, some 6,000 will be killed or seriously injured each year. This compares with 31,000 serious casualties among Britain's 25 million car drivers. In other words, you are more than four times more likely to be killed or seriously injured on a motorcycle. According to Mark Fells, a director at Bennetts: "Per journey, it is more dangerous to ride a bike than drive a car. All bikers know that. But they also know that wonderful sense of freedom which you get on a bike."

Despite his concerns about accident statistics, Bartram, who had a bike in his youth, agreed: "Nothing gives you the adrenalin rush of a fast bike, but this is part of the problem. If you are on a fast bike and make the smallest mistake, the chances are you will be very seriously injured or worse." The AA's Ian Crowder added: "Our claims experience clearly shows that there are increasing numbers of middle-aged men trying to regain their youth by buying big, powerful bikes, which they are unused to riding and unable to handle." However, motorcycling is still safer than horse riding, Fells claimed. Nevertheless, more motorbike riders during busy rush-hour traffic means more accidents and rising claims. According to the Association of British Insurers, companies paid out £22m to meet claims from motorcyclists last year, compared with £19m in 2006.

This is leading to rising premiums and restrictions on cover. Crowder added: "There is serious concern about mature people taking up biking again, particularly sports bikes, or indeed anyone riding after an absence of several years. Insurers are looking for current riding experience to reassure them that a rider is road worthy." So the competition provided by the Post Office launch will be welcome, not least for providing one month's free cover and a 36% discount for female riders. It also includes £500 cover for accessories, although only for items fixed to the bike, such as radios and boxes.

However, it is unlikely to be the cheapest cover. A 51-year-old new Harley-Davidson driver will have to fork out £403 for a policy. Premiums will vary between companies as insurers take different approaches to different risks, so it pays to shop around. Premiums are set according to age, postcode, the type of vehicle and the driver's experience. Accessories such as helmets and leathers do not normally come as standard, but as they can amount to more than £1,000, they are worth protecting. This can normally be done by paying an additional premium to the insurer. Alternatively, check if they are covered by your householdinsurance. You can cut premiums by always garaging your bike, installing security devices or by putting a concrete post in the garage to chain it to.

news source : http://business.scotsman.com/