If you already own a moped, you’ll already understand that the cost of moped insurance varies depending on a variety of factors. If you’re a new owner or about to purchase, you may not be so familiar.
In this blog, we will take a look at all the factors you need to consider when insuring your moped, plus how the price may also be affected.
Do you need insurance for a 50cc moped?
In short, yes. You must have moped insurance to legally ride your 50cc moped on UK roads.
You also need to:
- Be at least 16 years old
- Have a provisional licence
- Complete compulsory basic training (CBT), unless you already have an A1, A2 or A licence, or if you obtained a full driving licence for your car before the 1st Feb 2001
- Display L-plates (Unless you have an A1, A2 or A Licence, or a full car driving licence obtained before Feb 2001)
- Tax your moped
- Make sure your moped is road worthy and has a valid MOT if applicable
Thankfully, moped insurance and taxing your moped is generally inexpensive. There are also plenty of affordable mopeds to choose from if you’re a first-time rider. Owning, riding and maintaining a moped is also generally less expensive than having a motorcycle.
Do you need insurance for a commercial moped?
For these types of commercial mopeds, including electric mopeds and scooters, yes, you will need to insure them. It is illegal for you to ride them on public roads without the correct insurance (plus appropriate number plates, lights, and indicators).
You will also need hire and reward insurance for a commercially used moped as well as third party private insurance.
What insurance do you need for a moped?
When it comes to moped insurance, there are different levels of cover, which can also affect the price of insurance.
Popular policy types include:
- Third-party only: This is the legal minimum level of cover you can buy. It covers damage or loss to other vehicles, persons or property in the event of an accident. It will not cover damage to you or your moped.
- Third-party, fire and theft: As above, but it also covers your moped for theft and fire claims. To note, it doesn’t cover vandalism.
- Fully comprehensive: This covers all of the above, plus the cost of any damage to your moped due to accident, fire, theft or vandalism.
You also have the option of upgrading your policy with add-ons. This will usually be for an additional fee.
Add-ons can include:
- Keycare
- Personal Accident Cover
- Licence Defence (legal assistance).
What can affect the cost of moped insurance?
There are many factors that can affect the cost of moped insurance, which is why insurance prices tend to vary from person to person.
Your age
Young or inexperienced riders are generally seen as a higher risk when it comes to being involved in a road accident. This explains why you may see high premiums for 16-year-olds and those under 25.
Where you currently live
Your postcode also impacts the cost of your insurance. If you live in a city or area with high levels of vehicle theft, your insurance will be higher than it would be if you lived in a rural location where there are fewer vehicle thefts.
Some of the most expensive places to insure your moped or motorbike include London, Manchester, Liverpool and Bristol.
How you use your moped
In some cases, the purpose of your moped can affect the cost of insurance. For example, if you plan on using your moped to commute to work, you may pay more than if you use it solely for social or leisure purposes. This is because you may be riding during rush hour, when roads are busiest and accidents more often occur.
However, it is vital that you get the cover you need to make sure you are correctly insured or you could end up with a much bigger problem than paying a bit more for your cover.
The overall mileage
One of the main factors used to calculate insurance premiums is mileage, specifically, how many miles on average you ride each year.
Try to be as accurate as you can when giving an average calculation and in particular, don’t be tempted to underestimate your mileage.
Engine size
Generally the more powerful the engine the higher your insurance premium will be. A 50cc moped is usually more affordable to insure due to its small engine size and limited speeds.
Modifications
You must declare any modifications to your insurer, otherwise you could invalidate your policy and leave yourself unprotected in the event of an accident.
As long as you’ve disclosed your modifications and they don’t render the bike illegal (this may be due to it exceeding the speed that your licence allows or for another reason), Bikesure will find a policy for you.
Risk factors and security
Security factors, such as where you store your moped, can also impact your insurance cost. Keeping your moped on a private driveway or in a garage could result in more affordable insurance than if you were to keep it on a public street.
Having an alarm, bike lock, ground anchor, security markings or a tracking device to keep your moped secure could also reduce the overall cost of your insurance.
Again, be honest as you may need to provide evidence as to where your bike is kept and the security used in the event of a claim.
Your no-claims bonus
For each consecutive year you ride without making a claim on your insurance, you will earn a year of no claims bonus (NCB). As a general rule, the longer you build up your NCB, the lower the cost of your insurance will be. This is applicable for many types of vehicles, including mopeds.
The level of cover and excess
You might be surprised to know that third-party only and third party, fire and theft policies are often more expensive than fully comprehensive cover despite providing a lower level of protection.
All insurance policies come with a compulsory excess amount that you must pay if you make a claim. You are also given a selection of amounts to choose from when you take out cover – this is known as voluntary excess and is the amount you have to pay when you make a claim. This could range from £100 to £300 or £500.
In general, the higher you set the voluntary excess, the more affordable your insurance premium will be.
Your choice of payment plan
When taking out moped insurance, you’ll usually be given the option to pay your premium either monthly or annually. While monthly payments can spread the cost over a long period, it can be more expensive than if you were to pay in a one-off annual payment.
While some of the factors above are not within your control, for example, your age, there is still plenty you can do to save money on your insurance.
Want to insure your moped?
We understand that ‘one size does not fit all’ when it comes to insurance. At Bikesure, we have access to a wide variety of specialist motorbike insurance schemes to help you find the right moped insurance policy to suit you.
Simply call 0800 369 8580 for a quote today or book a callback at a time that suits you.
