Inflation and the increase in repair prices have caused a sharp rise in motorcycle insurance rates in the last year. The average price of a motorcycle policy is 326 euros per year from January to May 2023, 10% more than the same period of the previous year. This situation is causing many motorists to be unable to pay for their motorcycle insurance, which is why it is estimated that around a tenth of the motorcycles that circulate do so without their corresponding insurance. And those who have it, take advantage of the less expensive conditions, since 45% of motorists in Spain opt for third-party motorcycle insurance.
All types of motorcycle insurance have experienced an increase compared to the data for 2022. In the case of all-risk insurance with excess, the average price in 2023 is 553 euros per year, 11% more than in 2022. The same happens with extended third-party insurance, which is the most demanded in Spain, which this year has an average price of 322 euros per year and in 2022 it was 304 euros. Third-party insurance with travel assistance, the most requested by motorists, currently has an average price of 220 euros per year, while last year it was 12% cheaper and, finally, third-party insurance without assistance, which has an average premium of 208 euros per year, 14% more than in the same period of the previous year.
The data from the insurers indicate that third-party insurance with travel assistance is the most contracted policy among Spaniards, accounting for 45% of total contracts, followed by third-party insurance without assistance (25%), extended third-party policy (21%) and, finally, the all-risk policy with excess (9%).
In a study carried out by province, it can be seen that Soria is at the top of the ranking of cheapest policies, with an average price of €259 per year, followed by Cáceres (€260 per year), Ciudad Real (€264 per year), Zamora (€267) and Albacete (€268 per year) while Melilla (€408 per year), Ceuta (€395 per year), Pontevedra (€372 per year), Las Palmas (€370 per year) and Barcelona (€366 per year) have the most expensive motorcycle average premiums. That is, there may be variations that exceed forty percent between one province and another.
According to Antonio Rubio, head of Rastreator’s motor insurance area, “the rise in premiums for motorcycle insurance is directly related to inflation. One of the main reasons for this increase is that the cost of both a new and second-hand motorcycle is higher compared to other years. This implies a price increase in vehicle maintenance and in the repair of any type of breakdown, and, therefore, a premium with a higher cost than in other years.”
Despite the increase caused by the cost of living, there are different criteria that can influence the average premium for a motorcycle policy. For example, the make, model and age of the motorcycle are factors that determine the price of the premium. The history of accidents, as well as the years of license also have a significant influence when calculating the price. Another way to save is to pay the price of the policy all at once, since many companies tend to offer discounts if you pay in cash instead of in installments. Likewise, it is also necessary to take into account the type of insurance that is going to be contracted, since by comparing and adjusting the policy to the needs of each person, you can save up to 95 euros a year.
When choosing motorcycle insurance, it is important to take into account what coverage is necessary to choose the policy that best suits the needs of each driver. In most cases, motorists tend to opt for motorcycle policies that offer greater coverage than the basic third-party policy. In fact, according to the analysis of the comparative data, third-party insurance with travel assistance is the most contracted policy among Spaniards, accounting for 45% of total contracts, followed by third-party insurance without assistance (25%), of the extended third-party policy (21%) and, finally, the all-risk policy with excess (9%).