Life insurance for motorcycle riders

Whether you're into the Isle of Man race, are a member of a biking club or a casual recreational rider - motorbike riding is enormously popular in the UK.

However, unfortunately, you’re 50 times more likely to be involved in an accident when on a motorcycle, compared to in a car[1].

This emphasises the need to secure adequate life insurance in order to protect your loved ones should anything ever happen to you.

But do motorcyclists have to pay more for their life insurance?

In this article, we’ll answer this question plus many more. Keep reading to find out everything you need to know about motorcycle life insurance…

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Reassured could help you find suitable cover

If you’re worried about the affect your motorcycling will have on your life insurance options, speak to a member of our award-winning team.

We can compare life insurance policies from some of the UK’s leading providers to help you find cover.

What's more, we’re FCA-regulated and don’t charge a fee for our quotes.

Simply get in touch to get started.

Can you get life insurance if you ride a motorcycle?

Yes, it could be possible to secure life insurance as a motorcycle rider.

Life insurance is assessed on the level of risk you pose to insurers.

Other aspects of your life will also be taken into consideration at the point of application. Such as:

This information, along with your chosen level of cover and term length will be assessed.

The underwriting process will vary between different life insurance providers, if one deems you to be high risk due to your motorcycling, another might not have the same opinion.

For this reason, it’s essential to compare quotes to ensure you find the right cover.

No two people will have the same circumstances and this is where Reassured can help.

Our award-winning team will talk through your needs and compare policies from some of the UK's largest providers to find you suitable cover.

Why do motorcyclists need life insurance?

Due to the increased risk of having a motorcycle related accident, you may want life insurance in place to protect your loved ones if the worst were to happen.

While you’ll be covered for accidental death, a life insurance policy will also pay out for many other causes of death - so you’ll be protected even if your death is unrelated to motorcycling.

There are a number of reasons you may need cover. If you have a family or anyone who depends on you financially you may need a life insurance policy to help cover:

  • Your mortgage
  • Family living costs
  • Childcare costs
  • Funeral costs
  • Inheritance

Without a life insurance policy, your loved ones may struggle to find the funds to meet these new financial obligations - adding stress at an already difficult time.

A pay out from life insurance can help to take care of these commitments and reduce any financial stress for your loved ones.

If you’d like to discuss your options, a friendly member of our team will be more than happy to help.

Motorbike life insurance UK

There’s no specific life insurance product for motorcycle riders.

Instead, you’ll choose the life insurance option that will best protect your loved ones if anything were to happen to you.

Taking out life insurance will protect your loved ones from a range of circumstances, not just death by a motorcycle accident.

So no matter what life throws at you, you can rest assured that you’ve taken the steps to financially protect your loved ones.

Typically, there are 4 main types of life insurance available, these include:

  1. Level term life insurance
  2. Decreasing term life insurance
  3. Whole of life insurance
  4. Over 50s plan

Which is the best option for you will largely depend on what you want to cover and your budget.

Let’s look into the different types of life insurance…

Level term life insurance

Level term life insurance provides a fixed sum assured (pay out amount). This means the amount paid out won’t change during the term of your policy.

You’ll be covered for a specified period of time (up to 40 years) and a pay out will be made if you pass away within this time.

Due to the large sum assured you can experience with level term life insurance, a pay out can be used to help pay off an interest-only mortgage (or other large debts), cover family living costs, pay for your funeral or it can be left as an inheritance.

Decreasing term life insurance

With decreasing term life insurance, your sum assured will reduce over time and for this reason it’s usually the cheapest form of cover.

You’ll be covered for an agreed period of time (up to 40 years) and if you pass away during the term, your loved ones will receive a pay out.

Decreasing term life insurance is the perfect option for helping to cover a repayment mortgage, as you can have your sum assured reduce in line with your remaining mortgage balance.

Whole of life insurance

With whole of life insurance you’ll be provided with lifetime cover, for this reason it’s a form of life assurance.

Your loved ones will be guaranteed a pay out when you pass away, not if you pass away - making it a great option for providing an inheritance.

You’ll be required to pay premiums for the rest of your life in order to keep your cover in place.

This can make it a costly option if you’re taking a policy out at a young age.

Over 50s plan

With an over 50s plan, UK residents aged 50 – 85 are guaranteed acceptance and you’ll be covered for the rest of your life once your policy is in place.

Unlike the other policy types, no medical information is required during the application process.

Instead, your premium will be calculated using your age and sum assured.

It’s important to be aware that most over 50s plans come with a ‘waiting period’. This is usually the first 12 - 24 months of the policy where if you pass away due to natural causes, no pay out will be made (although a pay out will be made if the death was accidental).

A pay out from an over 50s plan can provide the funds to help cover funeral expenses.

How much does being a motorcyclist raise your insurance by?

Whether the price you pay for your life insurance is raised due to you being a motorcycle rider will depend on a variety of things.

Firstly, your reason for riding a motorcycle can play a part in whether you experience inflated premiums.

Insurers will only inflate premiums to compensate for an increased risk.

Those who are required to ride a motorcycle as part of their occupation or who ride a motorcycle as their main form of transport will often be able to secure life insurance on standard terms as some providers don’t consider this high risk.

Whereas those who like to ride a motorcycle as a hobby or pastime (such as motorcycle racing) may experience higher premiums as a result of the higher risk.

When disclosing your motorcycling to insurers, it’s likely they’ll ask for more information. Including:

  • The type of motorcycle
  • The size of the motorcycle
  • Motorcycle usage

This will be able to give them more information on the level of risk you pose.

How much does life insurance cost for motorcycle riders?

A number of factors will be taken into consideration when calculating your monthly premium.

As standard, you’ll need to provide the following information at the point of application:

  • Your age
  • Medical history
  • Smoking status
  • Level of cover
  • Length of cover

However, as a motorcycle rider, you may need to provide some additional information to help insurers gage a better understanding about the level of risk you pose. This can include:

  • How often you ride your motorcycle
  • What do you ride your motorcycle for (transport, work, for fun etc)
  • What CC motorbike you have
  • Are you a professional motorcyclist
  • Do you take part in track days/racing

It’s also important to note that underwriting processes vary, so different insurers may ask different questions.

For example, Aegon will ask about the CC of your motorbike, but other providers may not require this information.

If you receive a quote that’s out of your budget, due to riding a motorcycle, you may be able to secure more affordable cover from a different insurer.

This highlights the importance of comparing quotes from multiple providers.

At Reassured we can source these quotes, helping save you time and money.

How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Does life insurance cover motorcycle death?

Yes, life insurance can pay out for motorcycle death.

Life insurance includes accidental death so if you pass away as a result of a motorcycle accident, your loved ones will receive a pay out.

In some rare occasions, there may be an exclusion for motorcycle death written into your policy (for example, if you declared you take part in motorcycle racing as a hobby, or are a professional motorbike racer).

However, this won’t always be the case and will vary between insurers.

By comparing quotes you can find the most comprehensive cover, at a price that’s within your budget.

Get in touch to use our FREE quote service.

Motorbike riders

There’s many reasons people may decide to ride a motorcycle, the most common being:

  • For transportation
  • For work
  • For fun

Icon green tick Transport

Sometimes having two wheels is much easier than four. For example, if you live in a busy city and having a large car to park and drive around isn’t practical.

Therefore many people choose to ride a motorcycle as their main form of transport (from scooters to mopeds up to large motorbikes) to get them from A to B.

Icon green tick For work

Some occupations may require you to ride a motorcycle, for example, the police, some emergency services as well as motorcycle driving instructors.

If your career is as a professional motorcycle racer this may increase your premium as your profession can be classed as a ‘high risk’ job.

While there might be a slight increase in your premiums, it could be possible to secure cost-effective cover.

Icon green tick For fun

Riding a motorcycle can be a fun and thrill-seeking hobby that many like to take part in.

If you like to leisurely ride your motorcycle, it may not affect your cover and you could experience standard terms when taking out cover.

However, if your interest is more extreme and you like to take part in racing, this may inflate your premiums.

Despite this, you could still secure cost-effective cover by comparing quotes.

Motorcycle statistics

  • Motorcyclists make up just 1% of total road traffic, but account for 19% of all road deaths[5]
  • The number of UK motorcycles registered in 2023 was 1.17 million[2]
  • The most popular motorbike brand in the UK is Honda, with over 20,000 motorbikes registered in 2023[3]

How much more dangerous are bikes vs cars?

Statistically, motorbikes are significantly more dangerous than cars.

Approximately 1.33 million motorcycles and 32.55 million cars were registered in Great Britain in 2023[3].

According to research, you're 50 times more likely to be harmed on a motorbike than when in a car, emphasising the need for life insurance[1].

In Great Britain between 2018 and 2022, an average of 6 motorcyclists died and 104 were seriously injured (adjusted) per week in reported road casualties[4].

With this in mind, it’s important to secure life insurance to protect your family if the worst were to happen.

Terminal illness cover

Terminal illness cover is an additional form of cover that comes as standard with any term life insurance policy taken out through Reassured.

This form of protection will allow you to make an early claim on your life insurance policy if you’re diagnosed with a terminal illness and are predicted to pass away within 12 months.

This can be a great help in helping to cover medical bills and ensuring your financial affairs are in order, or you may decide you want to use the money to enjoy spending time with your loved ones before the time comes.

Critical illness cover

Critical illness cover can be added onto your policy for an additional cost.

It will allow you to make an early claim on your life insurance policy in the event you’re diagnosed with a serious illness (such as a heart attack, a stoke or some forms of cancer).

The pay out you receive can be extremely beneficial in helping to replace lost income you may experience as a result of not being able to work.

Non-disclosure

If you’re worried about your premiums being higher due to riding a motorcycle, it can seem tempting to withhold this information during your application.

However, not being completely truthful on your application can have a lot of negative repercussions.

This is known as non-disclosure and not only is it a form of insurance fraud, but it can also lead to your loved ones being denied a pay out.

In a hypothetical scenario, say you take part in motorcycle racing as a hobby (but didn’t declare it on your application) and then passed away as a result of an accident while racing.

Insurers could request more information and if they find that you regularly took part in racing and they weren’t informed, they could deny a pay out.

It’s also the same if you were to lie about smoking or any pre-existing medical conditions you have.

When it comes to life insurance, honesty is the best policy and it means your monthly payments won’t be wasted.

Impaired risk team

If you’ve previously been declined life insurance before, either for your motorcycle usage or for any other reason, there could still be hope.

At Reassured we have a specialist impaired life insurance team who can help applicants who’ve been declined cover in the past.

Our award-winning team can help you through the whole application process and inform you of the insurer who is most likely to offer you cover from our panel.

Get in touch for your free, no-obligation quotes.

Life insurance for motorbike riders - Compare quotes

Securing life insurance as a motorcyclist is essential in securing the financial future of your loved ones should the worst happen.

We'll try to find life insurance cover that meets all of your needs at a price within your budget.

Comparing quotes will allow you to find the right policy, at the right price.

The best part is standard cover arranged through us starts from 20p-a-day and our quotes are completely free of charge.

Compare Life Insurance Quotes for Bikers »

Sources:

[1] https://www.minsterlaw.co.uk/blog/2023/01/20/motorcycle-accident-statistics-versus-other-road-users/

[2] https://www.statista.com/statistics/313983/distribution-of-motorcycles-per-region-in-great-britain/

[3] https://www.statista.com/statistics/312594/motorcycle-and-car-registrations-in-the-united-kingdom/

[4] https://www.gov.uk/government/statistics/reported-road-casualties-great-britain-motorcyclist-factsheet-2022/reported-road-casualties-great-britain-motorcyclist-factsheet-2022

[5] https://www.think.gov.uk/campaign/motorcycling/

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