The Top 9 Ways You Can Save Money When You Buy Motorcycle Insurance
9 Easy Ways to Lowering the Cost of Your Motorcycle Insurance
Be a safe driver. Have a good driving record. Make sure your driving record stays clear of at-fault insurance claims. That’s the prescription for getting the lowest price possible on your motorcycle insurance policies.
It’s a simple formula, but there are other ways to lower your premiums. We’ve compiled 9 to-do items to help you lower the cost of your motorcycle insurance.
Item 1: Get quotes before you buy
Every motorcycle will have a slightly different rate for insurance based on a number of factors like value, size, weight, and the cost of replacement parts. Insurers obsessively compile statistical data which allows them to know which motorcycles will be more likely to be in an accident, what they can expect in terms of damage, overall repair costs, and the theft rates of each model and manufacturer’s products.
The larger and faster a motorcycle is, the more likely it will be considered a higher risk to insure, and high-performance sportsbikes are considered higher risk vehicles and consequently, cost more to insure.
Riders who finance their bikes can expect higher insurance rates. If you finance your bike, you’ll be required by your lender to carry full coverage. Do your homework so you can factor in the cost of insurance before you buy.
Item 2: Select a motorcycle according to your riding style
Pay attention to the data insurance providers compile on particular motorcycles. The size of the bike’s powerplant is a crucial consideration, and larger bikes will cost you more in premiums.
If you ride for pleasure on the weekends, you’ll pay less if you buy a smaller bike. Unless you plan on heading out to track days every weekend, you probably don’t need the latest Honda CBR or a hopped-up Ducati 848.
Item 3: Be sure to ask your insurer for discounts
There are a number of different discounts available to you from most motorcycle insurance providers:
- Multi-motorcycle policies
- Low mileage discounts
- Good rider discounts
- Riding schools attendance or course completion
- Anti-theft devices installed on your motorcycle like alarms and tracking systems
- Low number of claims filed over a three year period
Item 4: Raise the amount of your deductible
The stats don’t like, and insurance industry figures show that riders who choose a higher deductible on their policies are less likely to file claims. Your deductible amount is essentially the amount of your cash you’re willing to risk on the odds of you being involved in an motorcycle accident, so set that amount as high as your comfort level allows.
Item 5: Combine your policies with with your current insurer
Most insurers will offer you major discounts for carrying multiple policies with them, such as having both motorcycle insurance and homeowners or renters insurance with the same company. While you may lose a little flexibility going this way, you can often get lowest pricing possible by bundling your policies.Not all insurers offer a comprehensive plan like this.
Item 6: Reduce coverage on older, less expensive or collector motorcycles
If you’re riding a motorcycle that’s worth less than $2,500, skip the collision insurance and comprehensive coverage. If you already have it from another source, pass on the roadside assistance as well. You don’t need to pay twice for coverage you already have.
Item 7: Drive less, save more
The more miles you ride, the higher your risk of being involved in an motorcycle accident. Since policies are priced on how you use your motorcycle and the number of miles you drive every year, pricing will be lower and might earn you lower mileage discounts.
Item 8: Maintain or clean up your credit rating
The insurance companies are starting to pay attention to how you handle your credit worthiness, and they say those with lower credit ratings or who have a history of not paying insurance premiums in a timely manner are more likely to file claims.
What does that mean to you? It means if your credit rating is shaky, you’ll typically pay higher insurance rates. Insurers have begun to include credit data in their calculations to measure how a customer manages their finances, and many of them use undisclosed formulas to determine how worthy you are of a particular rate structure.
Item 9: Get quotes from multiple insurers
Because every insurer is different, the prices they offer can vary widely for the same person. Always shop and explore what your options are before committing to buy a policy. The most time-effective way to shop for motorcycle insurance these days is online, but calling insurers or visiting agents in your local community will work just as well if you’re not pressed for time.