Four Ways We Can Help You Save Money on Your Motorcycle Insurance
1. The Make and Model of Your Bike Matter
As with your car insurance, the type of vehicle you plan to insure has a critical impact on the final monthly price of your insurance premiums. The more expensive a bike is to repair or replace, the higher your insurance premium will be. Why? Because any claim you make if that motorcycle is damaged will cost more than average to repair. Another factor is how frequently a particular type or model of motorcycle is stolen. If the motorcycle you bought and plan to insure is a popular target for thieves, the greater chance of you having to make a claim will drive up the cost of your premiums.
Newer, faster bikes rate higher insurance premiums, as are high engine displacement bikes which tend to cost more to repair and are more attractive to the thieving set, so if you’re shopping for a new bike and you’re concerned about your insurance premiums, buy and older model. It”s save you money on your insurance premiums and quite likely help you stay safer on the road.
2. How Much Riding Experience You Have Counts Big Time
You aren’t going to like this if you’re an 18 year-old, but statistics make it clear as a bell that newer motorcyclists are more prone to crashes than more experienced riders.
As a neophyte rider, (even if you’re of a considerably more aged vintage), you can expect to pay higher premiums than someone with more years of experience riding. How can you minimize this cost? Start by taking a motorcycle training course. Take the time to find out from your insurance provider which programs are accredited, and they’ll be more than happy to let you know how much they’re willing to reduce your premiums once you pass the course.
If you have a pile of speeding tickets waiting to be paid at any given moment, you’re going to pay through the nose for your motorcycle insurance, and likely your car insurance as well. A bad driving record throws up a major red flag to insurance companies, and statistically, it’s a clear indicator that you’re more likely than not to be involved in a crash at some point. It’s just the facts, so drive safe and keep your record clean. The result? You’ll pay lower premiums and stay out of the hospital.
3. Where You Store Your Bike Makes All the Difference
Motorcycles are easy targets for thieves, especially with the frequency that they are parked for extended periods of time in Canada. Weather conditions may keep your bike parked for a fair portion of the year, so the safer the storage facility where you keep your bike, the more you can save on your premiums. Your insurance company will reward you for your efforts in deterring thieves, so installing an anti-theft device and parking your bike in a locked garage can save you in your premiums.
4. The Less You Drive, The More You Save
The more you ride, the higher your premiums will be. It pays to know how much you’re going to ride, because no matter how safely you ride, the more miles you put on the more likely your chances of being involved in an accident. It’s just simple math, and insurance companies do their research. The statistics point clearly to higher odds of a claim being made from bikers who ride frequently. If you take your bike out for weekend jaunts, you’re much less likely to file a claim than an Iron Butt rider. When you’re doing your price shopping, include that information in your search for motorcycle insurance quotes and see if you’d be eligible for low annual mileage discounts.
The National Insurance Crime Bureau says that though motorcycle thefts decreased 13% from 2008 to 2009 in the US, that data should be take with a grain of salt for one important reason: sales and production of new motorcycles were down (-41% for sales, -47% for production) over that period which means there were fewer new bikes on the street for thieves take.
The Most Stolen Motorcycles By Brand
It’s an easy assumption to make that Harley-Davidsons are the most stolen motorcycles, but that assumption would be wrong. Sportbikes from the major Japanese manufacturers are stolen much, much more often than Harleys:
- Honda: 13,688
- Yamaha: 11,148
- Suzuki: 9,154
- Kawasaki: 5,911
- Harley-Davidson: 3,529
H-D did make it into the top five makes for total bikes stolen, but industry insiders say that sport bikes from the Japanese makers are most coveted by thieves.
The Honda CBR line (CBR 1000RR, CBR 929) is ten times more likely to be stolen than the average motorcycle.