Just like anyone who owns a car, motorcyclists are always looking for ways to save on their motorcycle insurance rates. With the cost of gas, many people have looked to buying a motorcycle as means to save on travel and/or commuting costs (not to mention riding a cycle is much more fun). If you are going to own and ride a motorcycle getting motorcycle insurance is a must.
It is fine to look at trimming non-essential coverage from their motorcycle insurance policy. However, you want to make sure you have adequate insurance for: 1) The motorcycle itself. 2) Get as high a deductible as you can afford. Don’t be too cheap, but don’t carry a zero deductible when you know you can afford a $500 deductible or higher. 3) Make sure you have some sort of medical coverage. It does not have to be in the motorcycle insurance, but make sure you have some sort of coverage. 4) Make sure you can adequately cover the cost of an accident if it is your fault. Generally, with motorcycles, this coverage is not too expensive. With that in mind, here are several other ways to reduce the cost on motorcycle insurance rates without doing anything reckless.
Advise your insurance carrier if you are parking your motorcycle in a secured garage every night. This is an excellent way to decrease your monthly insurance costs. Keeping your motorcycle in a locked garage during the night severely decreases the likelihood it will be vandalized or stolen, which decreases the risk of your having to file a claim with your insurance provider.
If you rent your home you likely are spending more on your motorcycle insurance each month. Many insurance providers offer a discount of up to twenty percent for people who own their home, giving you an added reason to buy instead of rent.
All 50 states in the U.S. require a motorcycle license to operate a motorcycle on public roads. DO NOT get caught riding a bike without the a motorcycle license. If your (or your parents) car insurance carrier hears of this they are likely to contact you about this moving violation. This could result in your car insurance coverage to rise, or possibly get canceled altogether (if you are unwilling to add the motorcycle insurance to your current insurance).
Joining a motorcycle riders’ association in your area can also decrease your insurance costs. I’m not talking about joining ‘Death Riders or America’ of some such gang (that is likely to get your insurance coverage increased). I’m talking about a recognized hobby motorcycle club. Riders’ associations encourage members to ride safely and wear proper gear, like a helmet and durable clothing, which is why your insurance company will reward you for joining. If you do not know what associations are in your area, contact your insurance provider for a comprehensive list.
As with any insurance policy, bundling your motorcycle insurance with other insurance policies will help you save money. Even if your only means of transportation is your motorcycle, you can still bundle your insurance policies to save. This can include combining with homeowner, renter, automobile and life insurance policies from the same provider.
Signing up for and successfully completing a certified motorcycle safety course is an excellent way to help you stay safe on the roads and lower the price of your motorcycle insurance. Before you sign up for a course, contact your insurance provider to make sure it will provide a discount on your insurance. Some insurance providers will only accept certifications from specific courses, so do your homework first. Most courses cover topics like accident avoidance, equipment usage and motorcycle maintenance. There are even some courses created for beginning, intermediate and advanced riders. Upon your completion of the course you turn in your certificate to your insurance provider and the discount will be applied to your policy.
Just like with cars, riding your motorcycle cautiously can really pay off. A growing number of insurance policies provide discounts to motorcyclists who have gone extended periods of time without a traffic ticket or accident of any kind. Insurers figure that by providing a financial incentive, they can encourage policy holders to be safer on the roads.
Finally, you can insure several vehicles on the same policy. Even if you own multiple motorcycles or a mix of motorcycles and cars, insuring them all with the same provider can provide some real discount savings on your policy.
