Given the high price of automobiles and ever-increasing medical costs, driving without motorcycle insurance is a bad idea. Not only that, riding a motorcycle without insurance is illegal in many states.
If you think motorcycle insurance isn’t a priority, you’re mistaken. But if you follow some money-saving tips, insuring your bike doesn’t have to cost a fortune.
1. Raise Your Motorcycle Insurance Deductible
A deductible is the amount you must pay towards an insurance claim before your policy takes effect. Raising your deductible can significantly decrease the rate you pay for motorcycle insurance. With some companies, raising your deductible just a few hundred dollars could save you as much as 30% on motorcycle insurance.
2. Skip the Small Motorcycle Insurance Claims
Insurance is designed to protect against substantial losses, not minor fix-it claims. Insurance companies frown upon motorcycle riders who file frequent insurance claims, and sometimes charge them higher rates. If your claim is minor, consider fixing it yourself and keeping your motorcycle insurance rate low.
3. Look for Motorcycle Insurance Discounts
Do you take your bike out for a spin every month or so when the weather’s nice? If so, you may be able to save money on your motorcycle insurance. Many insurers offer part-time or occasional driver discounts to drivers who use their bikes sparingly. Asking your agent about this discount count save you a nice amount of money.
4. Exclude a Rider from Your Motorcycle Insurance Policy
When it comes to riding a motorcycle, not all drivers are created equal. If someone in your household has a poor driving record, removing them from your policy could save you money on motorcycle insurance. Young drivers (those in their 20s) are also charged a lot for motorcycle insurance.
5. If You Ride Alone, Skip Guest Passenger Liability
If you ride alone, why pay for coverage you don’t need? Guest Passenger Liability covers you against a passenger on the back of your bike suing you in the event that they’re injured in a motorcycle accident. Skipping this coverage could save you a ton on motorcycle insurance. But remember: if you remove this coverage, you will not be covered for any damages a passenger suffers.
6. Keep a Healthy Credit Score and Save on Motorcycle Insurance
You may think your credit score doesn’t affect the rate you pay for motorcycle insurance, but you’re mistaken. A number of insurance companies take credit scores into account when calculating motorcycle insurance rates. In some cases, a poor credit score can raise your rate more than a speeding ticket, so keeping your credit score high will help keep motorcycle insurance rates low.
7. Check Your Driving Record for Errors
Believe it or not, the motor vehicle bureau does make mistakes every so often. Driving records will sometimes show tickets, accidents or other violations that are inaccurate. If a ‘phantom’ violation is found on your record, you may be paying a higher rate for motorcycle insurance. Check over your driving record every so often to catch mistakes.
8. Avoid Sport Models
The style of bike may be more important than the cost, so choose wisely Motorcycle insurance companies place heavy surcharges on bikes deemed high-risk, such as sport and supersport models. In some states, sport models can cost four times as much to insure than a standard cruising model. Do your research before you buy.
9. Decrease Motorcycle Insurance Coverage on Older Bikes
Keeping full coverage on your brand new racing bike is a no-brainer, but it may not make financial sense to keep your old clunker fully covered. Keep it at minimum coverage and save big on motorcycle insurance.
10. Shop Around for Motorcycle Insurance and Save Big!
Motorcycle insurance rates can vary widely from one company to the next. The company that offers the best price for a married female rider may offer the worst rate for a single male in his 20s. Comparing motorcycle insurance quotes from multiple companies helps you find an affordable rate.