If you feel that you’re motorcycle insurance rates are too high, then you’ll be happy to know that there are plenty of things you can do to lower your monthly premiums and get your insurance bill under control again. Here are five key areas where you can trim a little cost off the top to reduce your motorcycle insurance bill.
Downsize Your Motorcycle
One way that you can reduce your motorcycle insurance rates is by downsizing your motorcycle from a cost as well as a performance standpoint. Cruisers carry much lower insurance premiums than sport bikes because there is less risk involved with riding them. As you may or may not know, risk is one of the key functional items used to calculate insurance premiums.
Motorcycles that have bigger engines and travel at a higher rate of speed are considered to be more risky. This in turn means that the likelihood of getting into an accident is higher and thus there is an increased chance that a claim will be made. For those reasons there is an increased cost associated with insurance riskier motorcycles.
You might also consider buying used versus buying new because used motorcycles are worth less than new motorcycles. Often times new motorcycles must be fully insured if there is a lean against the title. Full coverage is going to be more expensive than that which is required for used motorcycles.
Opt For A Higher Deductible
Another way that you can reduce motorcycle insurance rates is by opting for a higher deductible. When you choose a higher deductible you are agreeing to pay more out of pocket cost when an accident occurs. This means your insurance company will have to pay out less for a claim so they will charge you a lower premium monthly premium. If you feel reasonably confident that you won’t ever have to submit a claim, then a higher deductible might be the way to go in order to reduce monthly premium costs.
Don’t Over Insure
Choosing too many coverage options or unnecessary coverage options can result in a high monthly insurance bill. Instead, stick to those coverage options that are necessary. Make sure that you are carrying the minimum amounts for required coverage options, and don’t under-insure your motorcycle because this could end up being more costly in the long run. Also keep in mind that there are minimum limits that must be met in each state so you should be aware of whether or not your policy meets those requirements.
Bundling Your Insurance
Saving on motorcycle insurance rates is also made possible by bundling insurance policies together under one package. If you have individual auto, home, and motorcycle insurance policies with the one company, consider consolidating them into one policy. Most insurance companies offer package discounts to customers who bundle their policies together. Doing so can drop your monthly premiums substantially depending on the discount percentage your insurance carrier is providing.
Training and Certification
Finally, if you’re looking to save money on motorcycle insurance rates, you’ll be happy to know that most insurance companies offer discounts to those who participate in a motorcycle safety course. Rider safety training helps you become a safer and more knowledgeable rider. This is something insurance companies like to reward.