Motorcycle insurance rates can seem outrageously high.
But they’re not.
Though motorcyclists are considerably more vulnerable to injury and accidents than cagers, they ride less miles and spend less on gas, so at least there’s that…
Insurance requirements vary from state to state, and premiums are affected by a variety of risk factors. The list?
Age, location, speeding ticket record, and the horsepower and engine size of your bike. A mid-range insurance policy for customers in their mid-40s who are married and own property go for about $300 every six months from a reputable carrier.
If you’re a young buck, say 18-21 years old, and have a spotty record which might include lots of tickets, you, my friend, can expect to pay through the nose.
What are we talking about here? Make it three or four times more than an older gent…
There are ways to reduce your premiums and get an affordable motorcycle insurance rate, and here are six of those ways to lower your motorcycle insurance quote:
Listen up, my brother, and you might cut your premium costs by 20%-50%.
So how do you make it happen? Here are the rules of the road to lower motorcycle insurance bills. The older you are, the longer you’ve been riding, the better your driving record, the less hot and dangerous your bike is, the less you’re going to pay.
I know, it seems like a hose job, but the less expensive and risky it is for an insurer to cover damages when you inevitably stack up your bike, the less you’ll pay for insurance.
1. Complete a safety course: Most insurance companies offer incentives for completing a motorcycle safety course. Visit the Motorcycle Safety Foundation’s Website, which offers a searchable database of course locations near you. If you’re under 25 years old (and have a less-than-stellar driving record) you’ll benefit the most from this kind of discount.
2. Don’t ride like a jackass. If you have no black marks on your driving record – motorcycle or auto – you’re more likely to get a lower rate. Progressive offers a 5% discount for riders who haven’t filed a claim recently.
3. Park it in the garage: Storing your bike in a garage or installing an anti-theft system can protect your machine, your peace of mind, and and cut down your insurance bill. Do it.
4. Consolidating your policy: The more vehicles under one policy, the better. If your car and motorcycle are covered under one policy, you may get a discount. Geico? They offer 10% discounts for anyone who hasmore than one motorcycle. Transfer your policy to Geico from another insurer? Save some cash, brother.
5. Don’t be a cheap tool. Liability insurance covers damages you might do to another driver. It’s cheaper, but if you’re at fault and you don’t have adequate comprehensive coverage, you could be left paying the tab for everything that goes wrong in an accident. Pay for enough coverage. It’s a good idea, especially if your motorcycle is expensive and includes lots of expensive accessories. Leather saddlebags, mirrors, expensive tires, chrome covers? Liability only coverage means you pay to replace all those items yourself.
6. Discounts vary through the seasons, but make sure it’s worth the risk. Many insurers offer coverage that can be suspended for a period of time. For example, customers may put their bike away for the winter months, and accident-related insurance is put on hold, while coverage for things like theft, fire, and vandalism is still retained. Still, if you decide to take your bike out on an unexpectedly nice and warm Saturday in December, it might not be worth the risk. Shop around, and evaluate which plan is worth the discount.
Top Six Ways to Lower Your Motorcycle Insurance Premium