It’s easy to get seriously frustrated when you’re in the process of buying motorcycle insurance, but have no fear, we can offer you ten simple tips to avoid paying high motorcycle insurance premiums, finding cheaper motorcycle insurance and getting the bike you want without breaking the bank for your insurance coverage.
Here’s our top-ten list of ways to get cheaper motorcycle insurance premiums:
1) Save some money even if it’s not time for your renewal
The annual chore of renewing our motorcycle insurance once a year is comes too often, but you have to keep in mind the fact that most insurers rely on your dread of taking care of business and changing insurance when you find the best deal – regardless of when your coverage is set to lapse – can save you a lot of money. If you haven’t made a claim most insurance policies allow a full pro-rated refund for the portion of your policy you haven’t used yet, so feel free to switch to a cheaper rate at any time. It’s a simple (but highly effective) way to get cheaper motorcycle insurance and the best coverage for your money.
2) Use online tools to compare available rates
Motorcycle insurance is just a commodity, and it pays to think of it in that way. When you want to buy insurance for a particular motorcycle, you’d be inclined to think the cheapest way is to buy it straight from a major company and it often works out that way. But also keep in mind that your current insurer for other types of coverage like life and home may well be able to offer deals and discounts that just wouldn’t happen if you were trying to buy from the more high-profile providers. Your local friendly insurance broker wants to keep your business, and he or she knows very well what they have to compete with in the market. Take advantage of that knowledge when you’re shopping and you might find big savings.
3) Insurance is all about the risk
The insurance company’s phrase to describe the amount of money you’re charged for your insurance is ‘Risk Premium.’ The price they quote you is based entirely on the risk that they perceive you to present to their bottom long over the course of your coverage. What does that mean to you? Lower your risk and you get a cheaper motorcycle insurance premium. It’s that simple. Keep costs down by installing locking devices, be realistic about the amount mileage you expect to ride and don’t overestimate annual mileage; store your bike off the street and in a driveway or garage overnight. And one major savings is available if you promise not to take passengers with you on your rides. Keep in mind that, should you choose this kind of passenger exclusion discount means anyone who rides with you is not covered – in any way – by the benefits of your coverage.
4) Taking a step back can save you beau coup dollars
It doesn’t take a rocket scientist to realize if you move from a relatively tame Aprillia 125 to a spicy Yamaha R6, you’re going to present more risk to an insurance company. If find your current bike a little to large and hard to handle and decide to downsize, you’ll find many insurers more than willing to give you substantial discounts on your premium when you do.
5) Foil thieves and save money
It’s inevitable, the world is full of shady types and bikes get stolen. You know this and so do insurers. A motorcycle is something like twice as likely to be stolen as a car, and motorcycle insurance companies are acutely aware of that situation. Where you keep your bike and how you keep it safe are critical concerns to your insurer, make sure they are to you as well. The discount you can receive for storing your bike in secure garage can amount to as much 40% of your total premium, that garage does not have to be located at your home address. If you find somewhere safe to store your bike, make sure to tell your insurer. It can save you big bucks and, as an added bonus, offer you peace of mind.
6) Bikes galore mean saving more
Having more than one bike puts you in a position to bargain with companies offering multi-bike policies. You get cheaper motorcycle insurance premiums for bulk buying motorcycle insurance , and they can add up fast, so don’t forget to ask for them when you’re doing your shopping and research.
7) Fully Comprehensive, fire and theft and third party only coverage
Three types of insurance for your bike have vastly different protection and requirements. Since the average value of a bike is much lower than the average value of a car, the numbers are smaller, but the situation is roughly the same. Third party coverage is, in general, the minimum legal requirement you have to meet, and if the value of your bike isn’t all that high in monetary terms, you can save money by selecting the lesser coverage options.
While the last two options may not offer the most complete coverage, they may be a way to get cheaper motorcycle insurance.
8) Be realistic about how much you ride
As we noted previously, the premium charged for your motorcycle insurance reflects the risk that you present to the insurance company. If your bike isn’t your main mode of transportation, you present less risk to insurers, and some companies will give allow you a discount if you also own a car. Having an exemplary driving record and a few years without claims to your car insurance policy should also net you a cheaper premium. Use online premium comparison services to find a provider willing to take your excellent driving record behind a wheel to take that into account on when considering your premium for your motorcycle.
9) Pay up front, not by the month
Every insurer in the nation offers the options to pay for your motorcycle insurance in one lump sum or monthly. A quick check of how much interest you’ll be paying if you opt for the monthly option will prove instructive. The companies consider their monthly payment option a “miniature loan” to you, and the APR on monthly payment scheme plans can add up to a considerable sum.
10) Sky high quotes and red flags
Multiple riding incidents or convictions and accidents can make your premiums a horror show. If you’re paying high insurance premiums – even though you sport a stellar riding record - it’s time to check around. Get it done and don’t sit on your hands as the prices between insurance companies can differ wildly. Some insurance companies won’t want your business at all if you’re a motorcyclist and they’ll hike their price to make it prohibitive to buy from them. Other insurers are willing to take note of your record and realize that people like you are dream customers who ride safely and rarely make claims. They’re happy to offer you cheaper motorcycle insurance and welcome you aboard. The wild pricing differences may not seem to make sense, but market dictates how hard different insurance companies will fight for your business. Take advantage of that competitive market place and you can save big on the cost of insuring your bike.