Now that the weather is good, you’re out on your motorcycle again, and it feels so good. You know it’s important to have motorcycle insurance, but you worry that you’re paying too much — which doesn’t feel good. You may even consider cancelling your policy to cut down on expenses. But doing so leaves you vulnerable to expensive accidents. Instead of putting yourself at financial risk, look for ways to save money on your motorcycle insurance policy.
Here’s what you need to know.
Consider Size and Power When You Buy a New Bike
If you’re ready to trade in your old motorcycle for something new, or you’re adding to your collection, consider the size of the bike when you buy. More powerful bikes that have the ability to move faster tend to have higher insurance premiums. Why? Because the faster you ride, the higher the chance of an accident.
Get Multiple Quotes
No matter how funny or sleek a commercial is, it’s no substitute for shopping around for your motorcycle coverage. Work with an independent insurance agency (like ours!) who can get you quotes from multiple carriers to ensure that you’re getting the best price. Make sure you ask for quotes based on the same coverage level so you can make an apple-to-apple comparison.
Look for Discounts
Many insurers will include available discounts in their quote, but if not, ask what’s available. Some discounts you can work towards, and others you can get by making a modification to your bike and how you use it. Common discounts include:
- Mature rider discount, for riders with years of experience
- Responsible rider discount, for riders with no claims over a certain period of time
- Multiple bikes discount
- Anti-lock brake discount
- Continuous coverage discount. Avoid cancelling coverage when you can’t ride.
- Discount for paying your premiums in full
Keep Your Motorcycle Protected from Theft
Not all insurers offer discounts or lower premiums for anti-theft measures, so always check. But some may reduce your premiums for using locks and chains or alarms and GPS tracking to protect your bike from theft. If you can, park your motorcycle in the garage. This not only protects your bike but potentially saves you money as an anti-theft safety measure.
Take a Safety Class
Some motorcycle insurers offer a discount for completing a motorcycle safety class. The class benefits you in two ways: it saves you money for your insurance premiums and it can help you stay safe out on the road. If you have time on your hands, you may decide to become a safety instructor which allows you to help new riders and, from some insurance providers, get an extra discount.
Join a Club
In your hometown, there may be a great local group that gets together to ride on a regular basis. Are they affiliated with a larger organization? If so, you may be eligible for a discount on your motorcycle insurance. Check your membership information to find out what, if any, discounts you’re eligible for. Some groups that offer discounts include:
- American Motorcycle Association
- Honda Riders Club of America
- Motorcycle Safety Foundation
- Harley Owners Group
- And more!
Adjust Your Insurance Coverage
Once you have motorcycle insurance, you can make adjustments to your coverage that directly impact your premiums.
- Consider if you need comprehensive/collision coverage on an older bike. If the premiums are more than the replacement cost, it might be time to go down to basic coverage.
- Increase your deductible. If you can afford a few hundred dollars for a repair, increasing your deductible to $1,000 will definitely be a savings.
- Instead of cancelling your coverage when you can’t ride, switch to “storage coverage.” This will lower your premiums for several months and allow you to maintain continuous coverage.
Need to adjust your current motorcycle insurance policy? Looking for a quote for new coverage? Contact Charlotte Insurance today so we can help you save!