10 Tips to Save on Insurance for Your Motorcycle YesEnsure

10 Tips to Save on Insurance for Your Motorcycle

Motorcycles are expensive.  And motorcycle insurance is expensive!  But you can save on your motorcycle insurance by following some simple tips.  Here’s 10 of them:

1) Shop Around Often

Insurance companies appreciate when their customers shop around for better rates. You never know what you might find out about a rate, or if you might find a deal, by shopping around for motorcycle insurance at least every 6 months.  And even when your policy is renewed and you don’t think it will be possible to save on your motorcycle insurance any more,  shop around again just in case things have changed.  It’s free and easy to do so, so why not?

2) Get Any Discounts You Can

If the insurance company offers motorcycle discounts, make sure you take advantage of every single one.  If you do that, then it may be possible to save more on your motorcycle insurance than you ever thought possible.  Of course, if they’re offering a rider discount, make sure your motorcycle isn’t going to be sitting in a garage all year, or if they offer a discount for certain safety features on your bike, make sure you’ve got them installed.

3) Make Sure Your Motorcycle is Insured to its Full Value

The faster motorcycles depreciate, the harder it becomes to save on insurance for them.  So instead of letting your motorcycle depreciate, make sure it’s insured to its full value.  That way if some unlucky event does happen and something happens to your motorcycle, you won’t be out the money it would have cost to replace your beloved bike.

4) Don’t Commit Too Many Traffic Violations or Accidents

The more traffic tickets and accidents you have on your record, the more it may cost to save on motorcycle insurance.  So make sure if you do get a ticket or commit an accident, take care of it as quickly as possible. For those with motorcycles that are not yet paid for (or still making payments), this might not be a bad idea to hold off on purchasing motorcycle insurance until the bike is paid for.

5) Know Your State’s Minimum Insurance Requirements

The minimum motorcycle insurance requirements your state sets may not be enough to save on motorcycle insurance.  So make sure you know what those requirements are before buying any additional motorcycle insurance from an agent who isn’t familiar with your state’s minimum coverage.

6) Check the Rate Every Year

If you don’t check the rate every year, then you might not be able to save on motorcycle insurance.  Insurance companies tend to raise rates after a customer has been with them for awhile, so check out other rates every year just in case it’s time to switch insurance companies in order to save on motorcycle insurance.

7) Don’t Forget About Liability Coverages

Most people forget about liability coverage and just buy the minimum of what their state requires, but that might not be enough if you get into an accident that’s classified as a fault of your own by another person or company.  So buy more liability coverage than what’s required by your state, or else it may be difficult to save on motorcycle insurance.

8) Don’t Be Afraid to Ask for Discounts

The only way you’ll know if you can save on your motorcycle insurance is if you ask.  Some insurance companies have very low premiums – sometimes even lower than the state minimums – so don’t be afraid to ask for discounts.  If they can help you save on motorcycle insurance, why wouldn’t they?

9) Get Your Motorcycle Off the Road If You Can

Just like having a car or truck sit in your garage won’t do anything to help you save on insurance, a motorcycle sitting in a garage won’t do anything to help you save on insurance either.  If your motorcycle doesn’t get used enough – or if you really don’t have the space to store it – consider selling it and getting another one once you can afford it.

10) Assess Your Own Risk Level

When saving on motorcycle insurance, you need to make sure the motorcycle is an asset that won’t be a risk if it’s stolen or damaged.  You may find that selling your motorcycle could save you even more money in the long run.

What’s the difference between liability and property damage?

The term liability refers to how much you could be sued for if you get in an accident that results in injuries or property damage. Most motorcycle insurance policies also cover up to $1 million in “property damages,” though they may not put it so bluntly when they explain which coverage options apply to your state’s “minimal” motorcycle insurance requirements. Property damage usually refers to damage caused by an accident on your property, but it can refer to damages caused by something like a slip and fall in a parking lot (especially if you’re liable for the slip and fall).

What’s collision?

Collision coverage is basically a way to protect your motorcycle from things like damages and/or theft. Like we said before, collision can be included in a motorcycle insurance policy if the customer pays an additional deductible fee. Taking this into account is what usually puts people who buy their own motorcycles and attempt to save money by not insuring them over the edge because those without collision coverage will have to pay out of pocket for damages or a new motorcycle if something happens to their bike. Credit card companies also offer some type of collision coverage in the case of theft, but it’s usually not enough to replace a wrecked or stolen motorcycle.

What’s a deductible?

A deductible is basically a pre-set amount that you as a customer must pay out of your own pocket every time you get in an accident. The lower the deductible, the higher your insurance premiums will be (since you’ll be paying less money every month on something like say payment installments).

Who determines how much property damage is covered?

Property damage liability coverage also determines how much property damage your insurance company would have to pay if you got in an accident. In most cases, the actual owner of the property will determine how much is covered by their insurance policy.

Upon Analyzing The Facts

I hope these tips help you save on insurance for your motorcycle. Do you have any other tricks that might be helpful? Please share with us in the comment section below!

Scroll to Top