There I was, standing next to my dream bike, only to be hit with a sticker shock from the insurance quote. Like many of you, I thought I’d found a great deal on the bike itself, but the insurance premium was a nasty surprise. I put off getting coverage for a while, but that was a big mistake – more on that later. If you’re in the same boat, don’t worry. I’ve learned a thing or two about lowering your motorcycle insurance premium, and I’m here to share that knowledge with you.
Why Shopping Around Matters
My first mistake was going with the first insurer I found. I thought all insurance companies were the same, but boy, was I wrong. Prices vary greatly, and some companies offer discounts that others don’t. Don’t settle for the first quote you get – shop around!
Common Mistake: Not Comparing Quotes
Going with the first insurer is a big no-no. Why? Because you might be missing out on better deals. Each company has its own way of calculating premiums, so a policy that’s expensive with one insurer might be affordable with another. Plus, some insurers specialize in certain types of bikes or riders, so they might offer better rates for your specific situation.
How to Do It Right
- Get quotes from at least 3-5 insurers. The more quotes you’ve, the better your chances of finding a good deal.
- Use online comparison tools. Websites like NerdWallet, Insure.com, and Policygenius can help you compare quotes easily.
- Check with bike-specific insurers. Some companies specialize in motorcycle insurance and might offer better rates.
How Your Bike Affects Your Premium
I learned the hard way that the bike you choose can significantly impact your insurance premium. I loved the look and power of my sportbike, but I didn’t realize how much more it would cost to insure than a cruiser or a standard bike.
Common Mistake: Choosing a High-Risk Bike
Sportbikes, muscle bikes, and other high-performance motorcycles are more expensive to insure because they’re statistically more likely to be involved in accidents. Insurers see them as high-risk, so they charge higher premiums. If you’re looking to save on insurance, consider this factor when choosing your bike.
How to Do It Right
- Choose a bike that’s cheaper to insure. Cruisers, standards, and touring bikes tend to have lower insurance premiums.
- Consider the bike’s theft risk. Some bikes are more popular with thieves, which can drive up your insurance costs.
- Think about the bike’s repair costs. Exotic or hard-to-find parts can make a bike more expensive to repair, which can increase your premium.
How You Can Lower Your Premium
Once I had my bike, I wanted to lower my insurance premium without switching bikes or insurers. Here’s what worked for me.
Common Mistake: Not Asking About Discounts
I assumed that the quote I got was the best I could do. But when I started asking about discounts, I found ways to lower my premium significantly. Don’t make the same mistake – ask about discounts!
How to Do It Right
- Ask about bundle discounts. If you’ve other insurance policies, like car or home insurance, ask if your insurer offers a discount for bundling.
- Inquire about safety course discounts. Completing a motorcycle safety course can make you eligible for a discount.
- Ask about loyalty discounts. If you’ve been with the same insurer for a while, you might qualify for a loyalty discount.
- Consider usage-based discounts. Some insurers offer discounts if you agree to track your rides with a device that monitors your speed and braking habits.
- Ask about group discounts. Some insurers offer discounts if you’re a member of certain motorcycle clubs or associations.
Other Ways to Save
There are plenty of other ways to lower your motorcycle insurance premium. Here are some strategies that worked for me.
Increase Your Deductible
A deductible is the amount you pay out of pocket before your insurance kicks in. Increasing your deductible can lower your premium, but make sure you can afford the higher out-of-pocket cost if you need to make a claim.
Reduce Your Coverage
If your bike isn’t worth much, you might not need full or collision coverage. Dropping these coverages can lower your premium, but make sure you understand the risks.
Maintain a Good Driving Record
Insurers reward safe riders with lower premiums. Avoid speeding tickets, accidents, and other infractions to keep your premium as low as possible.
Avoid Modifications
Modifying your bike can make it more expensive to insure. If you’re looking to save on insurance, it’s best to keep your bike stock.
Store Your Bike Properly
If you’re not riding your bike year-round, storing it properly can help lower your premium. Some insurers offer discounts for bikes stored in a garage or on a secured rack.
Lowering your motorcycle insurance premium doesn’t have to be hard. By shopping around, choosing the right bike, asking about discounts, and following these other strategies, you can save big on your motorcycle insurance. Don’t make the same mistakes I did – start saving today!
