How To Lower The Cost Of Motorcycle Insurance

One of the easiest ways to lower the cost of your motorcycle insurance is to lower your coverage, and voila, your premiums go down. But this approach – particularly when it comes to liability coverage  and collision coverage – can come with substantial risk if you’re in an accident or something happens to your bike!

Below is general information on ways to lower the cost of motorcycle insurance, while still ensuring that you have adequate protection.

Change Insurance Companies
If you want to lower your motorcycle insurance premiums, shop around. The cost of motorcycle insurance (and coverages) varies dramatically, so it can pay to get quotes from at least 2-3 motorcycle insurance companies.

Combine Your Insurance Policies
While you’re at it, get quotes for your other types of insurance, too (such as auto insurance and homeowners insurance). Many insurance companies offer multi-policy discounts if you’ll bundle your policies.

Increase Your Deductible
Raise your deductible on your motorcycle insurance, and the cost of your premium will go down.

Ride Safely
If you can ride safely (no accidents or traffic violations), you might qualify for a “safe rider” or “responsible rider” discount.

Reduce Coverage On Your Motorcycle
If you have an older motorcycle, you might want to consider reducing the coverage on your bike (or removing comprehensive coverage all together). For example, if your bike is only worth $2,500, and you have a $1,000 deductible on your comprehensive coverage, the insurance company would only pay out $1,500. The financial benefit might not be worth the cost of the premiums.

Don’t File A Claim
If you have comprehensive coverage (which covers your motorcycle for non-accident related incidents), and something minor happens to your bike, you might be better off NOT filing a claim. Pay the cost yourself, and you could avoid a hike in your insurance premiums.

Complete A Motorcycle Safety Course
Motorcycle insurance companies often offer a discount if you’ve completed an approved motorcycle safety training course, class, or training.

Choose A Motorcycle That’s Cheaper To Insure
Some types and models of motorcycles cost considerably more to insure. These include newer models of motorcycles, high-performance bikes, sport bikes, superbikes, luxury touring motorcycles, and motorcycles with customizations and modifications. If you avoid these types and models of bikes, you could pay less for your insurance coverage.

Pick Usage-Based Coverage
With some motorcycle companies, the less you ride your motorcycle, the less you pay. Don’t change your riding habits just to get a better rate, but if you already ride short distances or infrequently, see if you can pay less for less usage.

Select Lay-Up Insurance Or Storage Insurance
Some motorcycle insurance companies offer lay-up insurance or storage insurance, which allows you to pause or lower your liability and collision coverage during periods when you’re not riding your motorcycle (such as during the winter).

Look For Accident Forgiveness
Some motorcycle insurance companies offer accident forgiveness or a first accident waiver, with the promise that they won’t raise your insurance premiums after your first accident.

Add On A Vanishing Deductible
Find a motorcycle insurance company that offers a vanishing deductible or disappearing deductible feature. For every year that you’re accident-free and claim-free, the cost of your deductible can go down, until it potentially disappears entirely. The vanishing deductible option might be included as part of the policy or available for an extra cost.

Install Anti-Theft Devices
You might qualify for a discount on your motorcycle insurance if you have anti-theft devices on your bike (such as an alarm, immobilizer, or GPS tracker).

Pay Your Premium Annually Or Semi-Annually
Some insurance companies will reduce the cost of your premiums if you pay for your policy annually or semi-annually, instead of monthly.

Join A Motorcycle Association Or Club
Some motorcycle insurers offer discounts to members of certain motorcycle associations or clubs.

Raise Your Credit Score
Many motorcycle insurers will check your credit score, and a higher credit score can help reduce your premiums and/or give you more options in choosing your insurance company.

Check With Your Insurance Agent Or Company
Please note that the information provided above is for informational purposes only. For the most accurate, up-to-date, specific information, check with your insurance agent or insurance company.