The Best Way to Find Cheap Motorcycle Insurance
If you never have a motorcycle policy before, you might wonder why even "cheap" motorcycle insurance will cost more than your average car insurance. Driving a motorcycle is simply far more risky. This is not to suggest, however, that if you want to do some homework and learn what insurance firms like to see before they push insurance premiums down, it is not possible to find cheap motorcycle insurance.
Factors that Affect Your Motorcycle Insurance Rate
Like car insurance, the motorcycle premium takes into account a number of factors, including:
Your motorcycle
More recent, higher prices for more luxurious motorcycles.
Your Age and Experience
Older people typically pay less than younger people for auto insurance. Experience plays an extra function for motorcycles: a younger person with more motorcycle expertise may expect to pay lower premiums than an older one with his first bike.
Location
When you maintain your motorcycle, your insurance premium plays a part. You would have to pay extra for your policies if you live in a region that is experiencing many crimes or car accidents.
Driving History
A history of driving with less road tickets and injuries leads to a low premium. Generally, the insurance provider does not only take your motorcycle experience into account.
Membership of the Motorcycle Club
Many motorcycle insurance firms offer exclusive motorcycle club members or organizations discounts.
How much do you use your Motorcycle
You should expect to pay an extra premium when you choose to drive your bike per day, compared to just want to drive it on weekends.
Keep in mind, for example, that having an address that is different from where you usually live and keep your motorcycle — that the insurer is deliberately misleading — is fraud. You could drop your cover if your insurance provider knows you sent the wrong details. In the worst case, if you are involved in an accident, you can even fail to process a claim!
How to Lower Your Motorcycle Insurance Premium
There are several options to lower your premium, whether you shop for a new policy or strive to reduce premiums through your current motorcycle insurer.
Take a Safety Course
If you complete an motorcycle safety course offered by the Motorcycle Safety Foundation (MSF) or other certified course providers, most motorcycle insurers will discount your premium.
Have a Clean Driving Record
You would probably get a discount on 'good conduct' if your driving record indicates that you haven't had fault injuries or road violations in recent years.
You will find out by contacting your state DMV if you are not sure what's in your driver's record.
Secure Your Bike
Motorcycles are much easier to steal than cars, so it's no wonder why it's so important to keep your bike safe. You could be ready to give a discount on your premium if you keep your motorcycle in your parking lot at night and not parked outside. In addition, every motorcycle insurance provider has a specific list of authorized safety systems. You can expect more insurance benefits when you have one installed or if you are willing to have one installed.
Ask About Lay-Up Periods
Your insurer can provide lay-up insurance if you only use your motorcycle for part of the year. At a discounted cost, when your motorcycle is stored, the insurer will cover theft and injury. Only let your insurer know once you're back on track, so that you can again get maximum coverage.
Keep insured
More insurers feel when they see you have gaps, even though it was because you were not using your motorcycle. Most insurance firms charge more. The longer you are insured, the lower your premium. Please note that your insurance policy will not be seen as a void.
Become a New Customer
Insurance providers also give consumers switching off from another insurance provider special discounts. Don't expect the same discount if your policy is renewed!
Be a Repeat Customer
In most insurance undertakings customers with multiple policies, especially auto and home insurance, receive discounts. In certain cases it counts for a policy in the same household so that a discount and cheaper motorcycle insurance can be given to your spouse or partner's policy.
Increase Your Deductible
You normally have some flexibility in defining the conditions of your coverage for collision and comprehensive motorcycle insurance. You should consider increasing the deductibility of your insurance if you are trying to save any money on your premiums. The deductibility is the amount you agree to pay when an insurance provider begins to cover expenses if your motorcycle is harmed. A higher deductible means that in case of an accident or robbery you cover a higher proportion of the expenses. So, when increasing the deduction, the insurer is able to charge a smaller premium.
The downside is that you are confronted with a higher surprise bill if there's an accident or robbery. Always ensure that the deductible is a quantity that you will spend to repair your motorcycle in a convenient time.
Decrease Your Policy Limit
The policy limit should also be decreased for collision and comprehensive motorcycle insurance. If the motorcycle is injured, the policy limit is the maximum amount that the insurance provider pays. As the insurance provider has less assets on the hook, a lower policy ceiling is less than that.
If your motorcycle value is far below the limit of the scheme, it will be very useful to reduce the limit. If you are comfortable to do so, you can consider further reducing the policy cap. The downside is that if your motorcycle is damaged or stolen, you will get less money from the motorcycle insurance provider.
Pay Your Premium Up Front or Pay Online
The full premium normally payments in advance are cheaper. If you can't afford to do this, choose a payment plan with as few payments as you can – further instalments typically have additional charges.
In addition, if you want to pay electronically, or sign up for automated payments via credit card or bank transfer, many insurance providers give a minor discount. If you make automatic payments, don't forget to make sure there is sufficient money for the payment in the future.
Get Multiple Quotes to Find the Best Cheap Motorcycle Insurance
Always a good idea to shop and have at least two or three extra quotes if your first motorcycle insurance quote seems like something, just to ensure you take a decision based on enough detail.
As you request and compare various motorcycle insurance quotes, it is important to ask:
Do All the Quotes Consider the Same Information?
Share this recently with the auto insurance provider when you have been involved in faulty accidents or traffic violations, in order to provide you with the most reliable quotes.
Do All the Quotes Have the Same Policy Limits and Deductible?
Notice that motorcycle insurance premium is affected by coverage limitations and deductibles. So ensure "apples to apples" are compared and that all policy limitations and allowances are the same. If not, call the insurance provider and ask for an overhaul of the deductible and coverage cap.
Do I Need (or Want) All of the Coverage Options?
It does not mean it makes sense for you to pay for it only because the coverage is affordable. In addition to the legal minimum liability coverage, the insurance aims to contribute towards the payment of costs that you cannot afford in an emergency. For example, it makes no sense to buy cardinal bike coverage if you know that you can ride in your car if your motorcycle has to spend some time in a repairs shop (a rental bike for you to drive until your own bike is ready).
The Sooner You Start Looking, the Sooner You Start Saving!
You could feel that insurance for motorcycles is meant to be costly. That doesn't mean, however, that you can't get much! You would be shocked if people could easily find insurance for motorcycles cheaper than they currently pay. It takes just a few minutes for a fast quote to come online but it's still a choice to talk directly to an online expert or in person.