Motorcycles are a way of life for some people. Others merely ride a few hundred miles a year, taking their bike out only when the weather conditions are perfect. Most motorcycle riders fit into a niche somewhere in between. No matter which category you’re in, there is an aspect of motorcycle ownership shared by all–the need for insurance coverage–and no one wants to pay any more than is absolutely necessary for that. Following are a few tips on how to save money on motorcycle insurance.
As is the case in many facets of life, experience counts. If you had your choice between hiring a lawyer fresh out of law school or one with 50 court cases under their belt, you would most likely opt for the experienced litigator. The same is true when an insurance company is considering a potential policy holder–they’ll provide the same coverage for each, but the more experienced rider will undoubtedly have to pay less. One reason for this has to do with the type of bike being insured. Most older riders have not only ridden motorcycles longer, they also tend to buy large, powerful touring-type motorcycles instead of the lighter, faster racing-oriented motorcycles favored by younger riders. It is the younger riders and their faster machines that account for the majority of accident-induced insurance claims.
Take a Safety Course
Riding safely is a good way to reduce the possibility of having an accident. Insurance companies recognize this, because they don’t have to pay out on as many claims for safe riders, and will reward you for it with lower rates. A good way to receive a safe rider discount is to take a course in motorcycle safety. In fact, in some states taking a motorcycle safety course is mandatory in order to get a motorcycle endorsement on your driver’s license. Even if it’s not required, taking the course may help you become familiar with your motorcycle. You will be able to gain the confidence you’ll need while riding on the street, but you can do it in a controlled environment.
Opt for Seasonal Coverage
Riding a motorcycle in zero degree weather with ice and snow flying everywhere would not be too much fun. In fact, it could be downright dangerous. Most riders who live in parts of the country that are prone to harsh winter conditions store their bikes until spring arrives. Insurance companies usually reward these seasonal riders with reduced rates. When you work out the details of your policy with your insurance agent, you should make sure you receive a discount for the period of time your bike will not be ridden. This can vary according to your agreement with your insurance provider, but usually goes for either a 3 or 6 month period. It would be a good idea to maintain comprehensive coverage during this period in case the bike stolen.
Store Your Bike
Parking your bike in a garage or another type of enclosure is a good idea. It will be much safer there than in the street, and your insurance carrier may reduce your premiums if you let them know your motorcycle is garage-kept. Parking on the street, even if you take the precaution of locking the bike and chaining it to an inanimate object, gives a thief a much better chance of making off with it than if you park your motorcycle in a garage. However, when you’re on the road, carry a chain and padlock with you, and secure your motorcycle every time you park–it will significantly decrease the likelihood of the bike being stolen. Let your insurance carrier know you practice this diligently and you will probably be eligible for a discount.
A good way to save money on motorcycle insurance is to comparison shop. Because the insurance industry is so competitive, you may be able to negotiate a good price by gathering quotes from various insurance companies, both online and traditional companies. Compare the prices that you receive and take them to your present insurer. They will more than likely be willing to match the best rate in order to keep your business. You may even be eligible for a multi-policy discount if you already have your car, home,health, and life insurance policies through them.