The secrets to getting a great deal on motorcycle insurance are not really secrets at all — they are just plain common sense. Start to think like an insurance company and you will understand the “secrets” and also save plenty of money at the same time. Here you will learn the 5 secrets of motorcycle insurance.
Get in good with the insurance company — How well does the insurance company know you? do they know your driving and safety record? Do you have other insurance policies or financial accounts with them? Most companies want to reward loyal customers and if your claims history is favorable so much the better. Include your current insurance companies (Home, Auto, Health, Life) on your list of companies to get a quote from.
Experience and age of the driver — Naturally you cannot make yourself any older or instantly change your driving record but be aware that these are major factors in the rate calculation. The more driving experience and the fewer accidents on your record the better you will do with insurance companies. Drivers of any age can make a difference in their rates by taking a motorcycle driving safety class. Not all insurance companies, but many will give credit for the successful completion of a certified safety class.
Motorcycle age and cost — Since it costs the insurance company more to replace newer more expensive bikes, it naturally costs more in insurance premiums to own one. Bike modifications can also significantly increase replacement and insurance costs. Do not do them unless you are willing to pay. If you have not purchased your bike yet and particularly if you are a first-time biker, consider getting an older, lower powered model to cut your teeth on. Newer bikes and bigger engines increase the cost of replacement and the risk of an accident, so insurance companies naturally charge more for these.
Storage and security — Store your bike in a secure area and the insurance company will take notice. You will typically get lower rates if the bike is stored in a locked garage as opposed to outside on the street, for example. Similarly bike security devices can have a significant impact on insurance rates. Check with your insurance company to see if discounts are provided for bike immobilizer devices. These can be found for $100 or less and they can provide a nice savings on your insurance policy.
Safety for drivers and passengers — Most if not all states require you to wear helmets these days. If not you can be sure the insurance company will charge you more simply because the risk of a serious accident is much higher. The company may also give rate reductions when you use other safety equipment. Check to find out. Insuring passengers is expensive but necessary. Make sure they wear the same safety equipment and have the same coverage as you. You may not realize it, but bikers are sued more often by passengers than anyone else. If you typically do not have passengers you should be able to pay less for your insurance.
Once you have bought your bike some of the above savings opportunities are basically locked in. So it is worth a little time to think about this before you buy or if you decide to change bikes. You can save plenty of money in insurance if you take these five basic secrets into consideration.
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