First off, we must split hairs. On one hand, a cheapskate is an individual who tries to avoid paying for his or her fair share of the expenses involved in any purchase. On the other hand, a ‘cheapo’ is a person willing to pay the fair share of expenses only that they must be as reasonable as possible!
Indeed, it is a fine line that must be trodden cautiously especially where insurance for your motorbike is concerned.
You want to be a ‘cheapo’ but not a cheapskate where insurance for your beloved bike is concerned simply because you want to be offered the best possible cover without paying too much for it. After all, you can always use the savings on insurance costs to make your ride jazzier, snazzier and safer!
Show proof of competency as a driver: Insurance companies often provide lower insurance premiums for comprehensive insurance cover if and when you can show sufficient proof of your competence as a driver. Proof such as a full motorcycle license, clean accident and speeding records and even certificates for advanced motorcycle driving courses are very valuable for this purpose.
Your clean driver’s record in relation to accidents and speeding tickets will be construed to mean that you are a low-risk individual. As such, your premiums will be lower than those for high-risk individuals who have had accidents on their motorcycles, especially if it can be shown that it was their fault.
Also, your certificates of advanced driving lessons are proof that you know how to handle your ride better than other riders. Of course, the insurer will still determine if the certificates are valid in the first place and if it is in accordance within their policies. Plus, if you have been an avid biker for decades and you have a relatively clean record, the insurer will likely reduce your motorcycle insurance premiums. Like it or not, younger bikers often have higher premiums in the belief, mistaken or not, that they are reckless and with less experience and hence, prone to accidents.
Make your motorcycle as theft-proof as possible: This is especially true if you are taking out an insurance policy that covers theft. You should be able to negotiate for lower premiums if you can show proof that all the necessary measures to protect your ride against theft have been taken – besides you sleeping, eating and living beside your bike, of course! Think along the lines of immobilisers and alarm systems. Also, you can show the insurers that your storage methods are safe. Place padlocks and theft alarms on the garage, if you have to, add anchor points as well.
There are other ways to lower your premiums on your insurance, of course. You can state that you only use the motorcycle for recreation, not for regular commuting. You can stick to the standard stock instead of customising your ride. You can settle for a motorcycle with lower horse power, (then again, where’s the fun in that?)
No matter which type of cheap motorcycle insurance you choose, the most important thing is to pay a reasonable price for the expected benefits. This way, you can indeed become a ‘cheapo’ without being a cheapskate!
