Tired of paying too much for motorcycle insurance? You’re not alone. Most drivers assume that there’s nothing you can do about the price, but that’s not true. Here are some ideas for getting the insurance you need for less.
Reduce Your Risks
Insurance is a numbers game. If the average motorcyclist like you has $1,000 of claims in a year, the insurance company has to charge you more than $1,000 a year. The first risk is the risk of accidents, liability and injuries. Insurance companies do their best to identify the risk level you represent. You can lower your risk level by maintaining a good driving record. The type of bike you ride can also affect your premiums. Some bikes statistically are involved in accidents more frequently. Get a couple of insurance quotes before you buy a new bike. It might influence which motorcycle you choose.
The second risk is the risk of damage or theft to your motorcycle. Motorbikes are much more likely to be stolen than cars are. If you can show the insurance company that you are taking steps to minimize the risk of having your bike stolen, you’ll get a better price on insurance. Keep it in a garage and / or install an anti-theft device. A less expensive motorcycle will cost less to insure because the cost of replacement is lower. If you could afford to replace your motorcycle yourself in the event of loss, you might consider dropping the coverage on your bike and just buying liability insurance. Get a quote with and without collision and comprehensive to see whether you’ll save enough to make it worth it.
Pay Your Annual Premium Upfront
Most insurance companies will allow you to pay annually or monthly. If you pay monthly, they charge interest. If you can pay for the whole annual policy at the beginning, you’ll save money.
Comparison Shop
Compare policies with different companies. Most people just renew their insurance without comparing the price from other insurance companies. Rates can vary widely from one insurer to another. Most insurance companies specialize in a niche. One will prefer car drivers to motorcyclists. Another only insures the safest drivers. There are even some that specialize in high risk policies. When you contact an insurance company and ask for a quote, they won’t refuse to sell you a policy if you’re not their preferred type of driver – they’ll just quote you a high price. If you contact a company that does specialize in drivers like you, you’ll get a better deal. You can go through an independent broker or contact insurance companies directly. Many insurance companies will offer an instant online quote. This makes it quick and easy to shop several insurance companies. You don’t have to wait until your existing policy is up. In most cases, if you find a better policy, your company will refund your premium for the remaining term.
All of these ideas will take some time on your part, but it’s well worth the effort. In return for the research you do now, you’ll save on your insurance month after month.
