There are many great things about owning a motorcycle – the adrenaline rushes, riding down the highway with wind whipping through your hair… and also enjoying the economical side of owning a motorbike vs. cars and trucks. However, motorcycle insurance rates can be quite high since motorcyclists are more vulnerable to injury and accidents than car drivers. Then, there’s the insurance bill; insurance requirements vary from state to state and therefore premiums can be affected by a variety of risk factors including but not limited to age, location, speeding ticket record, and the motorcycle’s horsepower. Generally, a mid-range insurance policy for customers in their mid-40s who are married and own property go for about $250 – $700 yearly. However if you’re young, say 21 years old, and have previous records of tickets, you’re going to be paying a lot more.
Fortunately, there are ways to reduce your premiums and get an affordable insurance rate. Here are six ways to lower your motorcycle insurance quote, which may allow you to cut your premium costs by 20%-50%. The most economical formula goes a little like this: Your insurance bill will be cheaper the older you are, the longer you’ve been riding, the better your driving record, the less flashy and speedy your bike is, and the less expensive and risky it is to cover damages in your driving vicinity. Still, there are steps you can take to lower the premium at least.
1. Completing a safety course: Most insurance companies offer incentives for completing a motorcycle safety course. Visit the Motorcycle Safety Foundation’s Website, which offers a searchable database of course locations near you. If you are under 25 years old and have a less-than-stellar record will benefit the most from these discounts.
2. Responsibility really counts. If you have no infractions on your driving record – whether it is motorcycle or auto, you’re more than likely to get a lower rate. For example, Progressive offers a 5% discount for those who wish to renew their policy and did not post a claim during the previous term.
3. Adequate storage space: Storing your motorbike in a garage or installing an anti-theft system can protect your valuable asset and cut down your insurance bill. It’s worth asking for.
4. Consolidating your policy: Oftentimes, the more vehicles under one policy, the better. If your car and motorcycle are covered under one policy, you may get a discount. Take Geico for example, which offers 10% discounts for those who have more than one motorcycle, or transferring to Geico from another insurer.
5. Remember that cheapest is not always the best. Liability insurance, which provides coverage for damages done by another driver, is cheaper, but becomes even more of a liability with motorcycle than with autos. If you are at fault and you don’t have adequate comprehensive coverage, you could be left out in the cold. Extra insurance is always a good idea, especially if your motorcycle is expensive and especially valuable with all the add-ons: leather saddlebags, mirrors, expensive tires, chrome covers, etc.
6. Discounts vary through the seasons, but make sure it’s worth the risk. Many insurers offer coverage that can be suspended for a period of time. For example, customers may put their bike away for the winter months, and accident-related insurance is put on hold, while coverage for things like theft, fire, and vandalism is still retained. Still, if you decide to take your bike out on an unexpectedly nice and warm Saturday in December, it might not be worth the risk. Again, shop around, and evaluate which plan is worth the discount.
Cheap motorcycle insurance may be deceiving, so make sure you read exactly what is being covered, and keep in mind there are many factors that determine your rate. Also, the basic requirements of coverage vary by state, so it’s best to look at Texas Motorcycle quotes specifically. Ride Safe, my friends!