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Ways to save money on motorcycle insurance

Motorcycle on forested mountain road

March 14, 2019. There are several factors that insurers consider when determining your insurance premiums and you can get a lower rate by keeping them in mind.

Make, model, and age

Motorcycles with less powerful engines and older, less expensive motorcycles tend to have lower replacement costs so their insurance premiums will be lower. Modified motorcycles or rare or imported motorcycles will have higher premiums. Higher value motorcycles are popular targets of theft and are more expensive to insure. Consider the type of motorcycle you want, the brand, and the size of the engine and find out how your rate will be affected.

Bundling your insurance

When you insure more than one motorcycle or bundle your car or home and motorcycle insurance you can reduce your overall insurance premiums.

Experience and safety

Having a clean driving record lets your insurer know that you are not a dangerous driver and are less of a risk to insure than someone who does not have a clean record. If you do not have tickets on your driving record, have been driving or riding for a while, and have not made any insurance claims, you will have a lower rate. High-risk drivers pay much higher premiums on motorcycle insurance than safe drivers.

Anti-theft systems

Theft is a common motorcycle insurance claim and with the right anti-theft systems installed on your motorcycle, you may save about 10% on your insurance. You should consider a tracking and disabling system to get a discount and other anti-theft devices to avoid going through the hassle of having it stolen.

· Disabling devices

Under certain conditions, a disabling device will keep the engine from starting or turn it off to prevent theft. There are passive and active varieties; passive disabling devices will automatically turn off the engine after a period of time without the key being present, while active devices are activated remotely. A disabling device can help you save money on insurance.

· Tracking systems

Radio and GPS can be used to locate a stolen motorcycle. These systems are expensive to install but can lower your premium.

· Alarms

There are audible alarms available that will go off when someone without a key is near the motorcycle, the motorcycle is put upright, or there is an impact.

· Chains

Chains enable you to secure your motorcycle to an object to prevent theft.

· Covers

A cover will not prevent theft but will make it impossible to see what is under it and might discourage thieves who are after certain types of motorcycles.

· Disc locks and U-locks

U-locks are more difficult to cut off than chains and disc locks are small U-locks that make a motorcycle impossible to ride when they are on.

Limiting your mileage

If you do not ride your motorcycle often, you will be less of a risk to insure and will pay less in premiums.

Consider whether you need collision coverage

If you have an older motorcycle with a low replacement cost, you can think about opting out of collision coverage. Collision insurance covers repairs to your motorcycle if you are in an at-fault accident. It can make up about half of your premium, so if you are comfortable with replacing your motorcycle out-of-pocket if you need to, you may want to drop collision coverage.

Reducing coverage in winter and putting your motorcycle in storage

You can temporarily raise your deductible and lower your liability during the winter when you are not using your motorcycle. The chances of anything happening to your motorcycle when you are not using it are low and you will probably never have to pay the deductible. Reducing your coverage will lower your premiums when you are not using your motorcycle.

Put your motorcycle in storage

Another option is putting your motorcycle in storage, meaning you are not going to use it for a period of time, and it is going to be locked in a secure location. Talk to your insurance provider about storage insurance. This generally means having only comprehensive coverage on your motorcycle when it is not in use. Comprehensive coverage when storing your motorcycle is a great idea because, while the chances are low, it can still be damaged by fire, weather, and theft and comprehensive coverage protects you in case something does happen. You may have to shop around to find comprehensive coverage because it is not always an option.

Taking a motorcycle safety course

Completing a safety course can lower your premiums by making you a safer rider.

Paying annually

If you pay once a year instead of every month you will likely pay less.

A higher deductible

If you can afford to pay a higher deductible if you make a claim, having a high deductible could be a good idea because you will pay a lower premium.

Finding the right coverage for you

There are multiple ways of saving money on your motorcycle insurance premiums, so make sure to do some research and figure out what best suits your needs.

  • Shop around and get quotes from several insurance companies.
  • Compare quotes. Read the fine print and understand each option. Make sure you do not sacrifice coverage you need for a lower rate.
  • Ask about discounts and find out if you qualify for any.
  • Customize your insurance as much as possible by doing things like choosing a deductible that would be affordable for you but would not make your insurance rate unaffordable.