Want to Save Money on Motorcycle Insurance? Here’s How

Riding a motorcycle can be thrilling, providing freedom and adventure. Yet, motorcycle insurance can be a hefty expense for many riders. If you’re seeking methods to reduce your insurance costs while maintaining adequate coverage, you’re in the right spot.

How much does motorcycle insurance cost?

In the US, full coverage motorcycle insurance with higher limits ranges from about $245 to $2,534 per year. Minimum coverage ranges from about $85 to $263 per year. Several factors influence these costs, including:

• Engine Size: Larger engines generally lead to higher premiums. For example, a standard bike costs around $91 annually for minimum coverage, while a sports bike averages $136.
• Type of Coverage: Full coverage costs significantly more than minimum coverage. Full coverage averages $948 per year, whereas minimum coverage averages $156.
• Riding History: A clean record keeps costs down, while past accidents or violations increase premiums.
• Bike Model and Make: Models with higher claims rates or those prone to theft typically have higher premiums.

How to lower motorcycle insurance costs

Reducing the cost of motorcycle insurance is achievable with a few strategic steps. Here’s how to do it:

1. Compare Insurance Quotes: Start by shopping around and using comparison tools to gather quotes from different insurers. Comparing different quotes helps you find the best option that matches your coverage needs and budget.
2. Choose a Smaller, Less Powerful Bike: Selecting a motorcycle with a smaller engine size can lead to lower insurance premiums. Smaller bikes are seen as less risky by insurers, which often results in cheaper rates.
3. Increase Your Deductible: Choosing a higher deductible can lower your monthly premium. Select a deductible amount you can comfortably pay out of pocket if you need to file a claim. Make sure this amount is manageable for you.
4. Improve Bike Security: Installing anti-theft devices and parking your bike in a secure location can help lower your insurance costs. Improved security measures lower the risk of theft, and insurers frequently offer discounts as a result.
5. Take an Advanced Riding Course: Finishing an advanced motorcycle riding course can sometimes make you eligible for a discount on your premiums. Many insurers provide lower rates to riders who show advanced skills and a dedication to safety.
6. Bundle Your Policies: Bundling your motorcycle insurance with home or auto insurance can result in substantial savings. Insurers often provide discounts for customers who hold multiple policies with them.
7. Reduce Your Mileage: Lowering your annual mileage can decrease your insurance premium. Spending less time on the road lowers the risk of accidents, which can lead to reduced insurance costs.
8. Assess Your Coverage Needs: Review your insurance coverage based on the value of your bike. For an older bike that may not be worth much, basic liability coverage might be sufficient instead of a comprehensive policy.
9. Track Your Mileage: Track your yearly mileage and aim to reduce it when possible. Lower mileage is often viewed as lower risk by insurers, leading to potential savings on your premiums.

Are there downsides to getting cheap motorcycle insurance?

While finding ways to lower motorcycle insurance costs is advantageous, there are some potential downsides to consider:

• Reduced Coverage: Cheaper insurance may come with less coverage. Make sure the policy provides sufficient protection for your needs. Reduced coverage could result in being underinsured in some scenarios.
• Higher Deductibles: Selecting a higher deductible can lower your premiums, but it might be financially challenging if you need to make a claim. Weigh the potential savings against the possible cost of a claim to see if it’s beneficial.
• Limited Benefits: Lower-cost policies might offer fewer benefits, such as lower liability limits or reduced roadside assistance. Make sure the policy you choose meets all your essential requirements.

Should you lower your motorcycle insurance?

Whether to lower your motorcycle insurance depends on your individual needs and circumstances. While cutting insurance costs can save you money, ensure that you’re not sacrificing crucial coverage or risking higher expenses in the future. Here’s how to think about it:

1. Assess Your Coverage Needs: Look at what kind of coverage you need. If you have a new or valuable motorcycle, it’s usually best to keep comprehensive coverage. For an older bike with a lower value, basic liability coverage might be sufficient.
2. Weigh Savings Against Risks: When finding ways to lower your premiums, consider how changes might affect your coverage. For instance, increasing your deductible can reduce your monthly premium, but ensure you can cover the higher deductible if you need to make a claim. Cutting coverage might save money, but could leave you underprotected.
3. Consider How Often You Ride: If you ride less often or only in certain seasons, you might be able to get discounts for low mileage or seasonal coverage. But if you ride frequently or year-round, be careful that any savings don’t come with too many downsides.
4. Check Policy Benefits: Lower-cost policies might have fewer benefits. Make sure you’re not losing important coverage like roadside assistance or lower liability limits. Ensure the policy still meets your needs.
5. Think About Long-Term Costs: Consider the long-term impact of reducing your insurance. Sometimes, lower premiums can mean higher costs if you need to make a claim. Balance the savings with the potential extra costs in the future.
6. Get Expert Advice: Talking to an insurance expert can help you understand what changes might mean for you. They can offer guidance tailored to your situation and assist you in making the best decision.

There are ways to lower your motorcycle insurance

Understanding how to get cheaper motorcycle insurance involves several strategies, including comparing quotes, choosing a safer bike, improving security, and taking advantage of discounts. Whether you’re looking to lower your motorcycle insurance premium or just seeking ways to reduce motorbike insurance costs, applying these tips can help you save money while ensuring you have the coverage you need. Taking proactive steps to manage your motorcycle insurance can lead to significant savings and peace of mind, allowing you to enjoy the thrill of riding without breaking the bank.