5 Rational Ways to Lower Your Motorcycle Insurance Premiums

Motorcycle insurance premiums are normally higher than insurance for automobile drivers because motorcycle drivers are more vulnerable to accidents and mishaps. If you are a high-risk motorcyclist, such as one who has had a DUI or has frequent accidents, rates could go even higher. These are the top five rational ways to lower your motorcycle insurance premiums.

Way #1: Join a Club

Many riders’ clubs have advanced riding skills training aimed at improving your riding skills on the road. The membership and skills training can help reduce the cost of insurance or even get a flat out discount from some insurance carriers. Some of the major worldwide motorcycling clubs you may consider are: BMW motorcycle club and Harley owners association.

Way #2: Be Completely Honest With Insurance Agents

When buying a policy, be completely honest about your riding habits. Many insurance companies have lower premiums for lower mileage riders. Bear this in mind when you are purchasing your motorbike’s policy and be completely honest when you declare your intended riding mileage. If you don’t use your bike often--for example, if it’s just a weekend toy--see if it’s possible to cap the mileage limit.

Your riding experience, riding history and length of ownership for your bike are also factors that might affect your insurance rate. Generally more experienced riders with incident-free records are given lower premiums than young thrill seekers with a record of regular accidents or traffic violations. It’s best to be honest about your record, as most insurance companies will do a background check and find out about accidents or other incidents anyway.

Way #3: Choose The Level of Coverage That Saves You The Most

By and large, your level of coverage is the main factor in determining the price of your premium. Comprehensive insurance that includes cover for your bike in case it is damaged is generally more expensive; however, it gives a lot of extra protection when needed. These extra benefits include coverage for breakdowns and legal expenses as well as other options that will lower your out-of-pocket expenses if an incident occurs. Third party coverage, on the other hand, has a lower premium and offers great savings but does not cover any damage claims.

There is also such a thing as being over insured. If you have medical coverage via another type of insurance, that policy will most likely include accident coverage. In this case, getting medical coverage on your motorbike insurance is redundant and costly.

Way #4: Include Security and Safety Gear in Your Motorcycle Purchase

A majority of motorcycle related claims are theft related. Thus, installing a security system such as an immobilizer will definitely shave money off your premium. Keeping your bike in a garage or a secure parking structure also contributes a lot to reducing your premium.

Proper riding gear such as helmets and padding will keep you safe in the event of an accident and reduce risk of grievous injury, thus lowering your medical expenses. Riding without such safety gear may result in your premium being invalidated.

Way #5: Pay a Monthly Premium

It can be difficult to pay a year’s worth of insurance for your bike, especially in tough economic times. It is more pragmatic to break down the insurance to manageable installments. Setting up an installment plan via your insurer can sometimes be more expensive. Consider paying the entire premium on a zero rate or low interest credit card and then paying the credit card balance over a period of months.

Picking the right insurance company for you can ultimately save you a lot of money and grief when it comes to making claims for damages. The tips above should help you find the policy that’s right for you and your budget so that you can enjoy riding your bike.

___________________________
Source: Carlton Wright Insurance Agency (10/15)