Motorcycle insurance premiums can vary widely from just $200 a year for liability-only coverage with a good driving record to thousands for full coverage on a high-end sports bike. Dozens of factors can influence how much you pay for motorcycle insurance, but the good news is many of these factors are within your control. Here are ten easy ways to save on motorcycle coverage, whether you have a cruiser, sports bike, touring bike, or a beginner’s motorcycle.
Choose a motorcycle that is more affordable to insure
The type of motorcycle you ride plays a big role in your insurance rate. As you can probably guess, more expensive bikes have higher insurance premiums, but this is especially true for sport motorcycles. Sport bikes are a very big risk factor for insurance companies as they are built to go very fast. These models are far more likely to be wrecked and stolen than cruisers, for example. According to Motorcycle Magazine, the cheapest motorcycles to insure are those with smaller engines like cruisers and beginner bikes.
Raise your deductible
As with auto insurance, increasing your deductible is an easy way to lower your motorcycle insurance premiums. The higher your deductible — or your out-of-pocket cost if you need to make a claim — the lower your insurance premium. Be careful, though; your deductible should be something you can afford if you need to make a claim. Sport bikes usually have higher standard deductibles as they are more expensive to repair or replace, but standard deductibles are usually $500 or $750. Raising your deductible to $1,000, if it makes sense for you, can save you up to 20% on your insurance.
Get training and certification
Many motorcycle insurance companies offer sizable discounts to riders who pass an approved motorcycle safety course. These courses are designed to teach you the skills you need on the road or sharpen your skills. As your experience and riding time are major factors in lower motorcycle premiums, getting training and certification can earn you a motorcycle insurance discount of up to 10%. Motorcycle safety classes typically have a cost, although you may make it up with lower motorcycle insurance premiums in a matter of months.
Don’t cancel your motorcycle insurance in the winter
Planning to cancel your motorcycle insurance when you move your bike into storage to save money during the off-season? It may not be the best idea. To begin with, don’t assume your homeowner’s insurance policy will cover your bike if it’s damaged or stolen in winter as most policies don’t. To make matters worse, your motorcycle insurance premium will likely be higher in the spring when you get a new policy due to a lapse in coverage. Avoid any lapses in coverage to avoid motorcycle insurance rate hikes.
Ask for an infrequent rider discount
If you only take your bike out occasionally on weekends, you may qualify for a discount as an occasional or infrequent driver. While not all insurance companies offer this, it can offer substantial motorcycle coverage savings. You can also get a discount if you store your motorcycle in a garage during the winter or lower your coverage during the off-season.
Drop collision and comprehensive coverage
You need to have liability coverage to ride, but it may be worthwhile to drop collision and comprehensive insurance that covers vandalism, theft, and damage to your bike, assuming your motorcycle isn’t worth much. Comprehensive and collision coverage are the most expensive forms of coverage so dropping to liability-only can lower your motorcycle insurance premiums dramatically. While you won’t be covered against damage to your bike, another driver’s liability insurance should still pay for damage to your motorcycle that they cause. Keep in mind this won’t be an option if you have a loan on your motorcycle as lenders require full coverage.
Join a motorcycle club
Belonging to a legitimate motorcycle club can earn you a discount on your motorcycle insurance policy. Contact your insurance company to find out which clubs qualify for a discount or explore possibilities like the Honda Riders Club of America, the Harley Owners Group, and the Motorcycle Safety Foundation. Depending on the club and insurance company, you can drop your motorcycle premiums by anywhere from 10% to 25%.
Bundle your insurance policy
Having two or more insurance policies with the same insurance company can garner you a discount of up to 20% — an easy way to lower bike insurance premiums. Chances are good that your carrier also offers coverage for your home, car, ATV, and more. Before you bundle, make sure you shop around to be sure you are getting the best rate and the coverage you need. Don’t automatically assume a big discount means the most savings if another insurance company offers lower premiums to begin with.
Ask about any discounts
Insurance companies don’t heavily advertise discounts, but most insurers offer dozens of discounts for riders. You may already qualify for discounts, or you can take steps to earn them. Examples of motorcycle insurance discounts for which you may qualify include keeping your motorcycle in a locked garage, installing an anti-theft device, and being a rider over 55.
Shop around once a year
Dozens of major insurance companies now offer motorcycle coverage. It’s important to comparison shop regularly to make sure you’re getting the lowest motorcycle insurance rate. Compare insurance quotes, but make sure you compare apples to apples with policies that offer the same type of coverage and the same limits. Don’t assume your insurance company is giving you the best rate, even if you have been with them for years.
Motorcycles can be expensive to insure, but that doesn’t mean you should pay more than necessary. These ten tips can help you save hundreds by lowering your bike insurance premiums, sometimes without sacrificing coverage or changing providers!
Related: Compare Motorcycle Insurance Rates