7 Easy Ways to Make Motorcycle Insurance Cheaper
With more than 5000 motorcyclists killed every year in the United States, motorcycles are prone to accidents, and that’s why they are costly to insure. If you’re the at-fault rider in an accident, you’ll have to pay out of pocket for damages if you don’t have insurance. Fortunately, you can reduce your motorcycle insurance premiums by minimizing the risks.
1. Choose a Less Expensive Bike
When compared to a conventional bike, a sports bike will cost more to insure. Just like car insurance, the more expensive and powerful your motorcycle, the more risks it poses. On most roads, the speed limits are below 70kph.
That means that superbikes and supercars always do illegal speeds. So, if involved in accidents, the judge will blame them for speeding.
Also, supercharged bikes are likely to cause more severe accidents. While sports bikes are faster, it’s imperative to decide whether they’re worth the risks. Most simple bikes offer more bang for the buck but are far cheaper to operate and insure.
2. Where You Live Matters
If you live in a populated city where chances of theft are high, you’ll pay more, especially if you don’t have a garage. But if you keep your bike anchored to the ground, install security lighting, and CCTV surveillance, the risk of theft reduces considerably.
Fitting your bike with an approved alarm or immobilizer can secure it against theft. If you ensure optimum motorcycle safety, you might get a significant discount since the chances of filing a claim are lower.
3. Avoid Fire Risks
If your bike is at risk of fire damage, either at home or through a mechanical fault, then a replacement is mandatory. Insurance companies will calculate the costs based on whether you need to repair or replace the bike.
The cost of insurance will then depend on the value of your bike. Poorly maintained bikes are likely to develop mechanical problems or cause fires through faulty wiring or fuel leaks. Regular maintenance helps avoid electrical shorts, inadequately fused circuits, and gasoline leaks that might cause your bike to burst into flames.
4. Train to Improve Your Bike Skills
If you’re a novice rider, you pose risks to yourself and other road users mainly when riding on busy roads and highways. In case of an accident, your lack of expertise could be used against you to determine fault. The same concept applies if you’re upgrading to a more powerful bike.
In such a scenario, most insurance companies will be nervous about offering cheap premiums. Since motorbikes can be dangerous, don’t try to run before you can walk.
Advanced motorbike training will help you to harness your skills and build confidence after you’ve passed your test. Getting extra qualifications helps you to handle your bike better and reduce your insurance premiums.
Knowing the most dangerous situations to avoid when riding in urban areas can keep you safe. You can avoid collisions by ensuring that drivers can see you clearly before you try to overtake.
Maintaining a clean driving record can lower the cost of car insurance. Also, safe riders have high chances of qualifying for the no-claim bonus. If you have no accidents, the no-claims discount could be as much as 30 percent.
5. Only Buy The Coverage You Need
You can determine the type of insurance that you need based on your preferences. If you only do a few miles every year, you might not require comprehensive insurance. But if your bike is your only form of transport, you cannot afford to skimp.
First, get the third-party cover as it's mandatory in your state.
Then, decide whether you need to insure your bike against theft or fire before shopping around to find the best deals. With this strategy, you could cut your motorcycle insurance costs by a whopping 40 percent. You can also save money on the premiums by increasing your deductibles.
If you have comprehensive or collision coverage, you can submit a claim to pay for repairs out of pocket. Your deductibles also apply if you have coverage for customized motorcycle parts. Liability coverage doesn’t cover damage to your motorcycle, so the deductibles don’t apply here.
6. Lower Your Annual Mileage
The methods you use to save on car insurance pretty much apply to motorcycles. For instance, you can’t crash if you aren’t riding. If your bike will be on the roads for a shorter time, then your chances of getting involved in an accident are less.
If you think that you’ll be riding fewer times than you did last year, notify your insurance company. Keep an eye on the miles you cover, and let your insurer know at renewal time.
As a result, you’ll benefit from cheaper motorcycle insurance. However, not every insurer will offer a discount based on your mileage. Even if they do, they will deny your claim if you’ve tampered with the odometer.
7. Pay Annually
Paying for your motorcycle insurance every month is equivalent to taking out a loan. Although monthly installments have the upside of spreading the cost of insurance over the year, you might end up paying more than you had anticipated. Making lump-sum payments is cheaper than monthly installments since you won’t pay for interest.
Paying annually ensures that you don’t incur penalties as a result of late payments.
While it’s understandable to spread your payments throughout the year, some insurance companies award significant discounts if you pay in one go. Since the insurers are lending you the money to pay for premiums, they’ll also run a credit check to see how you’ve managed debts in the past. If you have a low credit score, you might have to pay higher premiums.
Choose the Right Insurance Company
Though it’s cheaper than car insurance, it can be quite costly if you go for full coverage. When looking for a new policy, you need to choose the most important coverage and prepare to pay for other expenses if involved in an accident. In addition to taking the right steps to save money, you need to choose an insurance company that will reward you for your efforts.