For years you’ve put it off, but the warm summer weather has just given you the urge to buy a motorcycle and learn how to ride. But, while motorcycle riding can be a fun recreational activity, it can also be a dangerous activity if not done carefully. You want to remain safe at all times, and this includes wearing the proper gear, including a helmet, as well as purchasing the proper motorcycle insurance to protect you and your new ride.
Before you sign the check and head out on the open road, you may want to glance at the 5 tips you need to know to save money on your motorcycle insurance. Although motorcycle insurance may seem to be similar in function as car insurance on the surface, there are a few differences you should be aware of and these are listed below.
- Size matters
In this case, the bigger the bike, the more you will pay. It’s a game of numbers and the more cc’s your new bike has, the higher the cost of insurance. It may not seem fair, but insurance companies assess risk as a part of their determination of how much they want to charge you. Keep in mind, the more cc’s your motorcycle has, the more raw power you have to go faster much more quickly and for much longer, increasing your risk for some high-speed collisions.
When shopping for a motorcycle, just remember your insurance rates will greatly depend on the size of the bike you plan on riding. If this is your first bike, be a little conservative. You probably shouldn’t go out and buy the biggest, baddest bike available, because odds are you won’t have the riding experience necessary to handle it safely – and that would not be a good thing.
- Increase your deductible
As with auto insurance, one of the easiest ways you can save money on your motorcycle insurance premiums is with the deductible. Experts suggest raising the standard $500 deductible that comes with many policies to $1,000. While that’s double the money out of your pocket in case of an accident, it could drastically reduce your monthly premiums on your insurance.
- Get trained and certified
Sounds simple enough, but if you’re looking to save a little money on your motorcycle insurance, consider taking a motorcycle safety class, whether you’re a novice or an experienced rider. These classes are relatively inexpensive and only take a weekend or two of your time. The course will teach you everything about riding safety and you’ll spend a great deal of time on a bike, learning how to properly operate and control it in a wide variety of situations.
Upon completing the course, you’ll receive a certificate that can be shown to your local DMV when you obtain your motorcycle license and to your insurance company. It’ll be well worth your while as most insurance companies offer a discount to riders who take these safety courses, since they assume you’ll be much better equipped to handle the dangers of the open road.
- Club discounts
This is not to be confused with joining a motorcycle gang, such as the Hell’s Angels. But, many legitimate riding clubs out there, including the Harley Owners Group or the Honda Riders Club of American, are a great source of information regarding discounts on your motorcycle insurance as well as adding to your overall riding experience.
Because not all insurance companies are alike, before signing up for one of these clubs, you may want to check with your insurer to be sure they offer a discount for joining the organization you’re considering. Although these discounts vary, it’s generally in the 10 percent range.
- Bundle your insurance policies
One of the best scenarios is if your insurance carrier also covers your other vehicles, home, or sports recreational vehicles. Not only will they more than likely offer motorcycle insurance, but these insurance companies will normally give bundle discounts on insurance if you purchase multiple policies from them.
Although it doesn’t hurt to shop around, you should see significant savings on your motorcycle or your home insurance when you bundle an extra policy into your existing coverage.
If your policies are spread out among multiple insurance companies, it might be time to do some serious shopping to get the best motorcycle insurance quotes along with some auto insurance rate quotes or homeowners insurance quotes. Why not get a free motorcycle insurance quote today?
As a novice or experienced motorcycle rider, do you think these are good ways to save on your motorcycle insurance? Feel free to share your thoughts in the comments section below.