Insurance for Your Motorcycle
Minimizing the Cost of Motorcycle Insurance
The price of motorcycle insurance is sometimes higher than other types of insurance, because mototcycles are considered higher risk compared to other vehicles. The principle is simple enough: drivers of a car are protected by a steel cage, a seat belt, and an airbag so they are more likely to survive a head on collision compared to a motorcycle driver. The extent of injuries tend to be worse in a motorcycle accident.
This is backed by statistics – the National Highway Safety Administration reveals that motorcyclists have a higher fatality rate compared to passengers of a car, and that the number of motorcyclists being injured has been rising since 2007.
So if you want to lower the cost of your motorcycle insurance, you should consider the following tips:
Take Advantage of Seasonal Policies
There are motorcycle owners who don’t use their bikes all year-round. If you fall in this category, you can save a huge amount by only insuring your motorcycle during the times of the year when it is in use. Check with your insurer if they offer seasonal policies.
Take a Motorcycle Safety Course
This is not meant to insult your driving ability. Even if you already know your bike and can ride it even with your eyes closed, it is still a good idea to take a motorcycle safety course. This is because some insurance companies appreciate it when the bike owners make an effort to ensure their own safety, and as such are willing to give discounts or lower rates to motorcycle owners who are regularly brushing up on their driving and safety skills.
Increase Your Deductibles
Deductibles are the amount that you have to pay before the coverage kicks in. Insurance companies will provide lower premiums if you have higher deductibles. Since you are not planning on getting into an accident, the deductibles are usually safe to increase. Make sure that you can actually absorb the amount of deductible you choose, in case you get into the worst-case scenario.
Get Multiple Vehicle Discounts
If you have more than one bike or you live with someone who owns a motorcycle as well, you should talk to your insurance agent and see if they offer a multiple vehicle discount. You can then split the premium with your housemate. You can also do the alternative, which is to get your motorcycle and home insurance from the same company. They will be more than willing to give you a discount for the added business.
