If you feel that you motorcycle insurance rates are too high, then you will be happy to know that there are a lot of things to reduce your monthly premium and get your insurance bill back under control. Here are five major areas where you can trim the cost upside down to reduce your motorcycle insurance bill.
Downsize your motorcycle
One way that you can reduce your motorcycle insurance rates is to reduce the cost of your motorcycle as well as a performance approach. Cruisers charge a much lower insurance premium than sport bikes because they are less risky to ride with. As you may or may not know, risk insurance is one of the major functional items used to calculate premiums.
Motorcycles that have larger engines and travel at higher speeds are considered more risky. This in turn means that an accident is more likely to occur and thus there is an increased probability that a claim will be made. The insurance riskier for those reasons is an increased cost with the motorcycle.
You can also consider buying used versus new ones because used motorcycles are worth less than new motorcycles. Often new motorcycles must be fully insured if tilted against the title. Full coverage is going to be more expensive than that required for used motorcycles.
Opt for a highly deductible
Another way you can reduce motorcycle insurance rates is by opting for a higher deduction. When you select a higher deduction you agree to pay more than out of pocket expenses when an accident occurs. This means that your insurance company will have to pay less for a claim so that they pay a lower monthly premium than you. If you feel reasonably confident that you will never have to submit a claim, a higher deductible may be the way to reduce monthly premium costs.
Do not over insure
Choosing too many coverage options or unnecessary coverage options can lead to a high monthly insurance bill. Instead, stick to the coverage options that are required. Make sure you are carrying the minimum amount for the required coverage options, and do not insure your motorcycle as it may be more expensive in the long run. Also keep in mind that there should be minimums in each state, so that you should know whether your policy meets those requirements.
Your Insurance Bundle
Saving on motorcycle insurance rates is also possible by bundling insurance policies together under one package. If you have personal auto, home and motorcycle insurance policies with a company, consider consolidating them into one policy. Most insurance companies offer package discounts to customers who tie their policies together. By doing so, your monthly premium may fall significantly depending on the discount percentage provided by your insurance carrier.
Training and certification
Finally, if you are looking to save money on motorcycle insurance rates, then you will be happy to know that most insurance companies offer discounts to those who participate in motorcycle insurance courses. Rider safety training helps you become a safer and more knowledgeable rider. It is like rewarding some insurance companies.