Top Tips to Save on Motorcycle Insurance

Some people tend to skip their motorcycle insurance, which is a bad idea if a few facts are considered. Most often, such decisions are made out of ignorance and lack of sufficient thought.

Motorcycle insurance covers the motorcycle for damage caused from accident as well as liability to other vehicles or injury caused to any other party involved. It is very comprehensive since it covers medical costs, physical damages and even damage to accessories in some cases.

If you thought motorcycle insurance is not for you, think again. By many state laws, it is illegal to not have motorbike insurance. Also, bikes are generally way more unsafe than cars, even if you are using a helmet.

By following a few simple tips, the insurance shouldn't be too heavy on your pocket.

Pay a higher deductible

Deductible is an agreed amount that has to be paid before the insurance policy takes effect. Having a higher deductible will mean that you pay a lesser rate for the motorcycle insurance premiums. In the case of some insurance companies, increasing the deductible by just a few hundred dollars could lead to a decrease of over 25-30% on insurance cost.

Got a small dent? Pay from your pocket

Motorbike Insurance is best suited to protect against considerably large financial losses and not minor fix-it claims. Claiming against your policy too often could lead your insurance company to increase your insurance premium. To avoid this, fix the minor damages yourself and only claim insurance when the damage done is too large.

Find insurance policy discounts

A bad agent may not offer you the discount you can get. Do some research or get a competent agent to get you a suitable policy, preferably with a discount, for instance, if you only ride your motorcycle occasionally, you can get discounts that insurance companies offer occasional riders. This will be save you a lot of money and you still get your insurance. It’s a bad idea not to take insurance just because you use your bike sparingly.

Know this - all drivers are not charged the same way

An immaculate driving record can land you a good policy whereas a bad one means higher premium. Knowing this, you can pick a policy and exclude members of your family from it who have a bed driving record to cut costs further. It is important to know that young drivers are also charged a higher premium.

Guest passenger liability - do you need it

A lot of this cost-cutting comes from examining the terms, asking a few questions and making simple choices based on reason. Guest passenger liability protects you from being sued by the pillion rider in the event of an accident. If you ride alone mostly, and are a safe driver, there is more reason you should be skipping this particular option. However, if you do have a pillion rider often, it is best that you include this in your policy.

Good credit score means low insurance rate

Credit scores are also taken into account by insurance companies to calculate motorcycle insurance rate. In some cases, a bad credit score could result in higher premiums than even a bad driving record attracts. So if you wish to keep the rate low, a healthy credit score can go a long way.

Are you paying for someone else's mistake?

You almost certainly didn’t know this- the motor vehicle bureau has a few mix-ups at the best of times. Driving records sometimes show tickets, accidents or other violations that are wrong or never occurred. Before applying for insurance, check your own driving record and if there are any mistakes in there, take the time and effort to have them cleared up. This could save you hundreds of dollars in insurance premiums.

Sports model - only if you really love it

Sports model bikes are considered high risk and accordingly, the premium they attract are much higher. In some cases, they could cost you as much as four times as much as a regular bike. If you’re an aficionado and this won’t stop you, but at least make some enquiries before you go ahead with the purchase.

Got an old bike? Keep coverage to a minimum

While it makes sense to have a new bike fully covered for all eventualities as well as for all parts and possibly additional accessories too. But, as far as old bikes are concerned, you can do with a minimum coverage and save on the extra premium.

Do a little research - and save tons!

Insurance rates and policies vary substantially from one company to another. Do some research or get yourself a competent agent to find you a suitable policy. While one company may have the best offers for all your friends, it might not have the best one to suit your needs. So, shop around before you decide on any specific insurance plan.