The reasons to own a motorcycle are as varied as the bikes themselves as well as the drivers. To some it’s a break from conformity, to others it’s a fun second vehicle, and to some it’s a less expensive form of transportation. Regardless of your reasons for owning one, just like with a car you’re required to have it insured. And while many motorcycles close less than equivalent cars, it’s sometimes shocking how much your insurance policy premiums can be. Here are five tips for reducing motorcycle insurance costs:
1. Pick the Right Bike
Just like with cars, there are some bikes that have a higher risk than other in the eyes of insurance companies. If you’re looking at getting your first bike or a replacement, try selecting your next motorcycle with the cost and risk of the motorcycle in mind, and how that will impact your premiums. As a rule of thumb, the sportier the bike, the more risk and therefore cost of your insurance. Sport and “supersport” bikes often fall into this category with their design for speed above all else.
2. Enroll in a Training Course
Whether you’re a new hand at biking or a veteran, going through safe rider training courses can help you lower your premiums, as well as help you avoid a painful accident. These may be provided by your local DMV or RMV, or through Motorcycle Associations.
3. Join a Motorcycle Organization
Besides providing the above services, being a member of certain motorcycle associations such as the Motorcycle Safety Foundation can really make an impact on your motorcycle insurance. Make sure to check with your insurance company for a full list of qualified associations and networks, but enrollment in these organizations can take off as much as 10% off your insurance costs!
4. Use Your Clean Driving Record
Just like with car drivers who are accident free, many companies provide discounts to those who have few or no accidents, tickets, and violations. The requirements to becoming “Preferred Operator” vary from provider to provider, but becoming one can really help your insurance costs. In addition of you’re an older rider, there are usually additional discounts with a clean driving history.
5. Increase Your Deductible
One way of reducing the cost of your motorcycle insurance premiums is to increase your deductible – the amount of out-of-pocket expense you pay before your insurance covers the rest. While this will reduce the cost of premiums, make sure to have enough savings on hand to cover the deductible in the event of an accident.
The last thing most motorcyclists want is their insurance to be something they think about as they hit the open road. Contact the TJ Woods Insurance Agency to learn more about motorcycle insurance, including the difference between Motorcycle and Car Insurance, and find the policy that suits you and your motorcycle, chopper, hog, enduro, or bike.
