Owning a motorcycle is exciting. Perhaps you are excited about the freedom that you will get to experience. While motorcycles are fun assets to have, they are also fairly high risk. One wrong turn or bump could cause a severe injury or worse. So, you must have motorcycle insurance to protect you if an emergency arises.
Motorcycle insurance covers you if your motorcycle is stolen or vandalized. You are also covered if your motorcycle suffers damage from a collision with an object or vehicle. Collision coverages will cover any repairs or potential replacement costs minus your deductible. Liability coverage is the foundation of your policy, as you are protected if you accidentally injure someone with your motorcycle or damage property. Finding motorcycle insurance that aligns with your budget can be challenging. Here are some tips to help you lower your motorcycle insurance premiums.
- Choose a Higher Deductible
You can lower your motorcycle insurance premium by increasing your deductible. Your policy deductible is the amount you pay towards a covered loss before your insurance covers the rest. Choosing a higher deductible means you’ll be asked to pay more upfront. While increasing your deductible should help you enjoy substantial savings, you must do it only if you have the financial stability to cover the high upfront costs.
- Buy a Regular Motorcycle
While purchasing an appealing high-end motorcycle is tempting, you will likely pay higher insurance premiums. You can lower your motorcycle insurance premium if you opt for a more basic motorcycle instead.
- Bundle Multiple Coverages
Bundling your coverage can help lower your motorcycle insurance premium. For example, your insurer may offer you a discount if you bundle your motorcycle insurance with your home insurance. You’ll pay a lower coverage rate.
- Be a Licensed Motorcyclist
Joining a certified motorcycle safety course can help you save money on your motorcycle insurance premiums. After passing the course, you will receive your license. You may then be eligible for a reduction in your premium rates.
- Choose Minimum Coverage
Purchasing the necessary insurance coverage can help you save money on motorcycle insurance premiums. Each state mandates that you purchase minimum liability coverage. Then, you can purchase as little or as much coverage as you want. Medical payment coverage protects you if you suffer an injury while riding your motorcycle, but you may give it a miss if you have comprehensive health insurance coverage. It’s, however, recommended that you have enough coverage in place to repair or replace damaged parts. The goal is to avoid being vulnerable to paying a lot of money out of pocket for a loss. You can save money on premiums by cutting excess coverage such as trip interruption insurance and total loss insurance out of your policy.