How to Save on Motorcycle Insurance

Hitting the road with the horsepower beneath you, the wind in your hair and not a care in the world. Ah. Wait! If you don’t have adequate motorcycle insurance, you really do have something to worry about. A bad accident which damages your bike and injures yourself or your passengers or others can take all the joy out of motorcycling. Not only is riding a motorcycle without insurance a bad idea, but in most states, riding a motorcycle without proper insurance is illegal.

Motorcycle owners will need to choose between two main types of policies, much like they do with auto insurance—simple liability or a more comprehensive type of plan. Basic liability coverage protects property damages and bodily injury expenses to others in an accident where you are at fault. It is the bare minimum, legally-required coverage in most states.

A full comprehensive and collision package will cover your motorcycle if it is stolen or damaged in an accident, regardless of fault. Comprehensive coverage protects against theft, fire, vandalism, storm damage or other things that are beyond your control. Collision coverage will pay for repairs after a collision if your bike is totaled or damaged.

If you’ve already blown most of your budget on your bike (and those leather chaps), you’re still in luck. With a few money-saving tips, you can still afford adequate motorcycle insurance coverage to protect your equipment and yourself.

• Raise Your Deductible: A higher deductible equates to a lower insurance premium. Cover the smaller expenses yourself before making a claim and you can lower your costs dramatically. Raising your deductible by several hundred dollars each year can save you up to 30% on premiums annually.

• Think of motorcycle insurance as “major medical” for your bike. It is not designed to cover minor scrapes or repairs. Fix those yourself and save your insurance claims for the larger major losses or damage. Riders who file frequent and small insurance claims can be charged higher rates because of it.

• Seasonal Insurance Coverage: If you only take your bike out during the warm-weather months and store it during the rest of the year, you may be able to buy part-time or occasional driver insurance at a discount.

• Be Driver-Selective. Does a driver in your house have a bad driving record? Do you have young, high-risk drivers in the household? Excluding some of these drivers from your policy (and from driving your motorcycle) can reduce your rates considerably.

• Covering Guest Riders. If you ride alone, then be sure that you are not paying extra for a guest rider. Guest Passenger Liability covers you if a passenger on your bike is injured in an accident. Eliminating this coverage results in savings, but, of course, if you do have riders, even occasionally, you would want to make sure that you and they are properly covered.

• Maintain Good Credit. You might not think that your credit score has anything to do with your motorcycle insurance, but many insurance companies consider credit scores when calculating insurance rates. So get and maintain good credit to get and maintain good insurance rates.

• What about style? The style of bike you choose may be more important than the cost as far as insurance in concerned. Sport and super sport models will garner higher premium rates than standard cruising models. Street bikes are usually charged differently than track or off-road bikes. Be prepared to pay for your style.

• Older bikes may save you more: Of course you will want to opt for full comprehensive and collision coverage on your brand-new red bullet bike, but if your motorcycle is an older model, you may want to reduce the coverage to a basic liability policy and save a lot on the premiums.

• Safety Course: Riders who have taken a recent Motorcycle Safety Foundation or Military Safety Course are often eligible for discounted insurance rates, as are members of groups like the American Motorcyclist Association (AMA) or Harley Owner Group (HOG).

Shopping around and comparing rates and insurance companies is always good advice. You will find that rates vary a lot from company to company, so do your research and select the company that offers you the best coverage for the best price.