When you combine beautiful weather with the high price of summer gas, it’s clear why many commuters opt for a motorcycle rather than a sedan. Driving a motorcycle can save money on both gas and insurance costs. Riding a motorcycle without insurance is illegal in many states so it’s important to find the right policy at the right price.
By raising your deductible, your monthly motorcycle insurance cost can be drastically decreased. Just as with other insurance policies, the deductible is the amount you must pay towards a claim. When you increase this amount, your rates will diminish. Raising your deductible just a few hundred dollars could save you as much as 30% on motorcycle insurance.
Skip Small Claims
Insurance is designed to protect against major accidents and substantial losses. Don’t file claims for minor fix-it problems. Fixing small things yourself can keep your insurance rates low.
Shop Around for Motorcycle Insurance and Save Big!
Just as with auto policies, motorcycle insurance rates vary widely from one company to the next. Shop around and find the best policy for your age, lifestyle, and bike model. Comparing motorcycle insurance quotes from multiple companies helps you find an affordable rate.
Look for Discounts
If you are a rider who takes your bike out for a spin on the weekends or occasionally in the summer, you may be eligible for an occasional driver discount. Asking your agent about this discount and others available in your area may save you a substantial amount of money each year.
Young drivers or those with poor driving records are always more to insure. When it comes to motorcycles, keep those under 30 off the policy. Young motorcycle drivers, those in their 20’s are significantly more expensive to insure. It’s impossible to alter your age, but you can control your credit score by keeping it high and driving down insurance costs. Most insurance companies take credit scores into account when calculating motorcycle insurance rates, keeping a high score keeps your rates low.
When purchasing a bike, consider which style of bike may incur higher insurance costs. Some companies place heavy surcharges on sport bikes deemed high-risk, your insurance costs may quadruple with these models. On the other hand, if you have an older bike, you might not need to have full coverage. Minimal coverage for a clunker bike might make more financial sense.
Guest Passenger Liability covers you against a passenger on the back of your bike suing you if they are injured in a motorcycle accident. If you frequently ride alone, you don’t need this coverage. If you’re only passenger is your wife, who is unlikely to sue you, you can probably skip this coverage, you’ll be responsible for paying passenger damages out of pocket.
By Matt Reynolds - Google+