The best way to find cheap motorcycle insurance is to do some comparison shopping. The process isn’t as time-consuming as you might think, and it can ultimately save you hundreds of dollars each year. Start by entering your information into one of the free online quote services, and have an insurance agent contact you about your policy options later in the process. In the meantime, use these 10 tips to get started on the road to low motorcycle insurance premiums today!
Find your best motorcycle insurance by comparing motorcycle insurance quotes from multiple companies. Always get more than one quote to ensure you’re getting a fair deal on insurance.
You can compare motorcycle insurance rates online, or go straight to an agent and buy a policy on-the-spot. Finally, take care of yourself when on two wheels: wear a helmet, obey traffic laws, and don’t go above your skill level. In addition to being safe drivers with responsible habits, motorcyclists must also be diligent about their liability coverage in case they are involved in an accident that causes damage or injury to others. Knowing what type of coverage is right for you may save you time and money in case you need protection down the road.
Motorcycle Insurance
There’s no question that motorcycles can be an incredibly fun way to get around. However, if you want to be able to ride comfortably and confidently, it is important that you are properly insured. There are many different insurance providers available today that specialize in motorcycle insurance. The most important thing is knowing what type of coverage will best suit your needs and how much you can afford to pay for it. We have outlined 10 tips for finding cheap motorcycle insurance below.
Shop around
Shopping around and comparing different insurance companies will allow you to find an insurer that offers a fair price. You can find cheap motorcycle insurance quotes online, but there’s no substitute for sitting down with an agent who can tailor a quote to your specific needs. You might even be able to negotiate on things like deductibles or coverage limits. If you are under 25 years old, shop around extra carefully because insurers often charge young people double or triple what they charge older customers. When it comes time to renew your policy, ask your provider if it would consider offering you a better rate based on your experience so far as a customer.
Get a Bike You Can Afford to Insure
Before you start shopping around for motorcycle insurance quotes, it’s important to figure out what you can actually afford. After all, there’s no point in buying coverage if you can’t pay your premiums. If your financial situation is shaky, consider buying a cheaper bike; it will almost certainly cost less to insure than a more expensive machine. And remember that sometimes simple motorbikes are safer as well; even if you don’t feel comfortable on something fancy and flashy, stick with a scooter or smaller machine. You’ll be surprised at how affordable many of these options are—and sometimes they're even cheaper than car insurance!
Don’t Buy Used Bikes Without Checking Their History
Every state has its own requirements regarding used-bike purchases. Some states require them to be registered, while others don’t. The ideal scenario is to check out a bike’s history before you buy it. Of course, if you really like a bike, you might decide it’s worth running afoul of regulations in order to get it—just be aware that without insurance and registration, there won’t be any legal protections for you or your vehicle if something goes wrong down the road. When buying used bikes online, it may take a while before they arrive at your door and by then they could potentially have changed owners several times.
Switch Providers if Necessary
Even if you already have motorcycle insurance, you may want to switch providers. Some companies will try to lure you in with competitive rates—but then hit you with high deductibles or additional hidden fees once your policy is finalized. The safest thing to do is shop around and get more than one quote from a variety of companies. (Get at least three quotes so that you can be sure that each offer is truly competitive.) If possible, ask about discounts—for example, maybe your business has a good driver discount because your boss's company has a great insurance policy? Or maybe your college alumni association offers cheap rates on student motorcycle insurance? It never hurts to ask!
Wait Until the End of the Year for Discounts
If you’re like most people, you want to save as much money as possible on your motorcycle insurance. One way to do that is to wait until December 31st before renewing your policy. As you may know, a lot of insurance companies offer up to 30% off if you sign up during their off-season—between July and September. The bad news is, those are also peak months for motorcycle accidents. So even though your premiums will be reduced by a small percentage, they’ll likely be offset by an increase in your deductible.
Always Have an Emergency Fund Ready
You can find cheap motorcycle insurance, but your policy will only cover so much. That’s why it’s important to have a healthy emergency fund that you can tap into in times of need. As with any vehicle, you’ll be facing unexpected expenses as time goes on; you could run over a nail and have to repair your tires or pick up an unexpected speeding ticket that costs hundreds of dollars.
Be Honest on the Application
If you’re trying to find cheap motorcycle insurance quotes, be honest on your application. If you don’t mention your reckless driving in high school or recent tickets, you might end up costing yourself more money when it comes time to renew. And even if your insurance premiums do drop initially, they could go up in future years as you add more history to your policy.
Honesty is always important and lying on a motorcycle insurance application is never a good idea. (If nothing else, it leaves you open to fraud—many cases of fraudulent claims involve people making material omissions on their applications.) Always answer questions truthfully, even if that means lower rates in exchange for an incomplete application.
Look Into No-Claims Discounts
When you’re in search of motorcycle insurance, one of your first stops should be a personal conversation with an insurance agent. You want to know what discounts you may qualify for and whether certain discounts are actually applicable in your situation. One often-overlooked discount is called a no-claims discount.
The benefit is pretty straightforward: If you don’t have any previous motorcycle claims on your record, there’s usually a discount available if you decide to get motorcycle insurance with that same insurer. However, no-claims discounts may not be available from all insurers. In addition, some insurers only provide discounts if you have had no previous claims on your car insurance as well.
Read Your Policy Carefully
In addition to saving money on motorcycle insurance, you’ll be ensuring your safety and that of others by following these rules. The first step to finding a great policy is knowing what coverage you need. And one of your most important coverage considerations is making sure you have liability insurance if you hurt someone or damage their property while riding. For example, in California, all drivers must carry $15,000 in bodily injury liability per person—and $30,000 per accident—in addition to $5,000 in property damage coverage.
Don’t Ride While Drunk, Unlicensed or Uninsured
Although it may seem obvious, a surprisingly large number of motorcyclists ride without insurance. A 2004 AAA Foundation study found that nearly 23 percent of riders carried no insurance at all. This is a big problem because motorcycle accidents tend to be more severe than those involving other vehicles.
The same study found that in states requiring proof of financial responsibility by motorcycle riders, fatal crashes declined by an average of 19 percent, and personal injury crashes declined by 18 percent. If you’re going to ride without insurance anyway, you might as well save money on your policy. Just don’t get into an accident! That brings us to our next tip...