Riding with Savings: Tips for Lowering Your Motorcycle Insurance Premiums

The price tag on motorcycle insurance can often feel like a roadblock on your journey to the open road. Owning a ride already comes with a number of costs whether we're looking at motorcycle maintenance or even making payments on a motorcycle loan. But fear not, there are strategies to secure great coverage without breaking the bank. Let's get rollin!

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Explore Your Options

An essential first step to savings is shopping around. Don't settle for the first quote you receive; instead, take some time to compare prices across multiple insurers. Ensure you're comparing apples to apples by checking the deductibles and coverage levels are the same. You might be surprised at the variations in cost for essentially identical coverage. A good insurance broker should be able to break down the comparisons in an easy to understand manner.

Inquire about Discounts

Bundle up and save! Many insurance providers offer attractive discounts for bundling your motorcycle insurance with your existing car or home insurance. But don't stop there - inquire about additional discounts that might be available, such as safe driver discounts, group affiliations, or even completion of a motorcycle safety course.

Adjust Your Deductible

If you can comfortably afford a higher out-of-pocket expense in the event of a claim, consider increasing your deductible. This strategy can significantly reduce your monthly or annual premiums, but ensure you're not setting yourself up for a financial strain should you need to make a claim.

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Reconsider Collision Coverage

Collision coverage is essential for new or expensive bikes, but for older motorcycles with lower replacement costs, it might be an unnecessary expense. Remember, dropping collision coverage means your insurance won't pay for damages to your bike in situations like single-vehicle, at-fault, or hit-and-run accidents.

Don't Cancel for the Winter

It might seem like a good idea to save money by cancelling your policy during winter months when you're not riding. However, this could leave your bike unprotected against potential damages during storage. Furthermore, many insurance companies calculate premiums annually, so you may not actually save any money by temporarily cancelling.

Be Mindful of Your Bike's Make and Model

The type of motorcycle you ride can have a significant impact on your insurance premiums. Newer, faster, or higher-value motorcycles often result in higher premiums due to increased risk of theft and expensive repairs. It may be of benefit to invest in a cheap used motorcycle if insurance premiums are a major concern, however it is also important to consider higher motorcycle maintenance costs.

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Maintain a Clean Record

Insurers take into account your driving history when calculating your premiums. Younger riders, or those with multiple traffic violations or accidents, can expect higher premiums. Maintaining a clean driving record can keep your costs down.

Secure Your Bike

If you store your motorcycle in a locked facility and invest in an anti-theft device, you're reducing the risk of theft — and that risk reduction can translate into savings on your insurance premiums.

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With these strategies in hand, you're well-equipped to find the best coverage at the best price, helping you get out on the open road sooner and with more peace of mind. For more tips on getting the best deals on motorcycles, check out these other great posts:

Tips on Buying a Used Motorcycle from KIJIJI