Tips to Keep Motorcycle Insurance Costs Low

Motorcycle insurance is an absolute must, but many motorcycle enthusiasts balk at the expense associated with adequate coverage. Underinsuring a motorcycle is a risky gamble as well since the owner may end up paying out of pocket for larger claims. However, there are steps motorcyclists can take to secure a more competitive insurance premium.

Top Methods to Reduce Motorcycle Insurance

Below are several suggestions to help motorcyclists save money on their insurance policies.

  • Go small or go old. Smaller motorcycles tend to be cheaper to insure because their engines are not as powerful. Older bikes that cost less up front can also result in insurance savings because they cost less to repair. Motorcyclists should also avoid uncommon motorbikes. While it may be tempting to purchase a rare motorcycle or a highly customized one, they may cost more to insure. The more difficult it is to find replacement parts, the more it will raise the insurance premium.
  • Enhance safety. Individuals who accrue fewer miles on their motorcycles per year often achieve better insurance rates. This is because the insurance company views them as less of a risk due to less time spent on roads and highways. Investing in safety features like alarms can reduce rates as well. In addition, how motorcyclists store their vehicle affects rates as well. For example, when an owner stores their motorbike in their garage or under lock and key, they are less prone to theft. Motorbike owners can take training courses as well. By taking a proactive interest in improving their skill and safety, motorcyclists can reduce their insurance rates.
  • Look for discounts. Many individuals opt to make monthly payments on their insurance premiums; however, some insurance companies offer a discount for paying the entire premium in full. Another possible discount is for safe drivers. If a motorcyclist remains accident-free for an extended period of time, they may be eligible for a safe driver discount.

High premiums take away from the joy of motorcycle ownership. The Reilly Company can help motorcyclists determine what amount of coverage they need as well as how to negotiate the best rates. To learn more about motorcycle insurance, contact us today.

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