11 Ways to Reduce Motorcycle Insurance Premiums

Buying a motorcycle may have been your lifelong dream. The thought of cruising different states or countries on your own motorbike ultimately motivated you to bring it home. Now, it's finally in your garage or parking lot. However, you may have realized that insurance is a little costly and are now looking for ways to cut costs.

Unfortunately, failing to pay your premium is not an option. That's the thing with insurance: if you miss even one payment, your insurer might stop covering you, and your premium could increase. If this happens, you will face fines if you get caught by law enforcement. Moreover, you will have to pay from your pocket if you get into an accident or your two-wheeler is stolen. The good news is that there are options. Here are 11 simple ways to reduce your motorcycle insurance premium.

What determines the cost of your insurance premium

Before we get into ways to reduce your motorcycle insurance premium, let's first discuss how your insurer determines how much you pay. Like with auto insurance, your insurer doesn't just come up with a figure; several factors are considered, including your state laws, age, riding history, motorcycle type, where you store the bike, and the type of coverage. While some factors, like age, are beyond your control, others, like the type of motorcycle and how you store it, are within your control. You need to consider these factors way before buying your bike.

Ways to reduce your motorcycle insurance premiums

If you want to lower your motorcycle insurance premium, the goal should not be to get the cheapest insurance coverage but to get a discount to reduce the insurance cost. The cheapest insurance cover may not give the best value for money. Here is how you do it;

Buy a smaller motorcycle

If you want to buy a motorcycle and pay a lower insurance premium, consider buying a smaller motorcycle. The model of your bike and engine size determines the amount you will pay. Insurance companies usually group motorcycles according to their CCs.

Generally, motorcycles with fewer CCs are considered safer because they accelerate slower and have low top speeds. Therefore, their insurance premiums are usually lower. However, you don't have to buy the bike with fewer CCs to get lower rates. Check your insurer's CCs classifications and buy a motorcycle at the range's upper limit.

The style of your bike will also matter. For instance, sports bikes and superbikes are considered riskier than cruiser motorcycles. This is because they are more likely to be involved in accidents due to speeding and are expensive to replace.

Take a motorcycle safety course

Your riding history is an essential factor in determining your insurance premium. Riders who have been riding for a long time without causing accidents are considered low-risk, so the insurance company will charge them less. However, if you recently learnt how to ride and already got your bike, the insurer will consider you a high risk, translating to higher insurance costs.

Nevertheless, it doesn't have to be this way. You can take a motorcycle safety course to make you a safer rider and reduce your insurance cost. But before taking just any course, check the accredited courses by your insurer. Moreover, join an eligible motorcycle organization for more discounts to reduce your insurance premium.

Consider your mileage

When signing up for insurance, your insurer asks how many miles you cover. This is important in determining your premium. If you work from home and only use your bike on weekends, you will likely have less mileage than someone who commutes daily, which translates to a lower premium. Remember to be honest and be as accurate as possible. Lying about your mileage could get you lower premiums but ultimately cause your claim to be rejected.

Enhance the security of your bike

How secure is your bike? Your insurer wants it as secure as possible because they don't really want to pay. It's business, after all! Securing your motorcycle against damage and theft can lower your insurance premium. Your insurer will give you a discount if you store your motorcycle inside a garage because it's less likely to be stolen there. Moreover, if you install anti-theft devices, you will get a further discount.

Increase your deductible

Your deductible is the amount you will pay out of pocket when making a claim. If you are willing to pay more, your insurer can lower your monthly premium. However, only do this if you can afford to pay in case of an accident.

Bundle your insurance

If you have another motorcycle, why not bundle your insurance to lower your bike premiums? Oh, you don't have another motorcycle? How about your health, car, home or travel insurance? Most insurance companies offer a significant discount when you combine multiple policies.

Avoid making small claims to take advantage of no claim bonus

Your insurer makes more money when more people don't claim. For this reason, they encourage people to refrain from claiming by offering them no claim bonus. You see, when you keep making claims, you become high risk, which may translate to higher premiums. However, you could pay for minor claims out of pocket to build up your no-claim bonus. The bonus will lower your premium. 

Don't modify your bike

When you modify or customize your bike, your insurer will categorize it as high-risk, and you will pay higher premiums. This is because it becomes more expensive to replace and repair. 

While adding that turbo is something you've thought about for some time, adding it will increase your insurance premiums. Why not use your bike as it is to keep the premiums low?

Consider the coverage you need

Although add-covers are essential, they also increase your premium. If you want to lower your premium, consider dropping some. For instance, if your bike is old or not so expensive, it might not be worth a comprehensive cover, plus road assistance and coverage for custom parts. Moreover, you can get a temporary cover if you only ride occasionally. Remember to research temporary covers and see if they can work for you.

Pay your policy in full

Paying your policy in full will save you a substantial amount. Why? This is because your insurer wants to encourage you to do so. This makes you a safe investment, so you will definitely get a bonus. Moreover, you also avoid the additional fees that come with paying monthly.

Shop around

Have you ever bought something and felt really good only to find it on Amazon or Walmart at a cheaper price? That is the consequence of not shopping around. Similarly, if you buy the first policy you come across, you'll probably be getting the worst deal.

To lower your motorcycle insurance premium, compare different insurance companies and what they offer. Furthermore, do your research online and come up with a list of at least six insurance companies. Contact each company and ask questions to determine which provides the best coverage at a reasonable cost.

Final thought

Motorcycle insurance is a necessary expense you can't avoid. It will come in handy when you get into an accident damaging other people's property or your bike or hurting yourself. Nonetheless, it shouldn't break the bank or cause you anxiety every month. Fortunately, these simple tips and tricks can help reduce motorcycle insurance premiums.

However, as you do this, keep in mind saving some bucks is not the only goal; the primary goal is your financial security in case you get into an accident. Be honest. Don't be tempted to lie to reduce your insurance premium because if your insurer finds out, they might not pay your claim. So, as you lower your premiums, ensure you don't leave yourself exposed.