It’s fast and furious, and it’s finally arrived at your front door. Yes, it was your vigor and adrenaline that gave you the courage to buy the motorcycle of your dreams. It’s now leaning on its kickstand, replete with gleaming chrome trim, ready for you to hop aboard and ride like the wind.
Of course, you’re wanting to get behind the wheel and burn rubber on a deserted stretch of road, but you might want to put your enthusiasm on hold for a bit. Have you considered how much this baby will cost you in insurance each month? Before you start speeding down the highway and weaving through traffic like a figure eight, think about ways to save money on your insurance.
If you take the time to uncover issues that may be driving up your insurance costs, you might be amazed at how much money you might save. We at SWBC know a few strategies to save money on your new car’s insurance, but you’ll have to be willing to make some adjustments:
Buy a more basic motorcycle
Is your new bike a show-stopper, like the one on display at the dealership where you just purchased it? Is the engine so massive and loud that it could defy the laws of physics? These bikes may provide you with the ultimate riding experience, but they usually come with a higher insurance premium. Instead of a sportier bike with all the bells and whistles, you might want to choose a smaller bike that’s excellent for cruising.
Choose a higher insurance deductible
You can lower your premium by taking up more of the risk associated with the coverage. If you choose a higher deductible, you’ll be responsible for a larger portion of the first payment in the event of a loss. You should see a considerable drop in your rate if you’re willing to pay a large deductible.
Buy only the coverage that you need
If you ride, make sure you have adequate insurance to cover the expense of bike components, labor, and hospital stays. This will not only save you money in the long run, but it will also protect you from financial disaster in the unfortunate case of a big accident. Each state mandates a minimum level of liability insurance, but you can choose the quantity of coverage and type of insurance you want. Collision insurance, accessory insurance, trip interruption insurance, and total loss insurance are all options for saving money. If you have a good health insurance plan, you can even skip medical coverage.
Combine insurance policies carried by a single company
Use your insurance company for all of your coverage purchases if they offer coverage for many goods you possess, such as your home, specifics like jewelry, other vehicles, a boat, and motorbike insurance. Bundling your plans should result in a reduction on your premiums.
Get certified in driving a motorcycle
You can get a motorbike license by becoming trained as a rider and passing an approved motorcycle safety course, which may qualify you for insurance reductions.
Now that you’ve joined the ranks of motorcyclists, you know that owning and riding a motorbike can be a liberating and thrilling experience, but it’s even better if you can reduce your monthly insurance expenses. It will only take a little time to make some minor tweaks. We’re confident you’ll be able to pull it off, leather jacket, sunglasses, and boots included. Get your thoughts going and decide what’s most important to you in terms of motorbike insurance and road safety.
Does motorcycle insurance get cheaper?
In most cases, riding a motorcycle is less expensive than driving a car. However, the cost of operating both types of vehicles is influenced by a variety of factors. The cost of insurance is determined by the car model and the driver’s history. Road tax, upkeep, and repairs are further factors in determining how much you’ll pay. Meanwhile, gasoline prices vary based on whether you drive a petrol or diesel vehicle, how you drive, and whether you travel more on the highway or in the city.
Does bike insurance go down?
Riders who have had their license for a long time are thought to be less dangerous. Your insurance premium should decrease with time. If you’ve just been riding for a short time, there are other possibilities; if you’ve completed additional training after passing your test, an insurance company will appreciate that you’re less of a risk on your bike (and reward you with inexpensive bike insurance). For additional information, see our article on advanced rider training.
Cheaper bike insurance could be as simple as taking a brief training course and you’ll probably feel a lot safer on your bike as a result.
Why are motorcycles so expensive to insure?
So, what elements can influence the price of your motorcycle insurance? There are various aspects to consider. Let’s take a look at each one individually.
- Motorcycle insurance is generally more expensive in northern states, with a few exceptions. This is due to the fact that the riding season is shorter in those states. Riding season is practically 365 days a year in Southern California, for example. In North Dakota, on the other hand, your bike will spend the majority of the year in your garage, where it will be safe.
- Age and riding experience Younger motorcyclists, like automobile drivers, will pay more for insurance. Riding experience has a role as well. As a result, a 50-year-old first-time biker will pay more than a 22-year-old with four years of expertise.
- Speeding and traffic tickets – If you have a history of traffic offences, your insurance will be more expensive. The more violations you have and the more serious they are, the higher your rates will be. However, most infractions are expunged from your record after three years. If you follow the rules of the road, you’ll get the best motorbike insurance prices.
- History of accidents and claims – Your insurance rates will rise as a result of a car accident. Even claims that aren’t tied to an accident might raise your premiums. Accidents and claims will, in most situations, disappear from your record after seven years.
- Vehicle usage – Most insurance companies will consider how you use your motorcycle. You might expect to pay less as a weekend rider than someone who commutes by bike.
- Your prices will also be affected by the kind and engine size of your bike. The bigger the engine, the more you’ll spend for insurance. Sportbikes will cost more to insure than cruisers and touring bikes of the same displacement. Furthermore, higher-priced bikes will cost more to insure.
- Type of coverage – Your costs will vary depending on the type of coverage you get. A state minimum policy will be less expensive than a comprehensive policy with high limits of coverage. A large deductible can also save you money, but you’ll have to pay more if you need to file a claim.
- Credit – When giving you a quote, many insurance providers, such as GEICO motorcycle insurance, take your credit rating into account. However, don’t worry about shopping around; an insurance quotation isn’t considered a hard check, so getting numerous estimates won’t harm your credit score.
What affects motorcycle insurance?
Progressive’s average yearly cost for a liability-only motorbike insurance coverage ranged from $163.19 ($13.60/month) in North Dakota to $364 ($30.35/month) in Michigan between 2019 and 2020. Motorcycle insurance costs are determined by a variety of criteria, including your location, age, bike type, riding history, and policy options. Liability-only motorbike insurance premiums from Progressive start at $79 per year.
How can I reduce the cost of my bike insurance?
You must be aware of the aspects that influence the insurance rate in order to get the most out of your insurance coverage. This will assist you in obtaining the most affordable bike insurance.
Compare Insurance Policies
Begin by comparing insurance coverage for your two-wheeler that are currently available on the market. Comparing bike insurance online is the most effective way to do it. You can find insurance businesses that provide two-wheeler insurance quotes on the internet. Examine the coverage and additional advantages provided by insurers to guarantee you get the best bike insurance. Comparing insurance policies will also identify the policy that provides more coverage for a lesser rate.
Avoid Raising Small Claims
If you haven’t filed a claim during the policy period, the insurer will give you a No Claim Bonus (NCB) when you renew your bike insurance policy. This can be as high as 50%. Renewing a policy with modest or insignificant claims will result in a discount in the form of NCB. As a result, you will pay a larger premium than you would if you took advantage of the NCB as a reduction.
Choose Suitable Add-on Covers
Add-on covers supplement the normal comprehensive insurance policy by providing additional coverage. You must, however, pay an extra fee. By selecting unnecessary or superfluous add-ons, you will just increase the bike insurance rate rather than lower it.
Renew Your Insurance Policy on Time
Make sure you renew your bike insurance before the deadline and don’t let it lapse. When a vehicle insurance policy expires, the NCB benefit is only valid for 90 days from the due date and then expires. To avoid paying a higher rate, make sure you renew your bike insurance before the deadline.
Install Anti-Theft Devices
If you safeguard your two-wheeler with security gadgets such as anti-theft alarms, insurance firms will offer you lower bike insurance costs. It expresses your desire to protect your vehicle and avoid any unnecessary damage or loss. To get a reduction on your two-wheeler insurance rate, make sure the security gadgets are certified by the Automotive Research Association of India (ARAI).
Buy From the Same Insurance Company
If you have other types of insurance from the same provider, such as health, travel, and so on, acquire a bike insurance coverage from them as well. The insurance company may give loyalty points that may be used to reduce the cost of bike insurance.
No Claim Bonus (NCB)
Whether you’re renewing your insurance with the same provider or switching to a new one, make sure you take advantage of the NCB to save money on your premium. If you’re renewing with the same insurer, make sure you don’t file any minor claims to avoid losing the NCB. If you want to transfer your insurance, you must obtain an NCB certificate from your existing insurer in order to be eligible for the NCB with the new insurer.
Ask for Discounts
When it comes to renewing or purchasing new insurance for your two-wheeler, there’s no wrong in asking for a discount. Insurers may give discounts to advertise their insurance products. Reduce the cost of your bike insurance by obtaining discounts.
Driving Records
While you will receive the NCB if you drive responsibly and do not file any claims throughout the policy time, new-age digital insurance providers may evaluate your driving patterns to decide your rate. Make sure you have a strong track record when it comes to driving habits.
Higher Deductible
The insurance company will not cover the total cost of repair while settling the claim. You will be required to pay a deductible, which is a percentage of your insurance premium. The two-wheeler insurance rate is reduced by choosing a bigger deductible.
Become a Member of Recognized Motor Riding Organization or Automobile Association
Some motorcycle clubs or organizations give savings on automobile insurance to its members. If you belong to one of these groups, such as a touring club or an automobile association, you can get a discount on your motorcycle insurance.
What motorcycle has cheapest insurance?
Honda, Kawasaki, and Yamaha make some of the most affordable sportbikes. In general, the more lightweight a motorcycle is, the less expensive it is to insure. This is due to the fact that it has a smaller engine and can’t move as quickly, resulting in lower claim expenses and savings for insurance companies.
How long before motorcycle insurance goes down?
Riders under the age of 25 typically pay a higher premium for insurance since they are considered inexperienced and more likely to be involved in an accident. Motorcycle insurance prices decline once riders reach the age of 25.
Are cruisers cheaper to insure?
According to a survey conducted by Progressive Insurance Companies, cruiser-style motorbikes, particularly little ones, are more frequently crashed and stolen than sportbikes. That’s why, despite their higher purchase price, cruisers can be less expensive to insure.
Are new motorcycles more expensive to insure?
In general, a motorcycle may be less expensive to insure than most cars, but the specific cost of your motorcycle insurance will depend on the type you’re riding and your riding history.
Is it cheaper to own a motorcycle than a car?
People are generally seeking for methods to save money, particularly when it comes to their automobiles. There are numerous ways to save money on transportation, and many individuals consider purchasing a motorcycle to do so.
Are motorcycles less expensive than automobiles? With a few exceptions, motorcycles are generally less expensive and more efficient than owning a car. The cost of maintaining, repairing, and insuring a motorcycle is taken into account when determining if it is “cheaper” than a car.
Aside from a place to live, vehicles are frequently an individual’s largest monthly expense. The vehicle itself is expensive. It will then require gas to run, and you will have to spend money on it on a regular basis to keep it running. Additionally, you must ensure that your vehicle is registered and insured in order to lawfully operate it. Finally, any part of your vehicle that breaks will cost money to repair. All of these expenses might quickly pile up.
The truth is that having a motorcycle can help you save money on all of the previously mentioned expenses. However, you must examine the numerous advantages and disadvantages of having a motorbike; for example, a motorcycle provides significantly less space for carrying passengers or other goods. On days when the weather is severe, you will also be considerably more exposed to the elements. If these concerns aren’t enough to make you nervous, keep reading and we’ll show you how much money owning a motorcycle may save you in the long run.