The Riders’ Guide to Slashing Motorcycle Insurance Costs

Are sky-high motorcycle insurance premiums putting a damper on your riding dreams? Don’t let those budget-busting bills keep you off the open road. We’ve got the insider tips to help you save big on your motorcycle coverage without sacrificing top-notch protection.

Why Motorcycle Insurance Costs So Much (And How to Fight Back)

Let’s face it, insuring a motorcycle is pricier than a car for a few key reasons:

1. Higher accident risk – Motorcycles are more difficult to operate than cars, lack sturdy outer protection, and are often overlooked by car drivers, leading to higher accident rates.

2. Expensive repairs – Motorcycle parts and labor tend to cost more than for regular vehicles.

3. Increased liability – In an accident, a motorcycle rider is more likely to suffer serious injuries, meaning higher potential lawsuit costs.

4. Theft targets – Those sleek bikes tempt thieves, forcing insurers to factor in theft risk.

However, don’t despair – knowledge is power when it comes to lowering your motorcycle premium. Keep reading to discover proven tactics for cutting those costs without cutting corners on coverage.

7 Savvy Ways to Save on Motorcycle Insurance

1. Complete a Motorcycle Safety Course

Insurers love seeing safer riders on the road. By completing an approved motorcycle safety course, you’ll learn advanced operating skills and safety strategies. Most insurers offer a discount of 10-15% just for having that credential.

Here are some tips on finding a great safety course:

• Check with your insurer about which courses qualify for discounts
• Look for courses certified by the Motorcycle Safety Foundation (MSF)
• Community colleges and rider groups often offer affordable options
• Online courses combined with skills practice may also earn discounts

2. Maximize All Available Discounts

Besides the safety course discount, insurers offer a smorgasbord of ways to save, like:

• Multi-policy discount (bundle your motorcycle with other policies)
• Paid-in-full discount
• Affiliation discounts (for union members, military, employers, etc.)
• Low mileage discount
• Good student discount
• Loyalty/renewal discount

Don’t leave any discounts on the table! Provide your insurer with details on your driver history, affiliations, low annual mileage, good grades (for younger riders), and any other factors that could qualify you for savings.

3. Customize Your Coverages

While you’ll want adequate liability protection in case of an accident, raising deductibles and dropping unnecessary coverages can reduce premiums:

Consider raising your deductible – A $500 deductible is common for motorcycles, but bumping it to $1,000 could shave 10-15% off your costs.

Decline coverages you don’t need – If your bike is paid off and older, you may be able to drop comprehensive and collision coverage and just carry liability.

Think twice about add-ons – Accessory coverage and roadside assistance can be nice extras, but cost more. See if an inexpensive rider club membership provides similar benefits instead.

4. Insure the Appropriate Bike

The type of motorcycle you ride makes a difference in your rates. Models with smaller engines (under 600cc) and a lower theft risk tend to be cheaper to insure.

For example, touring bikes like a Honda Goldwing are usually less costly than high-powered super sport bikes. So picking a more “sensible” mid-size or touring bike with built-in safety features can lead to meaningful premium savings.

5. Combine Policies Under One Insurer

Virtually every insurance company offers a multi-policy discount when you bundle your motorcycle insurance with other policies like home, renters, auto, or life insurance.

This bundling discount typically ranges from 10-25% and can add up to hundreds in annual savings. Plus, you’ll have just one deductible to track and one convenient bill to pay each month or term.

6. Keep Your Policy Current

Allowing your motorcycle insurance to lapse, even briefly, can lead to costlier rates down the road. Insurance companies view policy lapses as an increased risk.

So make sure to pay every renewal bill on time to preserve your continuous coverage and secure the lowest rates as a long-standing, responsible policyholder.

7. Avoid Customized or High-Performance Bikes

Those wicked-looking, outrageously-modded show bikes may turn heads, but they’ll also turn your insurer’s head – toward higher premiums.

Motorcycles with aftermarket engine modifications, performance upgrades, and heavy customization are seen as much riskier to insure. You’ll pay a premium for a premium ride like that.

So if you want to keep costs down, stick to standard/stock models from major manufacturers without a ton of bolt-ons or performance mods.

The Smart Way to Compare Motorcycle Insurance Rates

Here’s how to shop around and secure the best rates on your motorcycle coverage:

1. Gather key details – Have your driver history, bike model/year/modifications, desired coverages, and other details ready to get accurate quotes.

2. Get quotes from at least 3 insurers – Rates can vary significantly between companies for the same policy, so cast a wide net when comparing.

3. Work with an independent agent – Agents who sell policies from multiple insurers can be invaluable for finding comprehensive coverage at the lowest price.

4. Leverage the Internet wisely – Compare final rates yourself online, but use an agent’s expertise when navigating the complexities of motorcycle insurance.

5. Focus on value over price – The cheapest policy isn’t necessarily the best policy. Make sure you have sufficient coverage levels, appropriate deductibles, and top-rated claims service.

Put These Cost-Cutting Strategies Into Action

With some savvy comparison shopping and these insider tips, you can ride off into the sunset with affordable motorcycle insurance premiums and premium protection.

So get out there, brush up your skills with a safety course, customize your coverage to perfection, and enjoy the ultimate riding season ahead – without fretting over sky-high insurance bills.

Ready to start saving? Check out InsureCycle to compare comprehensive motorcycle insurance quotes from multiple top-rated insurers and independent agents in your area.