Cheap Motorcycle Insurance for Your Budget

Finding cheap motorcycle insurance takes some research and persistence. There are numerous ways to save; you must be an informed consumer to find the cheapest policy to fit your needs.

Step 1 – Know Your Needs

In order to find cheap motorcycle insurance, you must first know your needs. How much coverage do you require? How often will you ride your bike? How will you store your bike? Do you live in a safe area? Questions such as these will help you determine coverage that you need, and coverage that you don’t.

Step 2 – Research to Find the Best Insurance Companies

While your number one goal may be to find cheap motorcycle insurance, you should only consider reputable insurance companies. Learn more about companies online at your state’s Department of Insurance website, or simply call the company. Be sure to consider the following:
  • coverage options and terms
  • policy rates
  • reputation
  • state licensure
  • financial stability
  • customer service reviews and ratings
Another way to learn about an insurance company is by visiting your local body shop. Speak with the manager and ask him or her which motorcycle insurance companies are the easiest to work with. Find out how well a company deals with submitted claims and if they use aftermarket or original parts to repair vehicles.

Step 3 – Ask About Possible Discounts

Once you’ve selected the best companies, you can begin your search to find cheap motorcycle insurance. Know which basic policy you need, e.g. liability, collision, and/or comprehensive. Then, ask each company about possible discounts they offer.
  • Multi-Vehicle Discount – Most companies offer a discount if you insure more than one motorcycle or automobile with them.
  • Safety Discount – If your motorcycle has safety features, such as an anti-theft device, you could be eligible to receive a discount.
  • Low Mileage Discount – The less you ride your bike, the cheaper your insurance should be. If you put few miles on your motorcycle, ask about a low mileage discount.
  • Group or Club Discount – If you belong to a motorcycle group or club, ask about receiving the group rate.
  • Training Course Discount – Many companies give discounts to young or inexperienced drivers who take a motorcycle training course.
  • Lay-Up Discount – If you live in a state with a harsh winter climate that prevents you from riding, ask about a lay-up discount. With this deal, you don’t have to pay driving-related insurance (e.g. liability, collision) during winter months.
  • Electronic Funds Transfer Discount – Most companies offer a discount if you pay your policy in-full or electronically, because it saves them billing and processing fees.
Step 4 – Raise Your Deductible

One of the easiest ways to get cheap motorcycle insurance is to raise your deductible on liability or collision coverage. Raising your deductible means that you pay more money out-of-pocket if you ever have to submit a claim, but it could save you hundreds of dollars in the long run by lowering your premium up to 40%. Ask your insurance agent for more details.

Step 5 – Compare Final Rates and Make Your Choice

Once you know which policy best suits your lifestyle, which discounts you’re eligible for, and how high your deductible will be, you’re ready to make a decision. Compare these factors, final policy rates, and coverage terms among the remaining companies. And don’t forget to keep company reputation and financial stability in mind. If you ever need to submit a claim, you’ll be thankful to have a chosen a company that is there for you!

 
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