Monthly Motorcycle Insurance: Policy Options

A person with a monthly motorcycle insurance policy pays his or her premium on an as-needed, monthly basis (instead of paying annually or bi-annually). 

Not all insurance companies offer month-to-month coverage. The best place to begin your search for monthly motorcycle insurance is online. Select at least three companies that deserve further research, and then compare their rates, customer service ratings, financial stability, and reputation.

How Does Motorcycle Insurance Work?

Although most insurance companies only offer six- or twelve-month terms, you can opt to pay those policies on a month-to-month basis. Paying monthly will generally cost you more money in the long run (insurance providers will reward you if you pay your policy in-full), but monthly motorcycle insurance makes sense for those who only need insurance for a brief period of time.

Can I Cancel my Policy?

Usually, you can cancel your insurance policy anytime after the first month. Some companies charge a cancellation fee; others ask you to show proof that you either purchased insurance with another company, or proof that you no longer need insurance (e.g. you sold your motorcycle).

How Much Will it Cost?

Again, buying monthly motorcycle insurance will cost more than purchasing a bi-annual or annual policy. Other factors influence the price of monthly motorcycle insurance, including:
  • your driving history
  • if you’re a first-time motorcyclist
  • the type of motorcycle you ride
  • the amount of coverage you receive
  • the state in which you live
  • if you need to insure more than one motorcycle
  • if you already have another type of insurance with the company (e.g. homeowner’s or renter’s)
How Else Can I Save?

Be sure to ask your insurance agent what types of discounts you are eligible for. For example, if you do not ride your bike often, maybe you’re considering monthly motorcycle insurance. You could save more money, however, by purchasing a bi-annual or annual policy that has a low mileage discount. The less you ride your motorcycle, the more you’ll be able to save on your premium.

If you live in a state that gets a lot of ice and snow in the winter, ask about a “lay-up” insurance policy. With this special discount, any type of coverage needed while driving (e.g. liability, collision, etc.) is suspended during non-riding winter months. Comprehensive coverage is the only thing you’ll pay during a lay-up period.

You can also save by setting up Electronic Funds Transfer, where your monthly motorcycle insurance bill is automatically withdrawn from your bank account. This saves insurance companies on billing fees, and it can save you money, too!

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