When you buy a motorbike, it is mandatory for you to buy motorcycle insurance as per the government regulations.
Since motorcycle is a risky vehicle, insurers tend to charge a higher premium for it. The type of motorcycle and its horsepower will greatly affect the insurance premium. The motorcycle with high horsepower will be charged a higher premium. So if you want a fast, sporty bike, you will have to spend more on the premium. But do not worry. We give you some useful tips on how to reduce your motorcycle insurance premium without compromising on the performance.
Will the type of motorcycle affect my insurance premium?
Before purchasing a motorcycle, you need to find out the cost incurred in getting it insured. The motorcycles with higher horsepower would attract a higher premium. But you should note that there is a minor difference between the horsepower and performance. Get insurance quotes before buying a motorcycle as there are lots of bikes that are not insured by the larger insurance companies. This will force you to use smaller insurers who offer below par services. Besides, they will not allow you to combine the motorcycle insurance with the other products, making the deal very expensive.
Will installing any accessories affect my premium?
Fitting your bike with high-end accessories like disc locks, alarms, and satellite tracking will significantly affect your premium. Hence it is advisable to check with the insurance company about the accessories and security that can increase and decrease your insurance premium. Buying a device costing a couple of hundred dollars will have a significant impact on your premium. Find out this information beforehand to let you negotiate with the dealer who can give you a good bargain.
What are the things I should ensure before opting for motorcycle insurance?
Get many insurance quotes from various insurers for the motorcycle you want to buy. Find out if installing security instruments and add-on accessories will impact your insurance premium. Check if it is possible to reduce the insurance cost if you park your motorcycle in an area under surveillance.
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9 users responded in this post
How could I lower my motorcycle insurance?
I looked over some of the things that insurance companies look for in giving deductibles and so far i came up with things like:
1. alarms, security devices, etc.
2. lower amount cost of accident coverage
3. rider training courses
im 24, and i heard insurance rates go down after you turn 25 but i’m not sure if this applies to motorcycles also. i don’t make too much at my job (min. wage) so i need the lowest rate i can get. what else can i do to bring it down???
call more than a few places and all of the above
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Sell it!
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There are a few different ways. First thing is check your coverages. As much as I hate to recommend lowering them, make sure you aren’t over insured. Also, check different companies. Find out if there is a discount if you have renters insurance with them. Most companies discount for having renters insurance is more than the cost of the policy. Sit down and talk to your agent, or a competiting agent. Bring in a copy of your dec page and see if they will give you a quote and what recommendations they would give.
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You can try increasing your deductable to up to $1000 - this will lower the monthly payments but that would not be in ur benefit if you do crash.
Also some insurances give you a discount if you have taken an MSF course.
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switch to geico lol just kidding but i do believe that it does apply to motocycles too and should go down as soon as you turn 25
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Get a motorcycle license. The smaller the engine the lower the rate but the grater the risk of getting hurt is on a smaller bike. The insurance company don’t care about you, they worry about the damage you cause that they have to pay for in an accident. The county will scoop up your remains off the pavement and bill your family. Your medical bills are on you. A car is a better bet.
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former biker.
get another type of bike , like cars, the type of bike also raises insurance, croitch rocket vs cruiser.
get a old, old used bike, cost less to replace them.
look at other ins companys, I dont want to tell you (like advertise) however their are 2 very large ins companys that have given me and others insurance for less then 1/4 of what i paid at a company i had for 15 years, with no accidents or tickets…shop around !
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Waive "uninsured motorist" coverage. I think this saves me about $200/year. On the downside, if I get hit by an illegal, then I have to sue him in a civil court to get compensation, instead of having my insurance company do it for me.
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