Shopping for motorcycle insurance but aren’t sure if you’re getting the best deal for the protection you need? Knowing the various factors — from age and experience to the type of motorcycle and amount of coverage — that impact the cost of motorcycle insurance premiums is the first step for riders looking to get the right policy a price within your budget.
While some factors may be beyond your control, others present opportunities for potential savings. Let’s dive into the five key factors that can help you save money on motorcycle insurance premiums.
5 Key Factors to Reduce the Cost of Motorcycle Insurance
1. Safety First
Maintaining a clean driving record is important to save money and be eligible for substantial discounts. Completing a safety course can also make you eligible for extra discounts.
2. Rider Experience
As riders become more seasoned, their insurance premiums usually decrease because insurers view experienced riders as posing lower risks.
3. Motorcycle Choice
The type of motorcycle you choose can impact your insurance costs. Generally, larger and more powerful motorcycles tend to be more expensive to insure, while smaller and slower cruisers are considered less risky and, therefore, easier to insure. When shopping for a bike, consider one with safety features that may make you eligible for significant insurance discounts.
4. Coverage Optimization
When setting prices for their products or services, companies use a method called price optimization. In motorcycle insurance, this method helps insurers determine the cost of a policy. Full coverage includes comprehensive, collision, and liability insurance. Liability insurance provides a different level of protection that covers the expenses of the other driver in case you cause an accident, but it does not cover your own expenses. It’s also helpful to know that there are two types of liability coverage: bodily injury and property damage. When selecting a policy, consider your risk tolerance and the value of your motorcycle to ensure you have enough protection.
5. Loyalty and Bundling Discounts
To maximize your insurance savings, consider bundling your policies with the same company. Insuring multiple vehicles, such as a motorcycle and a car, and exploring additional coverage options can lead to significant discounts. You can inquire about loyalty discounts for remaining with the same insurance provider over time.
More Tips to Help You Save
Looking to save big and make that long-awaited road trip a reality? Finding the right insurance company can keep more money in your pocket. Below are three additional ways to save big and cut costs with your motorcycle insurance.
Compare Quotes
When it comes to insurance, not all providers offer the same quotes. As a broker, Eber & Associates can help you compare by evaluating quotes from multiple insurance companies. Our goal is to get the best value for your insurance needs.
Increase Your Deductible
By opting for a higher deductible, you can reduce your premium payments. Selecting a higher deductible means paying a larger amount out of pocket in the event of a claim. Carefully consider your financial situation and ability to cover potential out-of-pocket expenses before selecting a higher deductible option.
You can also set up a savings account and deposit the money you’re saving with a higher deductible and create a “deductible account” — that way you will have the money on hand should you ever need it.
Maintain Your Motorcycle
Insurance providers perceive a well-maintained motorcycle as posing a lower risk, potentially reducing insurance premiums. Eber & Associates can help you explore every opportunity for cutting costs and find the perfect insurance plan that will give you the peace of mind you need for your upcoming journeys.
Motorcycle Coverage You Trust
Looking for the perfect balance of affordability and comprehensive coverage for your motorcycle? At Eber & Associates, we are experts in motorcycle insurance and we take the time to understand your unique needs. With access to multiple insurance providers, we guarantee a tailored fit to keep you covered through life, for life.
Get in touch with Eber & Associates for a complimentary consultation and a custom motorcycle insurance quote today.
