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How To Save Money On Motorcycle Insurance

Despite all the safety precautions you may take, the fact remains there is risk involved with operating your motorcycle. It is this risk that makes having a strong motorcycle insurance policy essential. 

While motorcycle insurance may be a necessary expense, there are ways you can save on your motorcycle insurance rates. Continue reading to learn how. 

How Motorcycle Insurance Rates Are Determined

Before you learn how to save on motorcycle insurance, it is helpful to know how motorcycle insurance rates are determined. 

Motorcycle insurance companies typically use the following rating factors to help determine rates:

  • Your:
    • Age.
    • Gender.
    • Marital status.
  • Your motorcycle's:
    • Make.
    • Model.
    • Year.
  • Your driving record.
  • Your insurance history.
  • Where you store your motorcycle overnight. 

Using Rating Factors to Get Affordable Motorcycle Insurance

While you can't control all the rating factors above, you can take certain steps to save money on your motorcycle insurance. 

Taking steps to maintain a good driving record will go a long way towards saving on your motorcycle insurance. Traffic violations and accidents in your car or bike can lead to increases in your motorcycle insurance premium. Drive safely and obey all traffic laws. Also, consider taking driver training classes to offset points against your driving record. 

Additionally, if you purchase a motorcycle that has a high safety rating, you are likely to pay less for your motorcycle insurance premium.

Motorcycle Insurance Discounts

Taking advantage of discounts is a great way to save on your motorcycle insurance rates. Most motorcycle insurance companies offer several discounts. As you are shopping, remember to have any applicable discounts applied to your quotes to get the cheapest rates. 

Some common motorcycle insurance discounts include:

  • Homeowner's discount - Motorcycle insurance companies consider covering homeowners to be less risky than covering those who do not own a home.
  • Good driver discount - If your driving record is clean (typically within the past 3 years) you may be eligible for this discount.
  • Discounts for successfully completing a motorcycle safety course.
  • Anti-theft device discount.
  • Helmet discount - Not all state's require riders to wear helmets. Several insurance companies offer this discount to help ensure that riders wear their helmets.
  • Paid-in-full discount - You may be able to save on your premium if you pay it in full rather than in monthly installments. 
  • Multiple policy discount - Most motorcycle insurance companies also offer other types of insurance, such as homeowners insurance or car insurance. If you buy multiple types of insurance with the same company you may be rewarded with this discount.
  • Multiple motorcycle discount.

NOTE: Some companies will offer you a discount just for switching to their company from another provider. 

Compare Motorcycle Insurance Rates

You can find affordable coverage by comparing motorcycle insurance quotes. Every automobile insurance provider designates different insurance rates for different situations. The more quotes you compare, the better your chances of finding a cheap rate that accommodates your budget.

You can easily do this online or by phone. Make sure to compare at least 3 motorcycle insurance quotes. 

Additional Motorcycle Insurance Information

For answers to all of your insurance questions―motorcycles, cars, RVs, commercial vehicles―visit our Insurance Center.