Motorcycle Insurance Discounts
So, you've been smart and shopped around for the most attractive motorcycle insurance rates.
But, don't stop there. You can still save a considerable amount off the quoted rates―or perhaps even off your current premiums―if you take advantage of the discounts available to you.
It's up to you to seek these savings. Your motorbike insurance company or agent may overlook or forget to mention these discounts.
Common Motorcycle Insurance Discounts
While it's best to investigate what each motorcycle insurance company offers―either online or by phone―most discounts fall into these categories:
- Safe rider and mature rider discounts.
- Mature rider can relate to age, experience, or both.
- Multi-vehicle discounts.
- Discounts for bundling multiple policies (such as homeowners, auto, or life).
- Discounts for living in a certain location, usually one considered safe with a low-crime rate.
- Discounts for belonging to a motorcycle riding association.
Learn the details about these programs and how they can help you save money from the individual carriers, as they can differ widely. And, keep in mind you may eligible for other discounts; these are just the primary ones.
Insurance companies prefer safety-conscious, loyal customers, and construct their discounts to favor them. So, if those characteristics describe you, you should find at least one type of discount you can use.
Motorcycle Safety Courses
Riding a motorcycle is inherently risky. Insurance companies have it in their best interests to lower the risks that come with operating a bike. With this in mind, it is understandable that motorcycle insurance carriers would offer discounts to riders who attend and complete motorcycle safety courses.
Not only do insurance companies want to keep you safe, most states do too. The majority of states that require motorcycle insurance, also require insurance companies to give riders a discount for completing state-approved motorcycle safety course.
The discount for completing a motorcycle safety course may vary amongst insurance companies. Check with your agent to learn more about this discount.
How Much You'll Save
Many insurance providers allow you to "stack" discounts. In other words, applying more than one.
Because you can often trim 5% to 10% off your premiums with a single discount, imagine how much you save with several.
Determining Your Rates
The more you know about how motorcycle insurance companies determine the rates of your premium, the more action you can take to save on your motorcycle insurance.
Motorcycle insurance providers will commonly factor in the following to help determine the price of your premium:
- Marital status.
- Credit history (some states prohibit the use of your credit history as an insurance rating factor).
- Driving record.
- Insurance claims history.
Maintaining a good credit and having a relatively clean insurance claim history can go a long way in saving you on motorcycle insurance. But nothing saves you on insurance quite like having a clean driving record. Drive safely and avoid traffic violations and you will potentially see big savings on your motorcycle insurance.
Other Ways to Reduce Your Motorbike Premiums
Exhausted all your discount opportunities and still feel your rates are too high?
You can further trim your premium costs by increasing your deductibles, riding a less expensive bike, cutting back on coverage, or insuring your bike seasonally. But, consider each of these moves carefully, as they all can carry some drawbacks.