Ways to Lower Your Motorcycle Insurance Premium
Although insurance is a necessary expense, no one wants to pay more than needed. People are always looking for ways to save money and get the best rate possible. Each insurance carrier has its own way of creating insurance rates, but there are some standard factors used to determine what you’re going to pay for your insurance. Some of these factors include where you live, the age and type of vehicle(s), engine size and the type of coverage you are looking to purchase. Although you don’t have control over all these factors, there are many things you can do to make sure you are getting the best rate today or to help reduce your costs in the future.
Be a Safe Driver / Rider
No matter who you are getting insurance from, all insurance carriers favor safe drivers. Violations and accidents on your motor vehicle record almost always increase your costs with surcharges or lost discounts.
Take a Motorcycle Safety Course
Whether you are new to motorcycling or a seasoned rider, taking a motorcycle safety course every few years not only makes you a safer rider but usually results in a discount.
Research before Buying
Not all motorcycles are rated the same. Rates vary based on the risk associated with the make and model of the bike. Generally, the fewer accidents and claims associated with the bike, the lower the premium. The performance capacity and safety features also play a role. Sport bikes tend to come with a much higher insurance cost than a standard cruiser.
Maximize Your Discounts
Make sure you are getting all the discounts you are entitled to receive. Be sure you answer all questions honestly and accurately and keep your information up to date. It’s important that you have your agent review your policy periodically to make sure you aren’t leaving money on the table.
Increase your Deductible
Increasing your deductible will decease your insurance cost. However, make sure you can afford the deductible you select. Remember that will be your out of pocket cost if you have to file a claim.
Remove Collision and Comprehensive Coverage
What is the condition of your motorcycle? How old is your bike?
If the N.A.D.A book value of the motorcycle is not very high, consider dropping comprehensive and /or collision coverage on the bike. This does, however, leave the motorcycle uncovered for physical damage if a loss were to occur. You have to weigh the pros and cons before investing in the coverage.
Pay in Full
Paying your policy in full saves you money in installment fees and you could earn a pay-in-full discount as well.
Insurance can be confusing. Even if you are not a current Rider customer, our motorcycle insurance specialists are here to answer any of your questions about proper protection for your bike.
Plymouth Rock Assurance is a marketing name used by a group of separate companies that write and manage property and casualty insurance in multiple states. Motorcycle insurance in New Jersey and Pennsylvania is underwritten by Rider Insurance Company. Each company is financially responsible only for its own insurance products. Actual coverage is subject to the language of the policies as issued by each separate company.