It’s fast and furious, and it’s finally in your driveway. Yes, your vigor and adrenaline gave you the sheer nerve to purchase the motorcycle of your dreams. Now it’s leaning on its kickstand, complete with shiny chrome detail, just waiting for you to jump on and ride like the wind.
Of course you’re itching to hop on and burn rubber on some old stretch of defenseless road, but you may want to put your excitement in park for a moment. Have you thought about how much this baby is setting you back in insurance each month? Before you start rolling down the highway and weaving through traffic like you’re constructing a figure eight, you may want to consider ways to lower your premium.
You may be surprised at the significant savings you could enjoy if you take a moment to identify factors that may be driving up your insurance costs. At SWBC, we know a few ways to relieve some of the insurance costs on your brand new ride, but you’ll need to be prepared to make some changes:
1. Buy a more basic motorcycle
Is your new bike a showstopper, like one on display at the dealer you just bought it from? Is the engine so big and loud that it could break the sound barrier? Bikes like these may create your ultimate riding experience, but they normally cost you more in insurance. You may want to consider a smaller bike that’s ideal for cruising rather than a sportier bike with all the bells and whistles.
2. Choose a higher insurance deductible
If you make yourself responsible for more of the policy's risk, you can lower your premium. Choosing a higher deductible means you'd pay more more of the initial bill in the event of a loss. If you’re willing to pay a significant deductible, you should see a drastic reduction in your premium.
3. Buy only the coverage that you need
If you’re a rider, you should make sure that you have enough insurance to pay for bike parts, labor costs, and hospital stays. Doing this will not only save you on out-of-pocket costs later, but you’ll be able to prevent financial ruin in the very unfortunate situation of a major accident. Each state requires a minimum amount of liability coverage, but you can adjust the amount of coverage you desire and the type of insurance you want. To save money, you could exclude collision insurance, accessory insurance, trip interruption insurance, and total loss insurance. You can even leave out medical coverage if you have a reliable health insurance plan.
4. Combine insurance policies carried by a single company
If your insurance company offers coverage for multiple items you own, such as your home, specifics like jewelry, other vehicles, a boat, and motorcycle insurance, use them for all your coverage purchases. You should see a drop in your premiums for bundling your policies.
5. Get certified in driving a motorcycle
Getting trained as a motorcyclist and passing an approved motorcycle safety course will give you a motorcycle license, which sometimes qualifies you for discounts with insurers.
Now that you’ve joined the legion of motorcyclists, you know that owning and riding a motorcycle can be a free and exhilarating feeling, but it’s even better if you can lower your insurance costs each month. It’ll just take a little time to make some adjustments here and there. We’re sure you can do it, leather jacket, sunglasses, boots, and all. Get your wheels turning and decide what’s important when it concerns your motorcycle insurance and your safety on the road.