You are currently viewing How to Lower Motorcycle Insurance Premium: 4 Little-Known Strategies

How to Lower Motorcycle Insurance Premium: 4 Little-Known Strategies

Ever feel like your motorcycle insurance premium is way too high? Join the club, pal. None of us riders want to pay an arm and a leg just to own a bike. But I’ve got some handy tips that might lighten your wallet a bit. With a few simple adjustments to your coverage and a teensy bit of smart shopping, you can bring down those costs significantly – I’m talking hundreds per year here, easy.

Stick around and I’ll spill all my secrets on how to lower your motorcycle insurance premium. Feel like saving some serious cash? Read on to get my best tricks for cheaper bike insurance.

Tips for How to Lower Motorcycle Insurance Premiums

1. Reduce Risks

There are several ways to reduce the risk factors. Following these tips will surely lower your bike insurance premiums:

a. Take a motorcycle safety course

One of the easiest ways to start lowering your rates is by doing everything you can to reduce risks on the road. And taking one of those basic rider courses could save you some serious cash.

A lot of insurance providers these days will give you a discount just for completing one of the state-sponsored motorcycle safety courses. We’re talking anywhere from 5-10% usually. And here’s the thing – the class is actually really useful for you newer riders out there.

I remember when I took mine years ago. Man, did I learn a lot! Things like braking techniques, swerving maneuvers, crash avoidance… stuff that can really save your bacon if you hit a tricky situation. The instructors make sure you get real good experience with controlled riding before they sign off and let you loose on the streets.

The Motorcycle Safety Foundation has information on the courses they offer and how they can help reduce your motorcycle insurance premium.

So not only will you drive away with a discount on your premiums, but you’ll feel way more confident swinging a leg over your bike afterwards too. Defensive riding is so important, especially for those of us just starting out. The course teaches you habits that can keep you and the nice lady at the insurance company, a lot happier down the road.

b. Maintain good credit

Another way you can show those insurance folks you’re responsible and reduce your rates is keeping up a solid credit score. Hard to believe, but many companies will check your credit history these days before quoting your policy.

I didn’t realize it either at first, but it makes sense – your credit shows how reliably you pay your other bills on time. And people with good scores are seen as lower risks. I’m guessing cause if you can pay your cell phone you’ll probably pay to fix your bike, right?

Anyway, I’ve heard of guys getting better rates just by making sure to pay down debts and not let anything go to collections. It’s sneaky how little stuff like being 30 days late on a payment can ding your number.

The flip side is, if your credit’s not great already, focus on it over the next year before you renew. Being able to show continuous on-time payments and improvement can qualify you for lower premiums too.

SEE MORE: Motorcycle Insurance Types and How to Get the Best Deal

c. Consider anti-theft devices

Think about adding an alarm or brake lock to your bike. I know, I know – it feels like an unnecessary expense. But hear me out.

Sad reality is, motorcycles get swiped all the time, especially the more desirable brands and models. And thieves are getting bolder – no lock or wheel chock is stopping a crew of guys with a truck. It sucks, but bike theft is part of the underwriting calculations for our insurance.

The good news is, using anti-theft gadgets could score you a discount from your provider. Even a basic disc brake lock shows you took steps to secure your ride. Alarms are also great deterrents – no one wants to deal with a shrieking bike.

Plus it gives you peace of mind to know your baby’s better protected when parked at the store or on the street. No one likes that nervous, waiting-to-get-ripped-off feeling either.

Shop around for high-quality kits – you can find alarms these days with iPhone apps and GPS trackers built-in. Might save your bike if the worst happens. And it just takes one stolen bike to pay for the whole security system many times over.

2. Shop Around and Compare Quotes

Some companies charge more than others for the same amount of coverage. It may be helpful to look into multiple companies before deciding which one to use.

a. Get quotes from several insurers every year

It’s time to start shopping around if you want to really minimize what you’re paying for coverage. And no, I don’t just mean checking other companies once – you need to make this an annual thing.

Prices change all the time in the insurance biz, so what was cheapest last year might not be the best deal now. Your current provider is definitely not just gonna lower your rates out of the goodness of their heart either.

The only way to know for sure you’re getting the best price is to toss some bait in the water at multiple anglers each time you renew. Start with your current one to see what they’ll offer, then branch out from there.

Get in the habit of clicking around online or making some calls around your renewal date. It only takes a few minutes to feed ’em the basics and get estimates back. Then you can easily compare dollar amounts side by side.

Believe me, you’ll be surprised sometimes. I’ve saved myself almost 50 bucks a month before just by switching it up one year. Loyalty doesn’t get you squat in this game.

b. Consider smaller, specialized motorcycle insurers

Check out those smaller, motorcycle-focused companies instead of just big nationwide providers.

Now I know the big names make it easy – you see their ads everywhere and probably got quotes from ’em automatically in the past. But sometimes those small, indie insurers are more your style.

See, the regional companies really cater only to guys like us. Bikes are all they do day in and day out, so they get our lifestyle. Good chance their rates are way better too since they don’t have all those overhead costs.

Just be sure to vet ’em first – make sure they’ve been around solid for years and get high marks from places like A.M. Best. Don’t want your cash going to some fly-by-night operation, right?

3. Adjust Coverage Wisely

Another way to save some dough on premiums is to closely examine your coverage types and only carry the minimums required by law. You can also save by adjusting the deductibles.

a. Only carry the insurance legally required in your state

Many states just need basic liability insurance to ride legally, which covers you if you hit someone else’s property. But it’s easy to creep up costs by adding things you may not truly need.

It’s tempting to pile on all the extras like collision, comprehenisive, medical pay out—but be real with yourself. If you lay your bike down in the driveway tomorrow, will you honestly be stressed without that extra coverage?

If it’s an older bike or you’ve got savings set aside, you could probably self-insure small claims and not pay the big premium markup. Half the time I question if the bump is even worth a multiple-bike wipeout, you know?

And hey, at least by dumping unneeded coverage, if you do total it, you’ll save enough over the years to put towards your next ride that much sooner.

b. Increase deductibles to reduce premiums

Another ace move is bumping up your deductibles. Now I know that goes against our nature to avoid opening our wallets, but stay with me here.

Higher deductibles mean the insurance company only kicks in payouts for larger claims, while you’re on the hook for smaller dings and scrapes. But guess what? In return, you get to lower your premium big time every month.

Here’s the thing – how often are any of us really laying down the bike badly enough to spend over a grand in repairs? Chances are that ain’t happening yearly, if ever. So you’ll save that deductible cash over and over by not filing mini claims.

Plus even on the off-chance something major does go wrong, the deductible discount you’ve saved over time will way outweigh one big payout. It’s peace of mind that your premium stays low no matter what.

It’s definitely worth running the numbers. You might be able to triple your deductible and save a cool hundred or more a year, easy. When you crunch it out, it’s a no-brainer way to spend less on insurance long-term.

SEE MORE: How Much Does Motorcycle Insurance Cost?

4. Take Advantage of Discounts

There are several discounts that you may be eligible for. Most companies won’t tell you about these concessions until you ask them.

a. Get multiple discounts

It’s time to start collecting all the discounts we can get our hands on. Insurance companies love handing these little incentives out, so we might as well reap the rewards, right?

A big one many offer is bundling your bike policy with other policies like your auto or house. It’s their way of retaining your whole business – but hey, we get a nice multi-line discount just for having everything under one roof.

If you log lots of miles commuting, don’t be shy about admitting it too. Companies will slash rates for shorter annual mileage since the risk is lower.

And like we covered before, make sure to ask about anti-theft equipment payouts. Disk locks, alarms, you name it. Tattle on yourself for responsible security measures.

Oh, and if you took one of those safety courses, be sure to let ’em know! The phone jockey might mysteriously “find” extra savings just for keeping your riding skills sharp.

Always inquire about any special discounts too – I’ve seen deals for condo owners, career fields, even academic credentials before. Don’t leave money on the table, folks!

If there’s a way for them to say thanks for your loyalty or encourage safer riding, the discount will be ours. Gotta play the system to our advantage here.

b. Consider daily use to “pleasure only” status

Here’s one more discount tip that could save you serious cash – changing your bike’s usage status to “pleasure only.”

Now I know for a lot of us, the bike is our main ride sometimes. But just think – when was the last time you actually NEED it to get to work? Most days it’s just for fun cruises around town, right?

Well if that sounds like your use case more often than not, label it as a weekend warrior in the insurer’s eyes. They’ll lop off big bucks for “pleasure vehicle” policies since there’s no daily commuting risks factored in.

I changed my old Thunderbird over last renewal and chopped 15% off just like that. All I had to do was confirm I don’t take it to the office each morning.

c. Check if professional or student rider discounts apply

You should check whether you qualify for any professionals or student rider rates. Your job or education status might land you some savings. I know guys teaching and working in public service fields get rates chopped just for their profession.

Heck, even if you’re still in school full-time, some insurers want to show support for young riders. They’ll offer student discounts right through grad school.

And if you’ve got a trade or your own business, don’t be afraid to put on your salesman hat too when you call. Play up advanced training certs or proprietary skills – butter them up about how responsible you must be.

Worst that happens is they say no discount. But it never hurts to ask, right fellas? Even a few percent off for being a pizza delivery boy or motorcycle mechanic beats paying full price.

SEE MORE: How to Get a Motorcycle Insurance Near Me

d. Insure multiple motorcycles together

Here’s one more tip that could score you an easy discount: insuring multiple bikes under one policy.

We all know how it goes… you start with one ride and before you know it the stable’s expanded to three or four babies in the garage. Well, did you know bundling them can save you serious cash at renewal?

It’s like a family plan for our rigs. Insurers love tossing multivehicle breaks our way to keep our whole fleet under their wings. Some will knock 10% or more just for having two or more bikes on one declaration page.

Don’t you hate picking one ride for a day out and leaving the others looking sad? Well now you don’t have to – insure them all for pennies more than covering one or two alone.

FAQs About How to Lower Motorcycle Insurance Premium

Do electronic security systems like tracking devices provide any benefits?

Some insurers may offer premium discounts for security systems with GPS tracking abilities. This helps improve chances of recovering a stolen bike. Premium credits typically range from 5-10% depending on the tracking device and features.

If I store my bike for winter, can I suspend coverage to save money?

Yes, many insurers allow you to request a suspension of coverage, also known as “lay-up”, when a bike won’t be ridden for 60 days or more – a good option if storing for winter. This pauses your premium payments until you “re-activate” in spring. Just be sure to follow insurer rules carefully.

Are there ever discounts for low annual mileage?

Absolutely. Providing accurate estimates of annual mileage can qualify you for substantial discounts if you’re a casual, fair-weather rider putting less than 5,000 miles per year on your bike. Always truthfully report your estimated usage each renewal period.

What’s the best way to bundle my bike policy with other policies?

Ask your agent about discounts for bundling your motorcycle policy with your auto, home, or other insurance policies. Having multiple lines with one carrier can knock 5-10% off your overall premium costs through their multi-policy incentives.

Leave a Reply