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How to Lower Motorcycle Insurance Premium

We all want to pay less for motorcycle insurance, but the answer is not always as clear-cut as we’d like. Let’s look at a few ways you can lower your motorcycle insurance premium:

Shop around

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.

Suppose you are unsure about which company offers better prices. In that case, it could be worth spending extra time researching them online or calling their customer service number for more information about their policies and pricing structure.

Ask about discounts

There are several discounts that you may be eligible for.

Discounts could be available for safety courses, multi-policy discounts, and more.

Most companies won’t tell you about these concessions until you ask them.

motorcycle insurance discounts
Always ask about the discounts. Image credit: MART PRODUCTION / Pexels

Take a safety course

Many insurance companies offer discounts or reductions in your monthly premium if you take a safety course.

These courses aren’t just for beginners—you may learn things even if you’re an experienced rider. You can find these courses online and at motorcycle health centers.

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

Bundle your policies

If you have more than one policy with the same insurer (e.g., auto and home insurance), you may be eligible for a discount by bundling them together.

It’s a bundling discount and can help you save on your motorcycle insurance premium.

Review your coverage annually

Even if you don’t make any changes to your motorcycle or your coverage, it’s still a good idea to review your policy annually.

Doing this will ensure you get the best coverage for your needs at the best price.

Try a pay-as-you-go policy

If you ride only occasionally, this might be your best option.

Instead of paying for a monthly or yearly package, you pay the premium based on your mileage.

Consider a higher deductible

You can get a lower premium if you’re willing to pay a higher deductible. It is because you’re essentially taking on more of the risk.

A higher deductible means you’ll be responsible for paying more out of pocket if you have an accident. While this may seem risky, it can save you money in the long run.

RELATED: How Much Does Motorcycle Insurance Cost?

Lower collision and comprehensive coverage

If your motorcycle is older or not worth much, you may want to drop collision and comprehensive coverage.

It will lower your premium, but you will be responsible for any repairs if you’re at fault in an accident.

Pay your premium in full

Many insurers offer a discount for policyholders who pay their premium in full. This discount can be significant, so it’s worth considering if you can afford it.

Check out this article if you want to learn the benefits of paying the premium in full.

Maintain a good credit score

Your credit score is one of the factors that insurers use to determine your premium.

Maintaining a good credit score can help you qualify for lower motorcycle insurance rates.

motorcycle insurance premium
A high credit score means you will get a better insurance rate. Image credit: PabitraKaity / PixaBay

Ride a less expensive motorcycle

Your insurance rates will be higher if you have a newer or more expensive motorcycle.

Insurance companies consider motorcycles with larger engines and higher prices to be more of a risk. If you want to save on your premium, ride a less expensive bike.

Join a motorcycle club

Some motorcycle clubs offer insurance discounts to members. You get this advantage for being a paid or elite member of that club.

By following these tips, you can be sure you’re getting the best possible rate on your motorcycle insurance.

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