If you feel that you're motorcycle insurance rates are
too high, then you'll be happy to know that there are plenty of things
you can do to lower your monthly premiums and get your insurance bill
under control again. Here are five key areas where you can trim a
little cost off the top to reduce your motorcycle insurance bill.
Downsize Your Motorcycle
One way that you can reduce your motorcycle insurance
rates is by downsizing your motorcycle from a cost as well as a
performance standpoint. Cruisers carry much lower insurance premiums
than sport bikes because there is less risk involved with riding them.
As you may or may not know, risk is one of the key functional items
used to calculate insurance premiums.
Motorcycles that have bigger engines and travel at a
higher rate of speed are considered to be more risky. This in turn
means that the likelihood of getting into an accident is higher and
thus there is an increased chance that a claim will be made. For those
reasons there is an increased cost associated with insurance riskier
You might also consider buying used versus buying new
because used motorcycles are worth less than new motorcycles. Often
times new motorcycles must be fully insured if there is a lean against
the title. Full coverage is going to be more expensive than that which
is required for used motorcycles.
Opt For A Higher Deductible
Another way that you can reduce motorcycle insurance
rates is by opting for a higher deductible. When you choose a higher
deductible you are agreeing to pay more out of pocket cost when an
accident occurs. This means your insurance company will have to pay out
less for a claim so they will charge you a lower premium monthly
premium. If you feel reasonably confident that you won't ever have to
submit a claim, then a higher deductible might be the way to go in
order to reduce monthly premium costs.
Don't Over Insure
Choosing too many coverage options or unnecessary
coverage options can result in a high monthly insurance bill. Instead,
stick to those coverage options that are necessary. Make sure that you
are carrying the minimum amounts for required coverage options, and
don't under-insure your motorcycle because this could end up being more
costly in the long run. Also keep in mind that there are minimum limits
that must be met in each state so you should be aware of whether or not
your policy meets those requirements.
Bundling Your Insurance
Saving on motorcycle insurance rates is also made
possible by bundling insurance policies together under one package. If
you have individual auto, home, and motorcycle insurance policies with
the one company, consider consolidating them into one policy. Most
insurance companies offer package discounts to customers who bundle
their policies together. Doing so can drop your monthly premiums
substantially depending on the discount percentage your insurance
carrier is providing.
Training and Certification
Finally, if you're looking to save money on motorcycle
insurance rates, you'll be happy to know that most insurance companies
offer discounts to those who participate in a motorcycle safety course.
Rider safety training helps you become a safer and more knowledgeable
rider. This is something insurance companies like to reward.
Looking for cheap
motorcycle insurance? Learn about cheap motorcycle insurance
and more by visiting http://motormedley.com/motorcycle-information/motorcycle-insurance/.
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