Motorcycle Insurance: 6 Ways to Lower Your Costs

Got outrageous fees? Pause for a moment because you can have affordable insurance coverage.

Motorcycle Insurance: 6 Ways to Lower Your Costs

Written by

Ron Khirman

Published on

August 11, 2021

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Keep It Simple

Does your bike steal the show all the time with its roaring sound that sends the heart reverberating? Is it the best of the best? Hey, we get it. It’s worth all that hard-earned money. But then, your motorcycle insurance will be at its most expensive, and you’ll barely have any breathing room to pimp your bike.

Modified bikes are expensive to insure. So, you can opt for something simpler to keep your insurance cost at the barest minimum.

Purchase Only the Required Coverage

Some coverages are must-haves, while others are optional. You don’t have to opt for every insurance offered, including trip interruption insurance, accessory insurance, collision insurance, and total loss insurance. These options only drain your finances faster. So, get policies that are essential to your needs.

Ideally, your insurance should cater to medical treatments, bike components, and the cost of labor. If you have a health insurance policy in place, then you don’t need medical coverage.

Keep in mind that cheap motorcycle insurance may not necessarily be better than a more expensive one. You should always choose a policy that can protect you from claims and can fulfill your insurance needs.

Biker Club Discounts Come In Handy

If you belong to a biker club, like the Motorcycle Safety Foundation and the American Motorcycle Association, you may get a discount on your motorcycle insurance premiums. Some insurance companies provide discounts for bikers that are members of such clubs, so keep an eye on such firms in your area.

Kindly note that there are limitations to your standard insurance coverage. For example, if your motorcycle comes with a unique paint job, you may not be able to insure the bike until you purchase additional coverage.

Include Safety Features

It is fairly unusual to hear about motorcycle theft, which has an impact on insurance policies, particularly if the motorbike is stored in an exposed place. Keeping your bike in good condition allows you to save money on your insurance coverage. It also makes it less likely to be stolen.

If your lock comes with an alarm system, it will increase protection, notifying you when someone intends to snatch the bike. Don’t forget to enhance your safety by wearing the right protective gear, including helmets, elbow guards, knee guards, chest protectors, back and spine protectors, boots, and jackets.

Deductibles Count

There are many types of motorcyclists. Some are recreational bikers, some are full-time riders, and others just ride for errands. And, different riders have different insurance needs. If you are a first-timer, a lower deductible will be best for you. On the other hand, if you are a frequent rider, you may prefer a higher deductible.

Purchase pay-per-mile motorcycle insurance coverage

Mileage is a major factor that determines the price of a motorcycle insurance policy. When it comes to finding a cheap motorcycle insurance policy, you can’t go wrong with pay-per-mile motorcycle insurance. Perhaps you're hearing about this option for the first time and are curious about what it entails and how it works.

What is Pay Per Mile Motorcycle Insurance?

This is the best motorcycle insurance you can get at the moment. Its flexibility endears it to many bike riders. What makes it unique is that you don’t have are not placed on a fixed payment plan; rather you pay for only what you ride.

It helps you save more money if you are an occasional rider or one who covers short distances. On the other hand, traditional motorcycle insurance requires continuous payment at the same level, even you don’t ride your bike for months.

You can customize your insurance policy to match your year-round biking routine. Payments are only based on the miles you cover with your bike. So, if you don’t ride your bike throughout winter, you don’t pay. Simple as that.

Likewise, this cheap motorcycle insurance doesn’t compel you to downgrade your choice of bikes as you can decide not to ride it often. So, whether you ride a BMW R18, Damon Hypersport SE, or a Harley-Davidson Sportster S, you won’t feel your insurance coverage yanking your pockets.

The Bottom Line

The thrill of owning and riding a motorbike is overwhelming, which gets better with reduced monthly motorcycle insurance. However, without taking the right steps, you may be stuck in an unending loop of outrageous insurance payments, pending you to opt-out. Pay-per-mile insurance coverage is a game changer most bikers would love.

With this policy, you only pay for the distance you cover when out on your bike. It’s a flexible way to keep track of your biking experience as well. It’s time to say goodbye to the days of outrageous monthly insurance payments as you save extra cash through pay-per-mile motorcycle insurance.

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