Everyone is looking to save money these days, and insurance is one of the most common expenses people shop around for to reduce costs. There are some great ways to save money on your motorcycle insurance, and the good news is you may not even need to switch insurance companies to save money—nor should you have to give up any of your coverage.
Where to Start Saving?
When it comes to riding a motorcycle, some risks are a given. No matter how safe of a driver you are, once you get on your bike and onto the open road, anything can happen. That’s why if you were thinking of going without motorcycle insurance to save money, you would be making a big mistake. Instead of forgoing coverage altogether, it’s best to start looking at ways you can reduce your monthly insurance costs. One place to start is your deductible.
The deductible is the amount that you would have to pay out of pocket in the event of certain types of claims. Most people opt for low deductibles so that they won’t be responsible for coming up with much cash. This isn’t always the smartest way to go, however. Higher deductibles can save you a lot of money in the long run, even if you do wind up having a claim in which you have to pay that amount.
If you are a safe rider, the odds of having an at-fault accident are relatively low. If increasing your deductible saves you hundreds of dollars a year, you won’t have to go many years without an accident before you have already saved more than enough to cover that increase in the deductible.
Need Multiple Policies? Try Bundling Them!
Insurance is one of those things we invest in while hoping we never have to use it. We prepare for the worst and hope for the best by paying those premiums to protect our car, home, motorcycles, possessions, health, and life.
Although there are several approaches to saving on your insurance policies, one that may be overlooked is also one that may offer you the most significant savings. Combining, or bundling, your different policies with one company can save you up to 20% to 30%—no trivial amount in these tough economic times! The most substantial savings come from combining your auto or motorcycle policy and homeowner’s policies, but you may be able to achieve even further savings by bundling life and other insurance policies.
You can also save more than money by consolidating your policies. Think of the time, effort, and concern you can save by dealing with one company and one local agent who is familiar with all your insurance needs as opposed to two or three different companies, locations, and agents.
Now that we’ve discussed ways to save on your motorcycle insurance, keep in mind there are other contributors to your monthly premiums.
Many factors are taken into consideration when determining your policy rate. These include:
- Your age
- Marital status
- Driving record
- Insurance history
- The make, model, and year of your motorcycle
- Where you store it overnight
It’s important to remember that some of these factors can be controlled by you, while others are not. Obviously, you can’t change your age, but some factors can be influenced by your decisions.
If you have a great driving record and insurance history, keep it that way. Consider driver training classes to offset points against your record if things aren’t looking so great. If you haven’t purchased your motorcycle yet, or are thinking about getting a new one, consider how the make, model, and year will impact your insurance rates.
Motorcycles with high safety ratings are likely to have lower insurance premiums. Keep in mind, where you store your motorcycle can also have a big impact on what you will be paying.
With all of these potential savings, you can be sure to get a great rate without sacrificing the right coverage. The great thing about working with an independent insurance agent is that we would never make you do such a thing! When you shop with us you have options. We work with many carriers to meet your unique insurance needs. With us you have choices, and we will always work to gain your trust… It’s part of our promise to you! Give us a call at 860-684-5270 and we will show you exactly what we mean!