Young people have to pay a considerably higher rate for their motorcycle insurance compared to those who have passed the age of 25. It can be difficult for a young person who is just starting out on their own to pay the higher insurance rate.
Don't Pay More for Motorcycle Insurance!
Fortunately, there are six great ways to lower the rates you pay for your motorcycle insurance. Each of these methods is simple to do, and the savings will certainly build up over time. You will want to talk to your insurance agent about additional ways that you can save on your insurance premiums.
The simplest and most straightforward of all methods is to increase the amount of the deductible. This is the amount that you pay out of pocket when you file a claim on your policy. For example, a deductible of $500 means that you pay that amount out of your pocket before the insurance takes effect to pay the rest. The higher the deductible, the lower rates you pay on your insurance. Of course, you’ll need that amount handy in your bank account, but the savings can be considerable when you choose the highest deductible level. If you are someone of 21 years old, this is probably the best way to save on motorcycle insurance.
Driving Safety Course
Another way to lower your rates is by taking an approved driving safety course. It will need to be one that is recognized by your insurance company. By taking the course, you can save from 5% to 15% on average with your insurance premiums. It only takes a few hours, and such courses are held regularly in or near your community.
In addition, there may be online courses that you might take in addition to the driving safety course. Teen bike riders can save a considerable amount in premium with a recognized defensive driving course.
Lower Powered Motorcycle
Generally speaking, the more powerful the engine, the higher your premiums will be. If you have yet to purchase your motorcycle, consider getting one that is 125cc or less as you will pay a noticeably lower rate than one that is more powerful. This is because statistics show that more powerful motorcycles are also more likely to get into accidents.
State Minimum Coverage
If you owned the bike outright and did not take out a loan to make the purchase, you can opt for the state minimum coverage which can save you a considerable amount compared to paying for comprehensive coverage. Keep in mind that the minimum requirement for the state is the liability and perhaps uninsured motorist which means any damage you cause to your motorcycle in an accident that was your fault will not be covered.
Limited Driving Time
If you only drive your motorcycle during certain times of the year such as the summer months, then you can have your bike insured only for that time.
In many parts of the country, most people do not drive their motorcycles during the late fall, winter, and early months of the spring. By only driving it six months out of the year, you can save a bundle on your insurance.
Improve Your Credit Score
Insurance companies take your credit score into account when setting premiums. The higher your score, the lower your premiums will be. So, it pays to keep a good credit score as it will result in lower premiums on your insurance.