How to Lower the Cost of Motorcycle Insurance
Discounts and Safety Tips May Help Save Money on Motorbike Insurance
Apr 2, 2009
Like auto insurance, all 50 U.S. states require at least a minimum amount of liability coverage for motorcycle insurance. After all, motorcycles share the road with passenger cars – and in the event of an auto accident caused by a motorcycle, payments still must be made to those injured in the crash.
Motorcyclists can enjoy discounts on their motorcycle insurance in two simple ways. First, they can receive discounts for taking motorcycle driver safety courses and opting for a lay-up policy. Second, they can put into action some smart motorcycle driver safety tips. In both instances, motorcyclists will more than likely see a decrease in their monthly motorcycle insurance.
Motorcycle Insurance: What It Covers and What’s Optional
Motorcycle insurance is very similar to auto insurance in terms of coverages. Most motorcycle insurance coverages are optional, allowing the motorcycle driver to tailor the motorcycle insurance according to his or her needs. Coverages can be added or dropped, deductibles can be increased or decreased, and limits can be raised or lowered. Motorcycle insurance coverages include
- liability (the only motorcycle insurance coverage that is not optional; helps to pay for property damage and/or medical expenses for the other driver)
- collision (helps to pay for damage to the motorcycle itself)
- comprehensive (helps to pay for damage to the motorcycle in the event of vandalism, theft, fire, hail, or act of God)
- uninsured/underinsured motorist coverage (helps to pay for damage when an uninsured or underinsured vehicle causes personal injury and/or damage to motorcycle)
Motorcyclists should remember that any custom motorcycle parts will not be covered under motorcycle insurance. For example sidecars, trailers, chrome accessories, and custom paint jobs will not be paid for if a motorcycle accident occurs. However, the motorcyclist has the option of seeking additional coverage for these parts.
Motorcycle Insurance: Available Discounts
Motorcyclists can save money on their motorcycle insurance by receiving various discounts. For example, many motorcycle insurance companies offer discounts of up to 15 percent for taking motorcycle safety training courses. And in northern states, motorcycle lay-up policies suspend coverage during cold winter months which means that motorcyclists save money. Other ways to save money on motorcycle insurance include
- low mileage discounts
- type of motorcycle (e.g., cruiser vs. sports motorcycle)
- maintaining a safe driving record with no moving violations or motorcycle accidents
- discounts for multiple motorcycles on the same motorcycle insurance policy
- organization discounts
- mature rider discounts
- motorcycle association discounts
- safe driving habits including wearing a helmet and observing posted speed limit
Motorcyclists who would like more information on obtaining motorcycle insurance discounts should contact their motorcycle insurance company. However, understanding how motorcycle insurance works and available discounts for saving money on motorcycle insurance can go a long way toward putting more money into the pockets of motorcyclists.
See related articles, “The Basics of Auto Insurance," "Understanding Auto Insurance Terminology,” and "Auto Insurance: Car Safety Tips for Drivers."
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