Motorcycle insurance can feel like a costly, unnecessary expense at times. However, insurance does not need to be a major drain on your financials. There are affordable options, and ways to get the most out of your insurance policy. Below are some valuable tips on how you can cut the cost of your motorcycle insurance this year.
Shop around.
Not all insurance policies are the same, and it’s up to you to spend the time finding one which is going to offer you the best deal. While that’s mostly due to the fact that motorcycle users vary significantly in profile, it’s also because companies simply offer insurance at different prices—one may give you a different quote on your policy than the other, but the excess may be lower and it may include additional benefits. The key is to find the one that provides you the coverage you need for the lowest price. If you’re unsure of where to begin; Famous Insurance is a reputable motorcycle insurance company which can provide you with an instant quote. However, there are literally dozens of companies out there that offer motorcycle insurance and the market is very competitive, so don’t be afraid to shop around.
Re-evaluate your policy.
If you don’t intend to switch companies, then at least re-evaluate your current policy. Ask yourself this question” “Is this the best coverage for me?” For instance, consider dropping collision coverage if your motorcycle is now several years old, and is not categorized as ‘new’. You can also remove guest liability coverage as well if you rarely have a passenger riding with you.
It is also a god idea to update your policy if you’ve recently received formal motorcycle training (more on that below) or moved to a safer neighborhood (keep in mind, high-risk or high-crime locales tend to drive up the price of motorcycle insurance).
Enroll in a motorcycle course.
Apart from coming out as a safer driver, another benefit of enrolling in a formal course is that you’d be able to negotiate a lower price on your policy. Do so if you haven’t yet, especially if you are a new driver. Stay Upright offers excellent motorcycle training, so do check out the site if you’re interested.
Trade in your bike for something cheaper.
If you want a surefire way to lower your insurance coverage, then trade in your fancy (and pricey!) sports bike (yes, it may look good, but it can also put a hole in your wallet), in favor of one that simply gets the job done. As you probably know, expensive motorcycles result in expensive policies.
By following these tips, we guarantee you’ll be able to considerably cut down your motorcycle insurance expenditure this year.
