Motorcycle insurance can be an important aspect of owning and riding a motorcycle. Some states mandate some level of coverage for all or certain riders. Other motorcyclists just prefer the peace of mind of knowing they’ll be covered in the event of an accident. Before you buy motorcycle insurance, consider these five tips to potentially save you money.
1. Pick the Right Deductible
Your deductible is the amount you pay, out of your own pocket, in the event of an accident. The insurance company is responsible for the rest of the costs after that deductible. If your deductible is $1,000, and your accident causes $20,0000 in damages, then you’d pay $1,000 and the insurance company would pay $19,000. You should set your deductible to the highest you can afford to pay in the event of an accident, because the higher your deductible the lower your premium.
2. Ask About Discounts
Motorcycle insurance companies offer many different types of discounts, and you should always ask if any apply to you. Specifically, if you’ve taken a motorcycle safety or training course, this often will get you a discount. If you haven’t taken one of these courses recently, now is the perfect time. Other savings can come in the form of age-related or safe rider discounts. If you’ve been riding for a long time, especially with no accidents, the insurance company knows you’re probably a safer rider than most. Finally, like when you’re financing a motorcycle, check your credit report, because the insurance company also looks at your credit score to determine your rate. Be sure to report any errors you see on your report and try to keep your credit score up.
3. Get Multiple Quotes
You should never buy anything based on just a single quote, and this holds true for motorcycle insurance too. Get at least two or three quotes, and make sure the coverage is similar between the quotes. You may get a super low quote, but it may include little to no protection in the event of an accident. There are plenty of companies offering insurance to bikers and many easy ways to get quotes, so there is no excuse to not shop around before you buy.