10 Ways to Save Money on Motorcycle Insurance

Motorbike insurance doesn't have to cost you an arm and a leg, if you know what to look for. A few simple steps before buying a policy could save you hundreds of euros over the course of your riding career.

Some aspects of a motorcycle insurance policy are optional, while others are required by law. Before starting, check the laws to make sure you meet the minimum required coverage.

  1. Shop around and get a motorcycle insurance quote from at least three different providers before making a decision. Insurance costs for motorcycles can vary widely from company to company, even for the exact same coverage. A little time spent comparing rates can save you big bucks down the road.
  2. Take a motorcycle safety course. Some states require all new riders to participate in a course to prepare them to be safe on a motor bike, and many insurance companies offer discounts for doing so. The Motorcycle Safety Foundation has a website with information on safety courses available across the country. It also lists state laws and has safety tips for new and experienced riders alike.
  3. Ride safely. Just like auto insurance, your motorcycle insurance rates can go up for speeding tickets, accidents, and of course, insurance claims. Larger insurers may not even handle riders with too many violations, forcing them to buy coverage from smaller companies, often at higher rates. Keeping a clean driving record will not only save you money; it will keep you safer!
  4. Join an association. Some insurers offer discounts if you belong to a motorcycle association such as the Harley Owners Group, American Motorcycle Association, or the BMW Motorcycle Owners of America. Insurers typically only recognize larger national clubs, so check before joining one to be sure of getting a discount. And of course, join an association that fits you and your bike.
  5. Be financially responsible. Careless drivers tend to be careless with their money, and insurance companies know this. Keeping up with your bills and having good credit can get you a lower premium.
  6. Check for multi-vehicle discounts. If you have a second motorcycle or a car, most companies will give you a break if you insure all your vehicles with them.
  7. Avoid full coverage insurance. Obviously, if you are financing the bike, you'll be required to maintain full coverage insurance. If your bike is paid off though, you can go with a minimum coverage plan and save money.
  8. Medical coverage. If you already have comprehensive medical insurance, through your work or otherwise, you may not want to pay for it on your motorcycle policy. On the other hand if you carry passengers, or just want to be on the safe side , consider a policy with additional medical coverage.
  9. If practical, avoid carrying passengers. Unlike auto insurance, motorcycle policies treat passengers as a separate risk, raising rates. If possible, commit to not taking riders on board and lower your premiums.
  10. Don't buy a rocket ship! If all you need is basic transportation avoid a high-horsepower, racing-style bike. These cost more initially, and are more expensive to maintain and insure. A basic commuter bike with less power will get you where you're going safely and save you money.

After you get your insurance, don't forget to update your coverage as circumstances change. Buying another vehicle, getting married, starting a family, or simply getting older can all affect how much you'll spend on insurance coverage.

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