Cost Saving Tips For Your Motorcycle Insurance

by Administrator 7. July 2014 09:47

Motorcycle insurance is one way of protecting you and your bike from damages. Lately the rates of insurance policies seem to be going up and some individuals are overpaying for their insurance policies, when they clearly can save on premiums that they pay to the insurance companies. The cost of motorcycle insurance is dependent on risk and amount of protection sought. Therefore, by following the given below steps, you can significantly lower your premium amount.

  • Increasing the deductible – By paying the larger amount of any loss, you can bring down the cost of your monthly premium by a great margin. Higher the deductible, smaller will be the cost.  You can gain this information from your insurance company about the amount you can save by raising your deductible amount.
  • Choosing the right bike – Exotic and sport bikes are more expensive to repair and usually have higher insurance premium amounts than an average bike. Also, such bikes are more likely to be stolen because of their make and hence making a claim costs higher.
  • Dropping full coverage – Dropping unnecessary coverage plans like comprehensive and collision coverage can be a good idea if your bike is old. Even guest passenger liability coverage can be dropped if you frequently ride alone.
  • Asking for Discounts – Some insurance companies do not let their customers know of the discounts on their coverage plans. Therefore, it is recommended to inquire beforehand about the discounts that the company offers.
  • Get More Experience – Motorcyclists who aren't much experienced with riding bikes are involved in more accidents as compared to experienced ones. By showing that you are an experienced rider, you can take a motorbike training course. Insurance companies give premium reduction to those who pass these tests.
  • Storing the bike safely – If you want to keep your bike safe, you should store them safely. Bikes that are parked for extended periods of time are easy targets for thieves.
  • Improving financial responsibility – Companies maintain a credit report for their customers and determine how much they pay on premiums. By keeping your credit payments low and paying bills on time, companies can reduce their charges on how much you pay for insurance

Motorcycle insurance rates keep varying from one company to another. It is advisable to choose the right insurance cover from a reputable company for your bike if you intend to save big on your insurance policy.

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