Motorcycles are unique assets. Finding the right type of insurance coverage to protect them may be complicated at times. There are multiple variables to consider when searching for coverage.
Here is a look at some key motorcycle insurance cost-saving tips.
Research Different Motorcycle Clubs
If you join a motorcycle club, you can save money on your motorcycle insurance coverage. Insurance companies often give discounts to members of motorcycle clubs. Popular motorcycle clubs include the Harley Owners Group and American Motorcyclist Association. Joining a motorcycle club also makes it easier to network with other riders and receive recommendations on different motorcycle insurance carriers.
Low Mileage Discount
If you only ride your motorcycle on rare occasions, check with your insurer to see if you qualify for a part-time rider discount. You can also ask about lowering your coverage if your motorcycle is in storage during the winter. Keep in mind that you may be obligated to keep full coverage on your motorcycle throughout the year if you financed your motorcycle purchase.
Assess Your Risk Exposure
Expensive motorcycles cost more to insure. If your luxury motorcycle is damaged, finding replacement parts can become complicated. Before purchasing a luxury motorcycle, contact your insurer to see how your premiums may change compared to purchasing a more traditional model.
Increase Your Deductible
Deductibles are a common part of any insurance policy. If you increase the size of your deductible when filing a claim, you can lower your premium. If you’re a low-risk motorcycle rider, raising your deductible can lead to substantial savings. Call your insurer to see how much money you may be able to save.
Research All Possible Discounts
It’s recommended that you stay proactive when researching potential discounts. Your insurance company is unlikely to disclose any extra information regarding potential discounts that you may qualify for. You can contact your insurer and ask about potential safety discounts and storage discounts. You may qualify for multiple discounts that you were unaware of.
Get Extra Coverage
Traditional motorcycle insurance policies don’t cover any amenities you plan to add to your motorcycle. You can add extra coverage to protect your motorcycle if it suffers damages after you have installed custom accessories or a new paint job.
The opposite of adding coverage to your motorcycle insurance policy is dropping coverage. At the minimum, you should have liability coverage. Liability coverage protects you if your motorcycle injures someone or causes property damage. If you have an older motorcycle that has suffered depreciation, dropping full coverage is something to consider. If your motorcycle is damaged by someone else, their liability insurance should cover the damages. Maybe you don’t need comprehensive coverage because the risk of theft or vandalism is low. Assess the worth of your vehicle, then figure out whether full coverage is still beneficial from a financial standpoint.
Consult with Gant Insurance Agency
These motorcycle insurance cost-savings tips can help protect your asset while allowing you to stay within a budget that aligns with your finances. If you have any questions about your motorcycle insurance policy, contact the team here at Gant Insurance Agency, and we will assist you.