Friday, October 04, 2013

Saving on Motorcycle Insurance

Valuable Tips: Saving on Motorcycle Insurance
There’s a pretty good chance that you’ll never see motorcycle insurance policies in a store’s bargain bin. There’s no such thing as a “50% off” or a “buy 1 take 1” for these things. However, that doesn’t mean that you can never get a hold of a motorcycle insurance policy at a lower price. In fact, there are steps that you can take to get a better deal for yourself. Luckily, these aren’t difficult to accomplish at all. Below are some valuable tips on how you can save big on motorcycle insurance.

Search for the Best

As you probably know, there’s no standard price for motorcycle insurance since different companies offer plans at widely varying rates. That is why you shouldn’t stop browsing through motorcycle insurance plans until you feel that you’ve found the company that offers the best deal possible. One of the companies that offer the most affordable, great value plans in the market is Famous Insurance, so you may want to check it out.

Pricey Bike = Pricey Insurance

Here’s a no-brainer: if you don’t want to pay handsomely for motorcycle insurance, then don’t get a handsome ride. New and expensive models will obviously cause the rate of your insurance to spike. For that reason, do think twice about this before you purchase the latest Road King or other similar models.

Insurance Deductible

The deductible is the amount that must be paid for a claim before the policy takes effect. Generally, you can lower the cost of your motorcycle insurance by paying more for the deductible amount. You’d want to seriously consider this as you can shave off as much as 20%-30% from the cost of your insurance.

Motorcycle Training

Motorcycle newbies usually have to pay premium for insurance. On the flip side, those who underwent motorcycle training or courses can take advantage of better deals (just present your certificate to your agent). Hopefully, you fall into the latter category.

Drop the “Baggage”

As mentioned earlier, there’s no such thing as a standard rate when it comes to motorcycle insurance. Insurance differs in price because drivers also vary in profile and ability. Drivers who are young or have blemished driving records normally get charged more. Thus if you share your motorcycle with such drivers, then you can expect the cost of your insurance to rise. You should exclude them from your policy if you want to save cash.

Review Your Driving Record

Do this even if your driving record should read blank. There’s always the possibility that the traffic department may have wrongly marked your record for a violation. That would of course factor into the price of your motorcycle insurance. It’s better to check just to be safe.

Remove the Guest Passenger Liability Coverage

Do away with the guest passenger liability coverage if you regularly ride (no one’s sitting behind you) by your lonesome. After all, you shouldn’t be paying for something that would be practically useless to you.

Seek Discounts

You may think that you probably can get a better deal on your motorcycle insurance since your bike rarely gets any action anyway. If that’s the case, then you’re correct. There are insurance companies that offer discounted policies to drivers who only use their motorcycles on occasion. Be sure to ask for lower rates in such a situation—you’ll be able to save a ton of cash this way.

Users of old motorcycles should also be able to score discounts on insurance as well. You’re basically just throwing away money by keeping your dated ride fully covered. Talk it over with your agent and you should be able to cut down your insurance cost.

Don’t Bother with Minor Claims

The very purpose of motorcycle insurance is to shield the insured against significant losses or damage. With that said, don’t make a habit of going after even the most minor of claims—insurance companies aren’t fond of people like that. Otherwise, you’ll be at the mercy of higher rates.

Maintain an Excellent Credit Score

Yes, even your credit score can be a factor in the cost of your motorcycle insurance. While some insurance companies don’t put this into consideration, there are many that do. Therefore, it won’t hurt to be a good citizen that pays the bills on time.

Author bio: Adriel Mercado is a freelance writer and has been into motorcycles ever since he graduated from high school.

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