Thousands of people purchase motorcycles every year. Motorcycles are attractive assets because they provide a unique method of transportation compared to an automobile. Perhaps you have recently purchased a motorcycle. While this can be exciting, and you likely can’t wait to plan your next adventure, there are a few things to consider. Operating a motorcycle is dangerous, as one wrong turn or bump can lead to a fatal injury. Purchasing motorcycle insurance is recommended. Calculating your insurance premiums may become complicated. If you are trying to purchase insurance while on a budget, here are a few ways to reduce the cost of your motorcycle insurance premiums.
Opt For A Traditional Motorcycle
Perhaps you are a fan of high-end motorcycles. While high-end motorcycles are appealing to the general public and fun to ride, they are also expensive. If you purchase a high-end motorcycle, your insurer will likely charge you higher premiums for multiple reasons. Operating a high-end motorcycle is risky compared to riding a more traditional one. Luxury motorcycles are faster, which increases the likelihood of an accident you may get involved. Also, the parts on luxury motorcycles are hard for insurers to replace if something happens to them. It will cost your carrier more to replace or repair specialty products on your luxury motorcycle, which increases your premiums. It’s recommended that you opt for a traditional motorcycle if trying to stay within a budget.
Reduce Your Coverage
It’s recommended that you look over your insurance policy to see if there is any extra coverage that you can cut to help save money on your premiums. Every state requires motorcycle riders to carry a minimum amount of liability coverage. However, you can adjust your policy to include or exclude collision and comprehensive coverage. Perhaps you have extra coverage in your policy, such as trip interruption insurance that you now believe isn’t necessary to have any longer. Reducing some of your motorcycle insurance policy coverage can help lower your premiums. However, it’s recommended that you maintain enough coverage to protect yourself in case of an emergency.
Increase Your Deductible
Your insurance deductible is the amount you are expected to pay towards a loss before your insurance covers the rest. You can opt to cover more of the risk by increasing your deductible, that helps lower your insurance premium. Opting to pay a large deductible is only recommended if you have financial security; otherwise, you are better off sticking to your regular deductible.
Once you have extensive practice in operating a motorcycle, taking a motorcycle safety course is recommended. Passing the safety course will help you receive your motorcycle license. Once you have acquired your motorcycle license, your insurer may offer you a discount. A safe riding discount will help lower your premiums.
If your insurance carrier offers multiple types of coverage, consider bundling your motorcycle insurance with home or renter’s insurance. This allows you to pay one premium for multiple coverages. As a thank you for supporting their business, the insurance company may offer you a discount, reducing your premiums.
Consult With Burton A. Harris Insurance Agency
Searching for the right motorcycle insurance policy can be complicated, especially if you try to stay within a budget. Relying on these tips should help you find a policy that aligns with your current situation. If you have any questions, contact our team here at Burton A. Harris Insurance Agency, and we will assist you.