A lot goes into safe motorcycle riding. There’s gear to buy, classes to take, and of course a motorcycle to choose! Most countries also require some form of motorcycle insurance. This requirement can range from simple third-party “liability” coverage to full comprehensive or “accident” insurance coverage. Even with just “basic” plans though insurance can be costly.
So what can a rider do to lower their new or existing insurance costs? Check out our top tips below to find out!
Finding Safe Storage
While shopping for insurance, your provider may ask or require you to answer where your motorcycle will be regularly stored. This is because the likelihood of motorcycle theft (the majority of which happen at night) is sometimes taken into account when calculating your insurance charges.
Parking in a garage offers the most security, whereas leaving your motorcycle parked on the street is considered the riskiest, which could impact the overall price of your insurance plan.
Invest in a Security Device
Alarmed padlocks, heavy-duty chains, ground anchors, identity tags, and GPS trackers are just some of the many options out there when it comes to motorcycle theft prevention. Approved and certified security devices may be recognized by your broker, and should reduce the cost of your insurance plan due to a lowered risk of theft.
Ask About “No Claims” Discounts
Some insurance providers will offer discounts and bonuses to policyholders with incident-free yearly records. Before you purchase your insurance policy (or even if you currently have one), ask your provider if “claim” or incident-free riding is rewarded in any way. Sometimes called “No Claims Benefits’ ‘ (NCB’s), these benefits include discounts of up to a 40% reduction in rates over time! Some brokers will even honor these NCBs if you transfer insurance policies.
Install a Motorcycle Camera
In some areas, proof of purchase and installation of a motorcycle camera can significantly lower your insurance costs (much like a dash camera for a car). This is because video footage of accidents or issues can save insurance companies costly time and resources when it comes to post-incident litigation. Consider utilizing a comprehensive motorcycle camera system with full 360° visual coverage, automatic loop recording, and automatic incident (impact) recording.
Take a Riding Class
In general, the more “safe” and responsible a rider (and driver) you can prove yourself to be — the more likely it is that you will be able to save money on your insurance policy. Advanced and even basic or licensing riding courses can count as “safety classes,” which can potentially earn you a discount on your motorcycle coverage and possibly even your car insurance too!
Brush Up On Negotiating
If all else fails for attempting to lower your motorcycle insurance rate, you can always fall back on old-fashioned negotiating. This step does require doing a little extra research on your part first, however. Before calling your insurance provider directly, be sure to collect insurance rates from other brokers to use in your negotiations. Some providers will price match, and if they don’t, you at least have a more cost-effective option to consider.
Insurance regulations and requirements vary from country to country. Before you begin shopping be sure that you have a good understanding of what’s necessary and what might be the best fit for you. For some riders, bare insurance requirements are enough, but others prefer more comprehensive plans (with some plans even covering gear and motorcycle modifications). Once you’ve done your research and found comparable pricing, use this helpful list to get a great deal!