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10 Tips for Saving on Motorcycle Insurance

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10 tips for saving on motorcycle insurance

10 tips for saving on motorcycle insurance


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The average cost of motorcycle insurance in the US is over $700, but in some states, it exceeds $1,500.In California, for instance, it’s not uncommon to get quotes in excess of $2,000. It’s a huge sum of money, especially in these financially taxing times, but there are some ways you can reduce those costs, and that’s what we’ll look at here.


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10. Rethink the Size of Your Bike

Contrary to what you might have heard, size matters. In fact, insurance companies are pretty shallow in that respect, as it’s one of the main things they care about.Bigger, more powerful, and more expensive bikes attract much higher premiums. That’s not much help to you if you already own a bike. While the price difference can be significant, it’s not enough to justify selling your ride and buying another. However, if you have yet to make the commitment, consider looking for something a little more conservative.

9. Look for Multi-Policy Discounts

If you already have auto insurance or home insurance, contact your existing provider and ask them about motorcycle insurance. Typically, insurance providers will offer discounts for customers that order multiple policies. Known as “multi-policy discounts”, they can save you a small fortune on your insurance costs.You can also save money if you get insurance on more than one bike. So, if you have multiple bikers in your family, consider adding them to the same insurance policy.Of course, you shouldn’t just assume that your existing provider will have the cheapest option, even with the multi-policy discount in place. And that brings us to the next point:

8. Always Compare Insurance Companies

There is no shortage of comparison websites offering access to low-cost insurance policies. You can search by specific insurance products and requirements and see a list of all the best options.Just bear in mind that the comparison site may not show a complete list, so it’s still worth checking other providers in your area. You may also get a better price by going direct.It sounds like a lot of work, but we’re talking about something that could cost upwards of $1,500 and something that will come in very useful if you’re ever involved in an accident. Spending a few hours finding the right provider could save you a lot of money and hassle in the long term.

7. Increase Your Deductible

One of the easiest ways to reduce your insurance premiums is to increase the deductible. You’re essentially reducing the insurance company’s liability in the event of an accident, and anything that lowers their risk and saves them money will impact positively on your premiums.Of course, it means that you’ll stand to lose more money in the event of an accident, so keep that in mind while tweaking your deductible.

6. Consider Anti-Theft Devices

As the name suggests, anti-theft devices protect your bike from theft. They could save you a big headache in the future and they could also save some cash in the short term. Some insurance companies offer discounts to bikers who have these devices installed.

5. Take Safety Courses

Most insurance companies provide discounts for bikers who take motorcycle safety courses. For instance, Geico offers 10% discounts to policyholders who complete a course from the Motorcycle Safety Foundation, with 20% discounts available to Motorcycle Safety Foundation instructors.

4. Call Your Insurance Company

Everything is online these days and it’s certainly the most convenient way to compare and shop. But sometimes, it’s best to get someone on the phone and speak to them directly.If you call your insurer, they may offer you further discounts or make some suggestions. You can ask questions relating to your policy and its terms and you can also enquire about safety discounts, storage discounts, and more.

3. Consider Your Needs

Do you need comprehensive insurance? If you ride a cheap bike that you can repair yourself and don’t care about scrapping it, you can probably rethink that option.Insurance companies want you to have complete protection, but not everyone needs it. Take a closer look at your policy options and consider what you will actually need.

2. Join a Group

Your chosen insurer may offer discounts if you are part of a specific motorcycle or automotive group. Such is the case for AARP and AAA members, but it’s also true for the following:

  • American Motorcycle Association
  • The Star Touring and Riding Association
  • Honda Riders Club of America
  • Motorcycle Touring Association
  • Suzuki Owners’ Club of North America
  • BMW Motorcycle Owners of America
  • Gold Wing Road Riders Association
  • Harley Owners Group
  • Riders of Kawasaki

1.  Pay Upfront

You could save a few bucks if you pay for your insurance policy upfront. It’s a lot of money to cough up in a single payment, but it’s worth it if you have the funds.

FAQs About Motorcycle Insurance

How does motorcycle insurance work?

Motorcycle insurance works just like car insurance. You pay your premiums, maintain your policy, and if you’re ever in an accident, the insurer will pay out (minus the deductible). The cost of motorcycle insurance is calculated based on risk. In other words, the insurer calculates how likely it is that you will require a payout based on everything from your age and motorbike to your location. They have a lot of data at their disposal and use this to calculate premiums.It’s why young motorcycle riders are charged more money. It’s not an indictment on their ability to ride. It’s simply because the insurer is playing a numbers game and young people are more likely to make a claim.

How can I save money on motorcycle insurance?

The quickest way to save money is to compare rates from different insurance companies. If you have a little more time, take a safety course, buy some anti-theft equipment, join relevant motorcycle or automotive clubs, and look for multi-policy discounts.

Can you negotiate motorcycle insurance?

Potentially, yes. For instance, if you have an existing insurance company that offers you $2,000 but you shop around and find quotes for $1,000, you can call your existing provider, mention the quotes, and ask them to match them. They might agree. They might not. But you can always refuse to renew your policy and go with one of the cheaper quotes.

Why is my motorcycle insurance so high?

There could be many reasons for this. If you’re a young and inexperienced driver, this is likely the reason, as it puts you in a high-risk category and means the insurer is more likely to pay out. Your previous claims can also increase the cost of a motorcycle insurance policy, as can your location.If there are a lot of crashes and thefts in your area, you can expect to pay more for motorcycle coverage.

Which motorcycles are the most expensive to insure?

Sports bikes are usually the most expensive bikes to insure. These bikes are built for speed and performance.

How common is motorcycle insurance in the US?

There are millions of motorcycles in the United States, and every bike that hits the road needs insurance. The most popular states for motorcyclists are New York, California, and Florida, with these three states accounting for over 2.3 million of the country’s motorbikes.

Summary: Reducing Motorcycle Insurance Costs

Although motorcycle insurance costs are high, there are many ways to save. The exact amount you can save will depend on various factors, including your chosen provider and location, but if you follow the steps above there’s no reason why you can’t shave several hundred bucks off your premiums.

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