Top 10 Ways to Save on Motorcycle Insurance

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8. Know Your Policy

2012 Ducati Diavel Cromo

Many riders get sold on maximum coverage when they don’t need it. Experts say riders should carry enough insurance to cover bike replacement costs, hospitalization and to avoid bankruptcy. As your bike ages and depreciates in value, and the rider ages and gains experience, many riders drop comprehensive and collision coverage. You can also save money by dropping specialized coverage for accessories, total loss and trip interruption, or medical payments if you already have health care.

Yet, cheapest is not always best. For instance, liability – which covers damages to others but not yourself – is cheaper, but is even more of a liability for motorcyclists because, as we all know, there are no fender-benders on a motorcycle.

Other ways you can save on your policy include:
* Increase your deductible. The more risk you’re willing to assume, the lower your premium will be. For example, a $1,000 deductible should significantly reduce your premium.
* Pay up front, in full. Most insurance companies impose finance charges, so paying off your premium at the beginning of the term rather than in monthly increments saves money.

Top Insurance Providers

  • Supe up your motorcycle coverage.

    Nobody’s got you covered on the open road like State Farm®. Our motorcycle coverage comes standard with Emergency Roadside Expenses, Protective Gear Expenses, and Trip Interruption Expenses. It’s how we get over 1 million riders to a better state.
  • Allstate Motorcycle Insurance

    Allstate offers protection with one purpose: to keep riders riding. For those who can’t image life without two wheels, Allstate offers the Rider Protection Package, Genuine Parts Guarantee and New Motorcycle Replacement, plus discounts that could save you up to 50%. Call an Allstate Agent for a fast, free quote today.
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  • kgaka@sympatico.ca

    How about rates for Canada?

  • aircraftmech

    I found out that by owning a BMW bike, the rate is significantly higher that what I was paying; it is twice as high as what I was paying on my Triumph. Something to think about…