Motorcycle Insurance Rates and How to Lower Them

By: On: January 25th, 20090 Comments »Updated: November 7, 2012

Motorcycle insurance rates can be one of the most expensive aspects of owning a motorcycle. Fortunately, there are some things you can do to help reduce this cost and still have the proper insurance coverage. No one wants to dump money into their motorcycle insurance company when they could be using it for getting new motorcycle parts and accessories instead. Why not try to reduce your insurance cost by doing a few proactive and relatively easy things as we explain below.

If you want to purchase a brand new motorcycle, but will need to take out a loan to pay for it, then think about getting a good used motorcycle instead. For a brand new motorcycle payed for via a loan, you will be required to carry collision insurance on top of your regular liability insurance. Collision insurance can add significantly to your motorcycle insurance rates, especially if you are buying an expensive motorcycle. If you still want that brand new motorcycle, like me and almost everyone else, then you can reduce the collision insurance cost by asking for a higher deductible.

The deductible is the amount you are personally responsible to pay in case of an accident. In other words, if you chose a $1000 deductible, and got in an accident that resulted in $1500 damage to you motorcycle, then you pay $1000 and the insurance company pays $500. If you’re thinking that you will just have a buddy patch it up for $500 just so it is good enough to ride, you’re probably wrong. You’ll likely need to prove that it has been thoroughly repaired as long as you still have the loan on it. So, can asking for a higher deductible lower your motorcycle insurance rates? Yes, but beware that increasing your deductible is a little risky if you are a new rider and don’t have ability to pay a high deductible amount.

To help lower your motorcycle insurance rates, go attend a motorcycle rider safety course. Not all motorcycle insurance companies will give you a discount for taking one of these courses; however, if you do take it, you are in a much better position to be able to get motorcycle insurance quotes from companies that may have lower rates. New riders should take the Beginner Rider Course, or BRC. Experienced riders can work to save money on their insurance too by taking the Experienced Rider Course, or ERC, from the Motorcycle Safety Foundation. Not only will this help your chances to reduce your motorcycle insurance rates, it will help make you a better and safer rider. I personally have taken the ERC and highly recommend it. You can usually find this and other motorcycle safety courses offered at community colleges everywhere.

Another method to lower your motorcycle insurance rates is simply to shop around with different companies. The easiest way is to look for motorcycle insurance quotes online. In one sitting, and in less than a half hour, you could gather about 5 different motorcycle insurance quotes online. The key is to be prepared before you try this. Have all your information ready before you start. You will be asked how many years you have been riding, which specific motorcycle you want to insure, you may also need to provide your drivers license number and your social security number. I found it very easy and convenient to gather motorcycle insurance quotes online to find a well respected company with the best rates.

If you are just starting to think about getting a motorcycle or scooter, but you don’t have your motorcycle license yet, I recommend that you get your license first. You should go attend the Beginner Rider Course and take the skills test and also go get your motorcycle permit. The longer you have had your motorcycle license with a clean record, the more likely you will be able to get better motorcycle insurance rates. Another advantage is that you will be able to test ride motorcycles or perhaps rent a motorcycle to try it out before you decide which one to buy. Then, when you start looking for motorcycle insurance quotes, you’ll already have your motorcycle license and that will help the quoting process go a little easier and perhaps make the rates a little lower.

If you do get into a motorcycle accident, think about contacting a motorcycle lawyer to help you.  If a motorcycle lawyer is able to help prove that the accident and resulting expense was not your fault, not only will you be able to recover costs from the other person’s insurance company, but you might also protect your insurance claims record that will help you maintain lower motorcycle insurance rates.

Finally, the surest method towards reducing the cost of your motorcycle insurance rates is to be a safe rider and build up years of safe riding experience as we at Motorcycle Info strive to do. This is obviously a long term strategy, but it really is the best thing you can do to get the lowest rates. Go back again and take the ERC or other advanced rider safety courses if it has been several years since the last time you did that.

About John Clay

John Clay is the author of MotorcycleInfo.Org. He and his family reside in North Carolina in the United States. A graduate of the Motorcycle Safety Foundation's Experienced Rider Course, he enjoys riding his Moto Guzzi in charity rides and serves as a volunteer motorcycle marshal for an annual bicycle charity event in the Carolinas.

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