Practical Tips for Reducing Motorcycle Insurance Costs

Motorcycle insurance is a crucial aspect of owning and operating a motorcycle. It can provide necessary financial protection in case of a motorcycle accident, loss, theft or damage. Policies may also cover liabilities if you’re responsible for other parties’ injuries or property damage.

Understanding Motorcycle Insurance

Motorcycle insurance is similar in many ways to car insurance, and policies may include several types of coverage, such as the following:

1. Liability coverage—This can cover costs if you’re at fault in an accident, causing damage or injury to others.
2. Collision coverage—This may pay for damage to your motorcycle in an accident, regardless of who’s at fault.
3. Comprehensive coverage—This may assist with losses arising from noncollision incidents, such as theft, vandalism or damage from natural disasters.
4. Uninsured/underinsured motorist coverage—This may financially protect you if you’re in an accident with a driver who doesn’t have insurance or whose insurance is insufficient to pay for your losses.

Reducing Your Motorcycle Insurance Rates

Consider the following tips to help you reduce your motorcycle insurance rates:

• Take a motorcycle safety course. Many insurance companies offer discounts to riders who complete approved motorcycle safety courses. These courses not only make you a safer rider but also demonstrate to your insurer that you’re less of a risk.

• Maintain a clean driving record. The fewer accidents and traffic violations you have, the lower your premium may be. Safe driving also includes not making small claims. If you had a minor accident and it’s not expensive to repair, consider paying out of pocket.

• Choose your vehicle wisely. High-performance or sport motorcycles are often more expensive to insure because they’re more likely to be involved in accidents. Choosing a less flashy bike can lead to significant savings on your insurance premium.

• Install anti-theft devices. Having extra security features on your bike can lower your insurance rates. This can include locks, alarms or tracking systems.

• Bundle your insurance. If you have multiple insurance policies (e.g., home, car, etc.), consider bundling them with the same company. Most insurers offer discounts for bundling policies.

• Adjust your coverage. If you own an older bike, consider dropping collision or comprehensive coverage. The cost of repairing or replacing your bike might be less than the annual premiums. Higher deductibles may also help with reduced rates, although your out-of-pocket costs will generally increase following an incident.

How to Find the Best Motorcycle Insurance Rates Near Me

With over 80 years of experience serving motorists, homeowners and families in the Ashland and Medford areas, Reinholdt and O’Harra Insurance is ideally positioned to help you find the right motorcycle insurance. Visit our website or call 541-482-1921 to learn more about your coverage options or to compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.