Motorcycles are unique assets. While they provide a lot of fun and excitement, they are also relatively high-risk vehicles. Motorcycle insurance adds protection in the event of an emergency. However, finding the right motorcycle insurance policy for your situation can be complex at times. Here are some tips to help you find premiums that align with your budget.
Changing Your Deductible
One of the most common ways to lower your motorcycle insurance premium is increasing your deductible. Your deductible is the amount you are obligated to pay out of pocket towards a covered loss before your insurance covers the rest. If you are in a position to accept more risks, you can lower your premium. However, this is only recommended if you are in a strong financial position. You should attempt to avoid a situation where your motorcycle has suffered extensive damage and you don’t have the funds to pay your deductible.
Opting for a Regular Motorcycle
You may be a fan of high-end motorcycles. Maybe you are a fan of their horsepower or enjoy going to special exhibitions with other high-end motorcycle collectors. While there are many benefits to riding an appealing and high-powered motorcycle, there are also potential complications. These types of motorcycles generally cost more to insure for multiple reasons.
If your high-end motorcycle is stolen or vandalized, it could be an expensive and complicated process trying to find replacement parts. The cost of repairing the motorcycle will also be expensive. Because of these variables, motorcycle insurance carriers charge luxury riders higher insurance premiums. You can save money by opting for a motorcycle with basic features.
You may also save money through deciding to bundle coverages into a single policy. Many carriers offer discounts if you opt to bundle your motorcycle insurance with your home or auto insurance. You will save money by paying one price for coverage.
You can save money on premiums by adjusting your policy to the minimum and most important coverages. You can reduce your coverage to make sure that you are protected if your motorcycle needs replacement parts, repairs, or if you are injured and need medical treatment. This allows you to save money while being protected if your motorcycle suffers serious damage in the future.
Be aware, though, that every state mandates that you purchase a minimum amount of liability coverage. After that, you can add as little or as much coverage as possible. In some cases, riders opt to cut collision, interruption, and accessory coverage. If you’re comfortable with your health insurance, you may decide to cut medical coverage from your policy.
Taking a Motorcycle Safety Course
You may qualify for a discount if you head to training and pass a motorcycle safety course. At the completion of the course, you will receive a license. Taking the course shows insurers that you are serious about staying safe on the road, which helps lower your premiums.
Consult with Scautub Agency LLC
Operating a motorcycle is an exciting feeling. However, it’s important to recognize that something could go wrong at any moment. Securing motorcycle insurance protects you in those moments. Use these tips to help lower your premium. If you have questions about your policy, contact the team here at Scautub Agency, and we will assist you in helping lower your motorcycle insurance premiums.