For some, owning a motorcycle is a matter of pride, a break from conformity and signifies unrestricted freedom. As with automobiles, motorcycle insurance should not only be mandatory but also a vital step in protecting your precious possession and those around you. Even though motorcycles are often less expensive than cars, it is often surprising how much your insurance policy can cost. The following are seven recommendations for reducing motorcycle insurance costs.
- Consider the Type of Motorcycle
If you’re considering buying a new bike consider the cost, risk, and influence on your rates while choosing your next motorcycle. Similar to cars, some motorcycles are seen by insurance providers as carrying a higher risk than others. The riskier the bike, the more expensive your insurance will be. Sport and Super bikes frequently fall into this category because of their emphasis on how fast they can go.
- Consider the Coverage You Need
It always good to consider the exact level of coverage you need. While add-on covers provide additional coverage to the standard comprehensive insurance policy, you may need to pay an additional premium.
- Pick a Higher Insurance Deductible
Increasing your deductible, or the amount of money you have to pay out-of-pocket before your insurance takes care of the remainder is one strategy to lower the cost of your motorbike insurance rates. Although doing so would lower premiums, be sure you have enough cash on hand to pay the deductible in case of an accident.
- Circumvent Small Claims
Insurers offer a No Claim Bonus (NCB) if you have not raised any claim during the policy period. This allows you to claim a discount offer that can go upto 50% and help reduce your premiums. Avoid raising small or insignificant claims to take advantage of the NCB as a discount.
- Bundle Your Insurance
Lots of Insurance companies offer loyalty points if you buy several other types of insurance such as health, travel, etc. from them. This can then be used as a discount on your bike insurance premium.
- Get Certified in Driving a Motorcycle
Insurance companies may review your driving habits to determine the premium they set for your policy. Ensuring you maintain a good track record when it comes to your driving habits allows you to reduce your premiums. Moreover, if you are part of some motorcycle organizations or clubs you may be also eligible for discounts on your insurance.
- Ensure your bike is safe
If you can demonstrate that you take steps to secure your vehicle and prevent any unwanted damages or losses, insurance companies will cut your bike insurance prices. It is usually preferable to store your bike inside a garage as opposed to leaving it out on the street. Additionally, you can protect your two-wheeler with security tools like anti-theft alarms.
Stay Protected with 01 Insurance
It is crucial that you take into account your needs before conducting research to obtain insurance that will satisfy them. Your motorcycle insurance should be sufficient to pay for both hospitalization and replacement costs. Contact our agents here at 01 Insurance and discover the policy that is right for you and your motorcycle!