Ways to Lower Your Motorcycle Premium

Coverage You Should Carry to Protect Yourself

Although insurance is a necessary expense, no one wants to pay more than needed. People are always looking for ways to save money and get the best rate possible. Each insurance carrier has its own way of setting insurance rates. Although you don’t have control over all the factors that go into making that determination (your age, for example), there are many things you can do to make sure you are getting the best rate today or to help reduce your costs in the future.

Be a Safe Driver / Rider

No matter who you are getting insurance from, all insurance carriers favor safe drivers. Violations and accidents on your motor vehicle record almost always increase your costs with surcharges or lost discounts.

Take a Motorcycle Safety Course

Whether you are new to motorcycling or a seasoned rider, taking a motorcycle safety course every few years not only makes you a safer rider but usually results in a discount.

Research before Buying

Not all motorcycles are rated the same. Rates vary based on the risk associated with the make and model of the bike. Generally, the fewer accidents and claims associated with the bike, the lower the premium. The performance capacity and safety features also play a role. Sportbikes tend to come with a much higher insurance cost than a standard cruiser.

Maximize Your Discounts

Make sure you are getting all the discounts you are entitled to receive. Be sure you answer all questions honestly and accurately and keep your information up to date. It’s important that you have your agent review your policy periodically to make sure you aren’t leaving money on the table.

Increase Your Deductible

Increasing your deductible will decrease your insurance cost. However, make sure you can afford the deductible you select. Remember that will be your out of pocket cost if you have to file a claim.

Remove Collision and Comprehensive Coverage

What is the condition of your motorcycle? How old is your bike? If the N.A.D.A book value of the motorcycle is not very high, consider dropping comprehensive and /or collision coverage on the bike. This does, however, leave the motorcycle uncovered for physical damage if a loss were to occur. You have to weigh the pros and cons before investing in the coverage.

Pay in Full

Paying your policy in full saves you money in installment fees and you could earn a pay-in-full discount as well.

While it can be tempting to opt for state minimum motorcycle coverage to save money, it is important to consider all possible scenarios before opting for inadequate coverage. Operating a motorcycle is an inherently dangerous activity. Accordingly, you should be sure to purchase the best insurance available to protect you and your loved ones from in the event of an accident.

Add Uninsured Motorist (UM) and Underinsured Motorist (UM) Coverage to Have the Best Insurance for Your Motorcycle

While the State of Pennsylvania requires a motorcyclist to carry a minimum policy of $15,000 bodily injury, $30,000 each accident, and $5,000 property damage, there are many additional coverages available to make sure you have the best insurance available to protect you and your loved ones. Of these options, two stand out above all others: uninsured motorist (“UM”) and underinsured motorist (“UIM”) coverages.

Though they are both optional, UM and UIM coverages protect you and your family in the event that the at-fault driver does not have an insurance policy adequate enough to compensate you for your injuries. While these coverages are sure to add a few dollars to your monthly premiums, UM and UIM coverages are two parts of your motorcycle insurance policy on which you do not want to skimp. The few dollars you stand to save now will seem rather trivial if you are the victim of a motorcycle accident involving an uninsured or underinsured driver. Be sure to ask your insurance company about adding these coverages to your motorcycle insurance policy today. Doing so will ensure that you have the best insurance in the event that you or a loved one is in an accident.

As a service to my community, I review motorcycle insurance policies for free. I just got tired of seeing folks get seriously injured in an accident and not have the right kinds of coverage to protect themselves. Give me a call and I’ll review yours too.

By Stuart A. Carpey
Carpey Law, P.C.