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How You Can Save Money On Motorcycle Insurance

Do you have a motorcycle and need to buy insurance? If so, you are likely wondering how you can save money on your premiums. Your motorcycle is likely an additional vehicle in your household, so you do not want to pay top dollar for your insurance policy if you do not have to. Here are some tips for not paying more than you have to.

Know When To Get Comprehensive Insurance

Comprehensive insurance is going to cover damage caused to your motorcycle if you were responsible for causing the damage. However, comprehensive insurance can be quite expensive and may be unnecessary. When do you get comprehensive insurance? If you just bought a brand new motorcycle that has a very high value, comprehensive insurance can help ensure that your motorcycle stays in good condition during those first few years. However, an older motorcycle that is not worth much in value is likely not worth it to be covered with comprehensive insurance. If you insure the motorcycle with comprehensive insurance for a long time, you may be spending more than what the motorcycle is worth. 

Ask About Discounts

You may be surprised to learn that there are various discounts out there for motorcycles that you are not aware of, so it never hurts to ask. For example, you may see some savings if the motorcycle is stored in a locked garage overnight since it reduces the chance of theft. If the vehicle is only used for recreation and is only parked in that garage, that could reduce in even greater savings.

Consider A More Expensive Deductible

Your deductible is something that plays a huge role in how much you pay for insurance. You can always increase your deductible to reduce how much you pay for motorcycle insurance. However, if you ever have to make a claim, you will pay more out of pocket to use your insurance. That's why you always should have the cash on hand to pay for your entire deductible. Set it aside in your emergency fund so that it is ready to be used if needed.

Pay Annually

You may not be aware that making monthly insurance payments are going to result in paying more for motorcycle insurance per year. Ask if there is any way to save money by making one annual insurance payment. If you ever need to sell your motorcycle before your policy expired, you can get a refund for the time that you did not use your insurance. 

For additional tips, reach out to a local motorcycle insurance agency.