5 Stellar Tips to Save Big on Motorcycle Insurance

Blue motorcycle and car accident on paved streetNext to a car, a motorcycle is one of the biggest expenses you’re likely to take on in your lifetime.  Between juggling fuel, repairs, and accessories, you don’t need to be spending a cent more on motorcycle insurance than is absolutely necessary.  Check out these 5 stellar tips to save big on insurance for your bike today.

Tip #1: Your Reputation is Everything

As with auto insurance, motorcycle riders have the option to eventually be billed as “preferred operators” through their insurance providers.  Essentially, this means exactly what it does when dealing with car insurance companies. A “preferred operator” is someone with very few accidents, citations, or other driving issues on their record.

It’s important to note that not all providers offer this distinction.  And even those who do tend to have different definitions for what qualifies you as a preferred operator.

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Be aware of the savings you may be entitled to, and do your research beforehand.  As with all varieties of insurance, the name of the game is to find a provider who offers you the maximum number of benefits at the lowest rate possible.

Tip #2: Education Pays Handsomely

Hands down, one of the most popular ways to save on motorcycle insurance is to register for safety courses.  These training courses cover everything from the basics of your bike, to relevant state and local laws, and much more.

Insurance companies have a vested interest in making sure their clients are the safest riders possible.  More accidents equals more claims filed, which equates to more expenses for your insurance company.

It’s simple: save your insurance provider money by being the safest rider you can be, and they’ll gladly return the favor

Tip #3: Be a Realist

As with auto insurance, there are multiple tiers of coverage to choose from. If you’re among the more hardcore, daily, or cross-country riders, your plan will usually be more expensive (because you spend more time on your bike, and are therefore a larger liability).

If you only take your bike out for a weekend spin, or on rare occasions, think very carefully about whether you’re overpaying for coverage.  This also applies throughout the span of a person’s riding career.

If your riding habits don’t match up with your chosen plan, you could unlock hundreds of dollars in savings by being proactive and speaking to an agent.

Tip #4: Riskier Bikes Mean Higher Premiums

You may think that this doesn’t extend past the observation that faster bikes (read: sports models) mean more crashes.  It’s not that simple.  Not by a long shot.

This is the age of big data, my friends.  So that new Ninja 300 or 390 Duke you just ecstatically drove off the lot?  Your insurance company knows exactly how many 390 Dukes have been sold since that bike hit the market.  It also knows the exact number of registered accidents on 390 Dukes, as well as the ages and demographics of the individuals involved in those accidents.

So rest assured.  If your insurance company perceives your new toy as a liability and charges you accordingly, it may be unpleasant, but it’s far from arbitrary.  You may not agree with every decision your insurance company makes.  But nevertheless, their decisions tend to be backed by solid data that cost these companies very large sums to acquire.

Just know that when you speak to your representative after an incident and they’ve labeled your ride as “high risk”….well, they have their reasons.

Tip #5: Think Very Carefully About Where You Park

This one should really go without saying, but it always pays to revisit the basics.  As with all types of insurance, it’s a game of endless risk calculation on the part of your provider.  Statistical risk assessment is every insurance company’s bread and butter.

And that’s exactly how you need to be thinking about your bike.  Parking in a sketchy neighborhood against your better judgment, or in an illegal spot, could have massive financial consequences.  Filing even a single theft claim with your provider can send your premiums sky-high overnight.

But the good news is that all you need in order to avoid that financial headache is a bit of self-awareness and common sense.


So what are the key takeaways for the new rider?  (Or even the veteran biker simply wanting to update his policy?)  Research what’s required to become a “preferred operator” with your insurance company.  Take motorcycle safety courses (your wallet and your fellow motorists will thank you).

Be realistic about your riding habits, and tailor your coverage to those realities.  Otherwise there’s a good chance you’re parting with much more cash than you should be.   Avoid riskier sports models (unless you crave the adrenaline and don’t mind paying accordingly, financially and perhaps otherwise).

Finally, always update yourself on new and better options as they become available.  You never know what might be just a mouse click away.

Posted on August 11, 2017 by in Motorcycle Loans, Personal Loans

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