Is your motorcycle insurance renewal coming due in the near future?
- Get rid of your bike altogether (yea right, like that is going to happen)
- Find a way to reduce your motorcycle insurance renewal
Like most, you are going to opt for the second choice. Fortunately, there are steps you can take to reduce your renewal cost while still keeping the coverage you need.
1. Increase your deductible – Maybe you had a deductible of $500 the last billing period. Have you ever considered increasing this number to $1,000, for example? This is by far one of the fastest ways to reduce your motorcycle insurance renewal, while still ensuring that the rest of your coverage stays the same.
2. The more discounts the better – Let’s face it: your motorcycle insurance company may not be telling you about all the discounts you qualify for. You need to ask about these if you are going to save.
For example, do you only hit the open road when the weather warms up? If so, you may qualify for a part-time driver discount, allowing you to save big.
3. Get rid of that guest passenger liability coverage – If you drive alone, this is not something you have to pay for. Instead, you can ditch this coverage and reduce the overall cost of your renewal.
Note: motorcycle insurance companies love for you to pay for things you don’t need. For this reason, you need to review every last detail of your policy.
4. An older bike doesn’t need as much coverage – With each passing year, you are going to receive a motorcycle insurance renewal notice. At the same time, you should realise that your bike is now one year older. With this in mind, it is also less valuable than before. Does your old bike really need full coverage? Probably not.
5. You better shop around – Even though you may enjoy working with your current insurance provider, if their rates are higher than the rest of the industry you need to shop around for a better deal. I’m UK based and have found MotorcycleNews really useful for comparison. Readers in the USA have plenty of choice too on where to compare motorcycle insurance. There is no better time to do this than when your renewal arrives in the mail (or via email).
With these five tips, you can forget about overpaying when renewing your motorcycle insurance. Instead, you can make a few changes here and there that will save you a little bit (or a lot) of money.