Many people are purchasing motorcycles nowadays. From enthusiasts to people trying to save on the costs of fuel, motorcycles appeal to a wide spectrum of people. There are many costs associated with owning a motorcycle, which can increase the cost of ownership, including maintenance, taxes and the cost of insurance. Particularly, when it comes to insurance, you have more control over the cost than you know. The following are three foolproof strategies for reducing the cost of your motorcycle insurance.
Avoid Filing Small Claims
Filing claims on your motorcycle insurance often lead to rate increases. The more claims you file, the higher your insurance premium is likely to increase. Minor losses, which do not impact your ability to operate your motorcycle or increase risks while riding, should not be filed with your insurance. Instead of filing these claims, pay the costs to get your motorcycle repaired at a local shop and avoid the increased insurance premiums that remain in effect for years. Chances are, paying for these minor losses yourself may even be a smaller sum than you policy’s deductible, making it even more worthwhile to skip filing the claim.
Purchase Low-Risk Motorcycles
There are many different types of motorcycles available based on what appeal they have to the many different types of motorcycle enthusiasts. Motorcycles are designed to meet niches, including the following motorcycles:
• Sport bikes
• Sport touring motorcycles
• Dual-Sport bikes
Each one of these types of motorcycles affects the cost of your insurance coverage in different ways. For instance, individuals who purchase sport bikes tend to pay more for insurance due to the increased risk of incurring a loss while owning these motorcycles. Choosing a motorcycle that is slower and does not have a high incidence of theft, historically, can save you money.
Increase Your Deductible
Much like auto insurance, insurance carriers require motorcycle riders to have a deductible on their insurance policy. The deductible is your financial contribution for each claim filed. If you incur a loss, you have to pay a deductible.
The deductible amount affects your monthly insurance rate. The higher your insurance deductible, the less you pay in monthly insurance premiums. If you want to reduce the cost of insuring your motorcycle, choose a deductible that is affordable, yet higher than the lowest deductible available to you.
These three foolproof strategies can help you avoid paying extra for motorcycle insurance. Pair them with other tips and tricks, and the cost of owning your motorcycle will remain manageable each year.
Get a quote today. Call Select Insurance LLC at 864-964-0622 for more information on Anderson, SC motorcycle insurance.