Motorcycle Insurance

Money saving tips

By Dryw Arian

Finding cheap motorcycle insurance isn't really much different from finding cheap car insurance - the trick to saving money is research, research and more research.

Calling around and asking questions up front may save you more than just a little boot leather. It could save you enough to buy that killer armor-lined, black-leather, eagle-embossed motorcycle jacket and matching helmet you've had your eye on since you first sat on your dream bike.

First rule: Don't assume your regular car insurance company is going to give you the best rate they have to offer just because you have your house, two cars, a boat and your spouse insured through them. In fact, your automobile insurance company may not insure motorcycles at all. Call around and get quotes and ask yourself a few very valuable questions:

What if your motorcycle gets totaled with or without you on it? Did you take a loan out to buy this motorcycle? Then you probably need full coverage to make sure the loan gets paid off. If you paid cash up front for your bike, do you really need to pay high insurance rates to fix or replace the bike, or could you handle fixing it yourself or afford to go out and buy another bike?

If you're absolutely attached to this one-of-a-kind jewel of a bike, the answer may be all too obvious. But, if paying through the nose for insurance that will cost you as much annually as your dream cycle did initially makes you queasy, you might want to consider taking the lesser coverage. Just make sure you put the extra money you save aside to pick up a different bike, just in case something does happens to this one.

Does the insurance company offer a discount if you already have medical insurance? Some insurance companies will give a decent discount if you can prove you already have medical insurance through another insurance policy or a work-related benefit. You will have to provide proof, so be prepared. Buying an inexpensive term life insurance policy may also save you a bundle on motorcycle insurance.

Discuss the difference in deductibles. Motorcycles, by their very nature, are prone to greater and more expensive repairs. They are also more likely than not to be totaled in an accident. That car coming at you from around the corner with the driver on the cell phone may get a dent in his bumper, but your bike will likely end up a crumpled mess on the pavement. You may save as much as 50 percent on your insurance by selecting a larger deductible and putting the money aside for a replacement bike, and / or planning to do the repair work yourself.

Last but not least, does this prospective motorcycle insurer offer cheap motorcycle insurance and/or discounts for riders that have completed a motorcycle safety class?

If you haven't already taken one, motorcycle safety classes are not just for beginners or wimps. They're for anyone who may want to save their wallet and their life someday. The Motorcycle Safety Foundation is a national not-for-profit organization, sponsored by BMW, Ducati, Harley Davidson, Honda, Kawasaki, KTM, Praggio, Suzuki, Triumph, Victory and Yamaha, which offers and sponsors motorcycle safety classes. The classes are open to all ages, to those with no experience, little experience or years of experience, for a fraction of what you may save annually on your insurance bill.

Finding cheap motorcycle insurance isn't easy - but, the time you spend calling around, doing the research, getting quotes and taking a motorcycle safety class might just save you enough money to keep your tank filled all summer long. And that can translate into more time spent out riding!

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