Tips To Save Money On Motorcycle Insurance

Motorcycle insurance, while essential, can often leave your wallet feeling a bit lighter. But what if there were straightforward ways to keep more money in your pocket without skimping on coverage? 

To save money on motorcycle insurance, consider bundling policies, increasing your deductible, paying upfront, and shopping around for the best rates. It’s like finding a shortcut on your usual route; the destination remains the same, but you get there more efficiently and with less expense. 

The key is to navigate the insurance landscape with the same care and attention you give to maintaining your motorcycle. By exploring these options, you’re not just cutting costs; you’re taking control of your financial journey, ensuring that the road ahead is as smooth and enjoyable as your rides. 

This article aims to guide you through these practical, easy-to-implement strategies, helping you save money while keeping your passion for motorcycles burning bright.

Understanding Motorcycle Insurance Basics

  • Essential Protection: Motorcycle insurance is like a safety net, crucial for safeguarding you and your bike against various risks. It’s there to handle costs from accidents, whether it’s damage to your motorcycle or injuries to others.
  • Liability Insurance: This basic coverage is like a promise to pay for others’ injuries or damages if you’re at fault in an accident. It’s the foundation of motorcycle insurance and a legal requirement in most places.
  • Collision and Comprehensive Coverage: Consider these as the protective covering for your bike against many hazards. Collision coverage steps in for accidents, while comprehensive takes care of other mishaps like theft or weather damage.
  • Deductibles: These are your share in the cost of a claim. Opting for a higher deductible can shrink your monthly bill, but remember, it means paying more from your pocket if an accident happens.
  • State Requirements: Each state sets its own rules for motorcycle insurance. They usually include minimum liability coverage and sometimes coverage for accidents with uninsured riders. You can view different state requirements for motorcycle insurance here.
  • Discount Opportunities: Good news for safe riders! Companies often reward a spotless driving record, completed safety courses, or a solid credit score with discounts.

The Role of Motorcycle Type and Engine Size

  • Engine Power: Bigger engines mean more muscle, but they also bring higher insurance costs. It’s because powerful bikes can lead to more serious accidents.
  • Type of Bike: Your motorcycle’s style influences your premium. For instance, cruisers might cost less to insure than high-speed sportbikes or off-road models.
  • Riding Experience Counts: Your history on two wheels matters. A clean driving record and safety course completion can unlock discounts, making your insurance more affordable.

Deciphering Insurance Coverage Options

  • Liability Insurance: This is your basic, must-have coverage. It’s there to cover costs if you’re responsible for injuring someone or damaging their property.
  • Collision Insurance: This one’s all about your bike. If you hit something, collision coverage helps pay for repairs to your motorcycle.
  • Comprehensive Insurance: This is broader protection. It covers non-collision damage like theft, vandalism, or weather-related harm.
  • Custom Parts and Equipment Coverage: For those with customized bikes, this extra coverage can protect your unique additions beyond what standard policies cover.
  • Uninsured/Underinsured Motorist Coverage: This is your safeguard against drivers with insufficient or no insurance. It helps cover your costs if they can’t.

10 Tips To Save Money On Motorcycle Insurance

Navigating the world of motorcycle insurance can be as challenging as a tight hairpin turn. But, with the right knowledge, you can steer towards significant savings without compromising on essential coverage. Let’s examine each suggestion in detail to see how it can reduce the cost of your motorbike insurance.

1. Bundling Policies

  • What It Means: This is like getting a package deal. You combine your motorcycle insurance with other policies, such as home and auto insurance.
  • How It Saves Money: Insurance companies often reward you with discounts for bundling. It works something like a bulk purchase discount where you save more on each type of insurance the more types of insurance you have with one provider. One such example is Geico which provides bundling insurance.

2. Opting for Basic Coverage

  • What It Means: Choosing a no-frills insurance plan. This is particularly relevant if your motorcycle isn’t brand new or if it needs to be a high-value model.
  • How It Saves Money: Basic coverage typically costs less than comprehensive insurance. If your bike isn’t worth a large amount, this option can significantly reduce your premiums, much like choosing a basic phone plan over an all-inclusive one.

3. Rider Training Courses

  • What It Means: Enroll in courses designed to improve your motorcycle riding skills and safety knowledge.
  • How It Saves Money: Insurance companies often offer discounts to riders who complete these courses. It’s a bit like getting a discount on car insurance for taking a defensive driving course. The safer you are on the road, the less risk you pose, which insurers reward with lower rates. Progressive is one company that offers discounts for such training courses.

4. Increasing Your Deductible

  • What It Means: Agreeing to pay a higher amount out of pocket in the event of a claim.
  • How It Saves Money: When you choose a higher deductible, your monthly premiums go down. It’s a trade-off, similar to paying a lower monthly fee for a higher deductible health insurance plan. Just ensure you can afford the deductible if you need to make a claim.

5. Paying Upfront

  • What It Means: Paying your entire insurance premium in one go, rather than in monthly installments.
  • How It Saves Money: Many insurers offer a discount for this because it guarantees them the full payment upfront. It’s akin to getting a discount for paying the full year of a gym membership rather than month-to-month.

6. Low Mileage Discounts

  • What It Means: Qualifying for reduced rates because you don’t ride your motorcycle very often.
  • How It Saves Money: Insurers view bikes that are on the road less frequently as lower risks. It’s similar to car insurance companies offering discounts for low mileage – the less you drive, the less likely you are to be involved in an accident. Pay Per Mile is one such company that offers low mileage discounts.

7. Installing Security Devices

  • What It Means: Adding anti-theft features to your motorcycle, such as alarms or GPS trackers.
  • How It Saves Money: These devices make your bike less likely to be stolen, reducing the risk for the insurance company. It’s like getting a discount on home insurance for having a burglar alarm.

8. Shopping Around

  • What It Means: Comparing insurance rates from different companies to find the best deal.
  • How It Saves Money: Just like shopping for the best price on a new helmet or jacket, comparing insurance rates can lead to significant savings. Each company has its own way of calculating premiums so prices can vary widely.

9. Maintaining a Clean Driving Record

  • What It Means: Avoiding accidents and traffic violations to keep your driving record spotless.
  • How It Saves Money: Insurance companies typically offer lower rates to drivers with clean records, as they’re seen as lower risk. It’s like getting a good behavior discount.

10. Taking Advantage of Multi-Policy Discounts

  • What It Means: Using the same insurance company for different types of insurance, such as motorcycle, car, and home.
  • How It Saves Money: Insurers often offer discounts to customers who hold multiple policies with them. It’s their way of rewarding customer loyalty, similar to how a coffee shop might offer a discount to regular customers.

Factors Affecting the Cost of Motorcycle Insurance

Motorcycle insurance is a critical aspect for riders, with the average annual cost in the United States being around $721, or about $60 per month. Several factors influence this cost, and understanding them can help riders make informed decisions about their insurance policies.

1. Style of Motorcycle

The type of motorcycle you ride significantly impacts your insurance rates. High-performance or sport motorcycles typically have higher premiums due to their increased speed and risk profile. This is akin to the higher insurance costs associated with sports cars compared to more standard vehicles.

2. Riding Frequency

How often you ride your motorcycle also affects your insurance rate. More frequent riding increases the likelihood of accidents, leading to higher premiums. This is similar to car insurance, where more time on the road equates to higher rates.

3. Value of the Motorcycle

The market value of your motorcycle is a major factor in determining your insurance rate. Newer and more expensive bikes will cost more to insure, much like insuring a luxury car versus an older, less valuable model.

4. Riding History and Experience

Your past claims history, driving record, and overall experience with motorcycles impact your insurance rate. A clean riding history typically leads to lower rates, mirroring the way car insurance rates are influenced by a driver’s accident and violation history.

5. Credit Score

Your credit score can influence your motorcycle insurance rate. A higher credit score, indicating financial responsibility, may result in lower insurance costs. This is similar to the role credit scores play in car insurance rates.

6. Coverage Options

The type and amount of coverage you choose for your motorcycle insurance will affect your rate. Opting for more comprehensive coverage increases the cost, akin to selecting a more inclusive health insurance plan.

7. Deductible

The deductible you select for your insurance policy impacts your monthly premiums. Higher deductibles typically result in lower premiums but mean higher out-of-pocket expenses in the event of an accident, similar to deductibles in other types of insurance like health or auto.

8. Payment Method

Your choice of payment method for your insurance policy can also affect the cost. Paying your policy in full, rather than in installments, can save you money on installment fees and may earn you a pay-in-full discount.

9. Discounts

Insurance companies often offer various discounts that can lower your motorcycle insurance rates. These can include discounts for riders with a clean record, those who complete safety courses, or those who maintain a good credit score.


Finally, although it is a must for motorbike riders, insurance need not be prohibitively expensive. A factor that is frequently disregarded is how changing one’s lifestyle affects insurance rates. 

For example, you can drastically reduce premiums by riding less often or by upgrading to a less powerful bike. Riders can cut expenses by choosing wisely by knowing the different aspects that influence insurance rates, such as the type of motorcycle, frequency of riding, and coverage options. 

Practical methods to save include looking into discounts, raising deductibles, and paying premiums in advance. 

The secret to lowering your motorbike insurance premiums is to strike a balance between the necessity of having sufficient coverage and wise, economical decisions. This strategy guarantees financial savings and gives you peace of mind because you’re well-protected.