Are you spending too much on motorcycle insurance? Considering getting a bike and want to make sure you get the best rates? Save on your premiums by following these four simple tips will help you get cheap motorcycle insurance.
1. Make and Model Matter!
Just like with your car insurance, the type of vehicle you insure has a significant impact on your insurance premiums. This is twofold. Firstly, the more expensive a bike is to repair or replace, the higher your insurance premium will be, since any claim on that motorcycle will cost more than average. Secondly, the frequency of theft for this type of bike will affect your coverage costs. Obviously, if the motorcycle you are insuring is a popular target for thieves it increases the likelihood of yours being stolen, and a greater chance of you having to make a claim will cost you more.
In general, newer bikes and faster bikes merit higher premiums, as they are targets for thieves and tend to cost more to repair. So if you are out shopping for a new bike and you're concerned about your insurance premiums, it is a good idea to go for a model that is a little older, and not quite as fast. This will save you in insurance premiums, and keep you safer on the road.
2. Experience Counts!
It may not seem fair if you are 18, but statistics show that newer motorcyclists are more prone to crashes than more experienced drivers. So as a newer rider, (even if you're not 18), you can expect to pay higher premiums than someone with more years of motorcycle driving experience. You can help to minimize this cost by indicating your intentions on being a safe rider and taking a motorcycle training course. Find out from your insurance provider which programs are accredited, and how much of a premium reduction they are willing to give you once you pass the course.
Likewise, if you treat the Trans-Canada Highway like your personal Autobahn, and have the speeding tickets to show for it, you are going to end up paying in more ways than one. A bad driving record is a red flag for insurance companies, and a sign that it is probably only a matter of time before you are involved in a crash. Drive safe and keep your record clean and you will enjoy lower premiums.
3. Store Safely!
Motorcycles are easy targets for thieves, especially with the frequency that they are parked for extended periods of time in Canada. Weather conditions may keep your bike parked for a fair portion of the year, so the safer the storage facility where you keep your bike, the more you can save on your premiums. Your insurance company will reward you for your efforts in deterring thieves, so installing an anti-theft device and parking your bike in a locked garage can save you in your premiums.
4. Drive Less, Save More!
The more the mileage you put on your bike the higher your premiums will be. Why? Because no matter how safe of a rider you are, if you are on your bike all day, every day ,your chances of being involved in an accident increase. Insurance companies do their research, and statistics demonstrate the increased odds of a claim for people who ride frequently, versus those who only take their bikes out for a weekend ride. If you are an occasional rider look for motorcycle insurance quotes that offer discounts for low annual mileage.