While cheaper than car insurance, motorcycle insurance can still be expensive. Luckily, most insurance companies offer discounts. Be sure to ask about discounts when you're researching an insurance company and comparing prices. Some companies offer discounts simply for signing up, while others offer discounts for loyal customers after a certain number of years.
Mature Rider Discount
Just like the mature driver discount for car insurance, the mature rider discount is available for motorcyclists who have been riding for a certain number of years, or who complete a mature driver course. The length of time leading to these discounts varies by insurance provider.
Bundling
While not a specific discount, you can often save money by choosing to bundle your motorcycle insurance with the same provider as your auto insurance or home insurance, or if you insure more than one motorcycle on the same policy. This can also make accessing claims and payments easier.
Paid-In-Full Discount
Some insurance providers offer a significant discount if you decide to pay for your motorcycle insurance coverage in full rather than in monthly premiums.
Military, Veteran And Senior Discounts
Many insurance providers offer discounts to riders serving in the military or those with spouses in the military. Also be sure to ask about veteran and senior discounts. Seniors especially tend to pay higher prices for insurance with age, so it's important to seek discounts when able.
Switching Companies
If you switch from one agency to another, the new agency may give you a discount for leaving their competition and insuring with them instead.
Other Ways To Save Money
Always be sure to ask about discounts on motorcycle insurance. Beyond discounts, however, there are several other ways to save money. Some factors affecting your rates (such as your age and gender) can't be changed. On the other hand, there are many factors you can influence. You may lower your motorcycle insurance rates by:
- Building your credit score. A good credit score shows that you are reliable. Insurance agencies generally charge less for good credit scores.
- Driving defensively and avoiding accidents. Your driving record is perhaps the biggest factor on your motorcycle insurance rates. Drive carefully, avoid distractions and never drive while under the influence of drugs or alcohol.
- Avoiding claims. Claims can raise your insurance rates. If the damage costs less to repair than the price of your deductible, you may want to skip filing a claim and fix the damage out of pocket instead.
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