Motorcyclists Can Save 40% With These Insurance Discounts
Clearsurance.com recently published a guide to the best motorcycle insurance discounts. They reported that some drivers may be able to save 40% on premiums by qualifying for discounts.
Nationwide, Progressive, and USAA earned the top spots for offering the best discounts to riders.
Good Driver Discounts
Motorcycle riders can get good driver discounts when they present a clean record for three or more years with no accidents, traffic violations, or claims.
Nationwide offers the most significant discount of up to 40%. Motorcyclists with clean records should compare Nationwide’s policy with their current policy to see if the 40% discount could make switching insurers worthwhile.
Progressive Insurance is another top company for motorcycle owners. They offer up to a 30% discount for good drivers.
Defensive Driving Discounts
Taking a motorcycle safety class can help riders qualify for a defensive driving discount. Since motorcycles lack the protection that a car’s frame and seatbelts provide, driving defensively is critical to maintaining safety.
Progressive’s defensive driving discount is the highest among top companies at 30%. Melanie Musson, a nationally recognized insurance expert, offers this insight: “Before taking a defensive driving course, make sure that your insurer recognizes it and offers a discount. Riders should take advantage of both the education and the insurance savings when both are possible.”
Defensive driving courses can sometimes earn car drivers a discount, but usually only if they’re over 55 years old. Motorcyclists are far more likely to qualify after taking a course, regardless of their age.
Motorcycle Insurance Requirements
While most states require motorcycles to carry liability insurance, there are a few states where it’s not needed. While a motorcycle is unlikely to inflict as much damage on another vehicle as a full-size SUV, a motorcycle can still cause thousands of dollars of damage, so whether insurance is required or not, it’s a good idea for riders to carry it.
Motorcycle owners with a loan for their bike will need to carry full coverage because their lender will require it. Lenders who write auto loans require borrowers to carry full coverage for the same reasons. Lenders may even repossess a car for not having insurance.
Full coverage means the borrower will be less likely to default on their loan if their vehicle is damaged.
Clearsurance.com shares these other discounts that may apply to motorcycle insurance:
- Advanced Safety Course
- Anti-Theft Devices
- Good Rider Discounts
- Membership Benefits
- Multi-Vehicle Discounts
Combining discounts can help riders maximize savings.
Other Ways to Save on Motorcycle Insurance
Besides qualifying for discounts, riders can save by comparing motorcycle insurance quotes and switching to a company that offers lower rates.
Riders can also save on monthly premiums by increasing their deductible amounts. The higher the deductible, the lower the premiums.
Some motorcyclists who only ride in the summer may opt for a lower level of coverage or no coverage during the winter months. Some providers offer customized coverage tailored to these specific needs.
Just as some cars are cheaper to insure, some motorcycles are more affordable to insure.
Insurance Costs for Different Motorcycles
Insurance companies calculate rates differently. Although they use similar data points, the calculations differ. Some companies base coverage on the brand and price of the motorcycle. Others base coverage on the engine size. And some use a combination of both.
That’s why it’s critical to compare quotes. For example, riders with a Harley-Davidson, which is one of the more expensive brands, may get a better rate by choosing a company that bases premiums on engine size rather than on the brand and purchase price.
Alternatively, owners of big-engined bikes with a low purchase price may be better off opting for a company that bases premiums on the purchase price rather than engine size.
Read Clearsurance.com’s entire report here: Best Motorcycle Insurance Discounts (Save up to 30% With These Companies)