Tips to Reduce Bike Insurance Premiums

The options for bike insurance are almost too large to fathom. If you are looking to find a new insurance or to renew a policy, there are so many options available out there; but it’s not always about trying to get the cheapest premium. You must try to get all the features that you require even if it means paying a little extra. However, if the price is your main concern, simply read on to find some tips to reduce bike insurance premium:

  • Pick an older, cheaper or smaller bike to that is more in your budget. Such bikes’ repair and cost of spare parts replacement will be cheaper.
  • Avoid picking modified/ unusual motorbikes because these will be considered to be more expensive when it comes to repairs and to replace spare parts. Also these bikes will be considered more attractive to thieves. Imported bikes will also be considered more expensive.
  • The less your bike is on the road, the less risk to the insurance company and the cheaper the insurance premium will be.
  • You will find that if you pay the insurance in full as soon as you take out the policy it will be cheaper than if you decide to pay in monthly installments.
  • If you have not made claims for a few years, it is likely that the insurer will give you a lower premium.
  • When the time comes for you to renew your insurance, make sure that you don’t just settle for your current insurer. Look for other insurers who will give you all the features you want for a better price. You could use a site which compares prices and other details.
  • Keep your bike secure. It is always best to park your bike in a garage rather than leave it on the street. Use other forms of security for your bike such as chains, locks etc.
  • The more experience you have as a rider, the less risky you will seem in the eyes of the insurer. This means that you will get the best possible premium. The insurance company may look at your record (tickets and accidents).
  • Try to get all your insurance (home, health, car) from one insurer so that you get a discount on them all.
  • If you do not have a pillion, you could get a cheaper premium.
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Following these tips can save you a lot of money. It is important that you consider your requirements and then do your research to find an insurance to fulfill them. Your bike insurance should be large enough to cover the cost of bike replacement and hospitalization. However if you have a good health insurance, you can avoid the latter. Experts suggest that as the bike ages you could avoid getting the collision and comprehensive coverage in order to save money. You could also save money by not getting specialized coverage such as accessory insurance.

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