Now that you have purchased your dream motorcycle, it’s time to think about insurance. And given the high accident risks involved in motorbikes, the cost of insurance can be very high. While cheap insurance is not advisable, a plan that continually costs you too much is even more dreadful. High amounts of premiums can make you rethink your motorcycle purchase. The good news is: You can lower the cost of your motorcycle insurance without compromising on the coverage provided. 

Ways that you can get cheap motorbike insurance without compromising the coverage needed:

1. Only purchase the coverage you need

Different motorbike insurance coverage will suit a person based on various factors such as bike usage. As such, before you purchase that policy, ensure you get your coverage needs right. This will prevent you from buying unnecessary coverage hence reducing the insurance cost. 
The three types of motorcycle insurance policies include:

• Third-party only insurance (TPO)- This is the minimum motorcycle coverage required by law. It provides coverage where another party sustains injuries from an accident where the rider is at fault. It also caters to damaged property. However, it does not cater to the insured person’s injuries or motorbike repairs. 
• Comprehensive coverage- This provides coverage for additional benefits such as bike replacement and personal injury insurance. Comprehensive coverage is very broad and often has exclusions. Be sure to check the policy’s fine print before purchasing one. 
• Collision Coverage- Collision coverage is the type of coverage you need when your motorcycle collides with something. If you hit another vehicle, someone’s home, a light post or anything else, the cost of repairing the damage that your motorcycle suffers (or replacing your bike) would be covered by your Collision coverage, if applicable. 

2. Get some riding training

Riders who are either experienced or have riding experience are considered low risk. As such, the cost of their motorbike insurance will be cheaper. Regardless of the training cost, successfully undertaking bike riding training will reduce the cost of your insurance and save you money in the long run. 

3. Reduce your mileage

Your motorbike insurance may be based on the mileage. If you are on the road less often, you are assumed to be low risk. If you expected to cover 8,000 kilometers at the time of purchasing your annual insurance but only get to cover 5,000 kilometers, you are paying for the extra 3,000 kilometers. This is an unnecessary cost. Contact your insurer and change the expected motorcycle mileage. 

4. Do not add modifications to your bike

Most bikers often add modifications to their motorbikes. This increases the value of the bike or its performance. Since high-value or high-performance motorbikes are deemed riskier, the insurance cost will increase. If you opt for modifications, ensure they are not extreme and do not affect the performance of the motorbike. 

5. Make fewer claims

Regardless of the motorbike insurance coverage that you have, making fewer claims can reduce the cost of your insurance. For instance, if your bike sustains damage that is cheap to repair such as a cracked fairing, repairing it out of pocket is recommended. Also, always ensure that the claims filed exceed your deductible amount. Making a claim that is less than your deductible only adds to your claims record, making you seem risky to insure. 

6. Get additional motorbike security

If your bike is fitted with a tracker, an alarm, chains or locks, your insurer can reduce the cost of your motorbike insurance. This is because the additional security decreases the chances of motorbike theft while also increasing the recovery chances. 

7. Be keen when adding a rider to your insurance

Young and inexperienced riders are more expensive to insure given the high risk involved. If you want to reduce the cost of your insurance and add a rider, opt for older and experienced riders. To prevent complications when making claims where another rider is involved in an accident, always be honest when giving details of the additional riders. 

8. Choose a less expensive motorbike

Expensive motorbikes are expensive to insure given the high cost of repair or replacement. If you want to reduce the cost of your motorbike insurance, opt for a cheaper motorbike as opposed to an expensive, modern or one with a powerful engine. Nevertheless, there are still some cheap sportbikes that insurers will charge a high premium for.

9. Use your motorbike in bike-friendly locations

Your motorbike insurance cost will be based on your location. If you live in an area with dangerous terrain, the cost of your insurance will be higher than that of someone who rides in safer terrain. Similarly, if you live in a location with more cases of crime such as theft, then the cost of your insurance will be higher. 

10. Maintain a clean driving record

All accidents, no matter how minor, count. If you are reckless and cause accidents every so often, your motorbike insurance cost will be high. A clean driving record will go a long way in helping you get cheap motorbike insurance.  

11. Opt for higher deductibles

Opting for higher deductibles means you get to remit cheaper rates. However, you must ensure that you are comfortable paying the voluntary and compulsory deductibles when making a claim. 

12. Shop around for quotes

Based on company policies as well as pricing strategies, insurance companies offer different rates on the same coverage. While motorbike insurance is indeed expensive, there might be a significant difference in the cost of insurance among different insurers. However, remember not to run for the cheapest insurance without comparing the quality of services provided as well as coverage. 

Bottom Line

Motorcycle insurance is expensive. Luckily, you can always reduce the insurance cost. However, always ensure you do not under-insure.