Getting the Best Deal on Motorcycle Insurance

By Diane Ortiz – President and founder of the Big Apple Motorcycle School.

If you operate your motorcycle on public roads or highways in the state of New York, you will need to have registration and insurance. There are upwards of 8.4 million motorcycles on the road in the U.S. In 2011 alone, approximately 81,000 motorcycle riders and passengers suffered injuries from motorcycle crashes. With statistics like that, that having good motorcycle insurance coverage is important!Big Apple Motorcycle School

Fortunately, insuring your motorcycle doesn’t have to cost you an arm and a leg. Here are some of the most effective ways to reduce the cost of motorcycle insurance.

1) Enroll in a Training Course

You may be able to get a discount on your motorcycle insurance by completing training courses like the Motorcycle Safety Foundation Basic or Experienced Rider Course aimed at helping you become a safer rider.

2) Have a clean driving record

The definition of a clean driving record may vary by insurance company. Make sure you know what’s on your driving record and discuss with your provider whether you qualify.

3) Tailor Your Coverage

If you store your bike during the winter, ask about policies that remove all but basic comprehensive coverage during those months you won’t be riding. Also, in New York and some other states, you can terminate your motorcycle liability insurance without surrendering the plate at a DMV office. This makes it easier to put the motorcycle back on the road after winter storage.

4) Tap into Your Network

If you belong to any motorcycle associations or organizations, you could score a discount of 10% or more on some motorcycle insurance costs. Some Associations that may qualify for discounts include the American Motorcycle Association, Honda Riders Club of America, Motorcycle Safety Foundation, Harley Owners Group, Gold Wing Riders Association and the BMW Motorcycle Owners of America.

5) Ask About Age-Related Discounts

Many companies that sell motorcycle insurance offer lower rates for more mature riders, especially when those riders have a history of safe riding.

6) Adjust Your Deductible

Your deductible is the amount you pay out of pocket after an accident. Higher deductibles mean the insurance company assumes less risk, which allows you to lower the premium on your motorcycle insurance policy. If you can afford it, consider a higher deductible, but make sure you have funds put away to cover your costs in the event of an accident.

8) Shop Around

It used to be that only a few major insurance carriers offered motorcycle insurance, but today, it’s a buyer’s market. The New York State Department of Financial Services website has more information about liability insurance and insurance companies licensed in New York: http://www.dfs.ny.gov

9) Check Your Credit Score

Bad credit doesn’t just affect your ability to get a loan; it can also have an impact on your insurance premiums.  If you haven’t looked at your credit report recently, consider doing so. If you find your credit score is low, work to raise it and monitor your status regularly. As your score rises, you may find your premiums lower.

Opportunities to lower your motorcycle insurance costs are all around you. Taking just a little time now to research the cost-cutting options that are available can yield big savings down the road.

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