How Can You Lower Motorcycle Insurance Costs?

Most things increase in cost over time, so we always look for ways to save money. If you are a motorcycle rider, you likely wonder if you can save some money by lowering your motorcycle insurance costs.

Motorcycle riders need good insurance to cover them when a negligent driver strikes, so many pay high premiums to protect them. Fortunately, there are a number of ways of saving on your costs without losing the protection you rely on. If you have not already, you can complete a rider safety program for added discounts on your policy, which can also help you avoid administrative costs for license testing. You can also combine your various insurance policies into one bundle for additional savings. Jerry can help you explore these options and more. If you need to file a claim for an accident with your provider, he can help prepare it and explore the possibility of filing a lawsuit.

For a free assessment of your insurance policy and legal claim, contact our New Jersey motorcycle accident attorney, Jerry Friedman, at 1-800-529-4464.

Are There Ways to Lower My Motorcycle Insurance Rates?

We would all like to pay as little as possible for quality insurance coverage. However, for motorcycle riders across the country, insurance rates can be quite high, given the inherent danger and potential for severe injuries that riding involves. Fortunately, our experienced NJ motorcycle accident lawyer, Jerry, understands the best ways to reduce your insurance costs as he has employed them for his own bikes. He can provide strategies to reduce rates without sacrificing protection and research providers that are right for you and your motorcycle.

Complete a Motorcycle Safety Course

Completing a state-approved motorcycle safety course is one of the surest ways to save money on your insurance from the moment you purchase it. Most major insurance providers offer discounts for completing a safety course, regardless of the rider’s experience. However, not every state requires riders to complete a safety program before getting their motorcycle license, so it could be optional, depending on where you live. Jerry can help you pick an approved course to teach you the experience and skills to ride safely.

Completing a motorcycle safety course can also save you time and money when obtaining your motorcycle license. For instance, New Jersey waives the knowledge and road tests for those who have completed a rider safety course. After passing your courses and tests, you will either get your motorcycle license or your standard license will be tagged with an “M” endorsement. This could qualify you for further discounts on your policy.

Combine Multiple Insurance Policies

Most insurance companies will also give you a discount when you bundle multiple insurance policies together. For instance, if you already have car, home, renters, boat, or any other type of insurance, you can roll them together under one provider, which should reduce your overall premiums.

Increase Your Insurance Deductible

You can also lower your motorcycle insurance costs without losing protection by increasing the amount of your deductible. The deductible is the costs you must cover before your insurance kicks in and covers the remaining amount. Insurance policies are priced based on risk, and you take more of the risk by agreeing to pay more upfront in the event you are injured. If you are confident in your riding skills and take safety seriously, raising your deductible is certainly worth considering.

Only Get the Coverage You Need

Too often, riders pay for more coverage than they need. Some motorcyclists only ride seasonally or to “bike weekend” events. Other riders get insurance policies that do not match their bike. Jerry can help you customize your coverage to fit your situation.

Most states require riders to carry motorcycle insurance, but minimum coverage can be as low as $15,000 per accident. To lower your rates, you can keep or increase your coverage for medical costs and hospital stays while lowering your collision coverage, especially if your motorcycle is paid off or its value is greatly reduced. You might not even need to add medical coverage to your motorcycle insurance if your health insurance is reliable and comprehensive.

Research Policies Regarding Motorcycle Types Before Buying

If you have yet to purchase your motorcycle, you will want to research the best insurance costs for which bikes. Like sports and luxury cars, insurance premiums will be higher for higher-performance motorcycles with a greater likelihood of being in an accident, like Kawasaki and Harley-Davidson bikes with 1400cc engines and more.

You want to pick a motorcycle that fits your wants and needs. While we all would like to ride a showstopper, there is no need to pay more than you should. For instance, if you use your motorcycle for weekend cruises or daily commutes, a typical cruiser would save you more on your insurance than a sports bike.

Choose a Policy with Accident Forgiveness

You can also keep your insurance premiums down by choosing a policy with accident forgiveness provisions in it. While you might take every precaution against negligent drivers, some accidents are unavoidable. Even if the accident was not your fault in any way, your insurance rates are still likely to go up.

With accident forgiveness, your rates will not increase depending on the claim amount. If you have been a customer with your insurance provider for several years, you might be forgiven an accident for any amount claimed.

Take Advantage of Your Insurance Company’s Discounts

Jerry can also help you look into any discounts your insurance company offers that you might not be aware of. For instance, many insurance providers offer discounts to members of an association, like the United Services Automobile Association (USAA) and Harley Owners Group. Insurance companies also commonly provide safe rider discounts for those with no accidents or traffic violations within a certain time.

Call Jerry, Our New Jersey Motorcycle Accident Lawyer, Today for Support

Call our Asbury Park, NJ motorcycle accident attorney, Jerry Friedman, at 1-800-529-4464 today for a review of your case free of charge.