Here at Velox Insurance, we love motorcycles almost as much as we love saving customers money on their motorcycle insurance. Through the years we’ve identified just about every possible way to save money on a motorcycle insurance policy here in Georgia and we wanted to put them all together in one place to help all the riders out there.
1) Take a Motorcycle Safety Course
Almost every motorcycle insurance carrier we work with at Velox gives a discount if you take a motorcycle safety class but reach out to us before you sign up for it. You want to be sure the one you’re taking will actually offer a discount. There’s another plus sign to taking another safety class – you might learn something that saves your life!
2) Don?t Get Traffic Tickets
Don’t just avoid the police. That’s not what we’re talking about here. Drive safe out there – your life and others? on the road depends on it.
3) Motorcycle Organization Discounts
Are you a member of H.O.G or any other motorcycle organizations?? Being a member of most of them will earn you a discount on your motorcycle insurance. Ask your agent which memberships can earn you a discount. Heck, you might already be a member.
4) Compare Rates From Many Companies
There’s no one insurance company that is going to have the lowest rates for every rider. Each carrier bases their pricing on different factors so the only way to find out which carrier is best for you is to get several quotes from different companies. That’s where we can help you save a lot of time because we work with multiple motorcycle insurance carriers and will have no problem finding you the most affordable carrier for your situation.
5) Get Multi Policy Discounts
Some of the motorcycle insurance companies we sell for also offer other types of insurance and you may be eligible for a discount if you have more than one policy with them. Although packaging policies with your motorcycle carrier might reduce your motorcycle insurance costs, you should sit down with a Velox agent and go through your entire insurance portfolio. There might be ways to save more money on other types of insurance by moving your motorcycle to that carrier.
6) Don’t Let Inexperienced Riders Drive Your Motorcycle
If someone borrows your bike and gets in an accident, guess who’s insurance pays for it and guess who’s insurance costs will go up. Let the new riders learn on someone else’s bike and insurance policy. That’s what the Basic RiderCourse is for.
7) Pay Your Bill on Time
Motorcycle insurance companies will often give you discounts for paying on time or sometimes charge you extra for paying late. Make every payment on time and you’ll avoid paying unnecessary fees.
8) Get Married
Although we know a lot of people who had to give up their motorcycles after getting married, if you can hold onto the bike after saying ?I do? you’ll be able to pay less for insurance since insurance companies find that people who are married have less accidents. If you’ve gotten married since your motorcycle policy went into effect give us a call and lets see how much we can save you.
9) Improve Your Credit Rating
Did you know your credit score can affect your motorcycle insurance prices just like it can for auto insurance? It?s true for many carriers and if you have really good or really bad credit it’s a good reason to reach out to our agency because we have motorcycle insurance carriers with the best rates for good credit and also the carriers with the best rates for bad credit. They’re different insurance carriers but fortunately here at Velox we have access to lots of carriers.
10) Pay For Your Entire Policy Upfront
Most motorcycle insurance companies will give you a discount if you pay the full policy upfront. It might be in the form of service charges, discounts, or actual rate differences but paying the policy upfront will almost always save you money. And you won’t have to worry about a policy lapse.
11) Check Your Mileage
One of the factors for your motorcycle insurance rates can be the number of miles you drive each year. Surprisingly, many motorcycle riders overestimate this number and it could wind up costing you money. Check what the mileage was on your bike when you purchased it and do the math. It might save you a few dollars.
12) Buy a Different Bike
Different bikes cost different amounts for insurance for a variety of reasons. If you’re young and have a bad driving record it might save you a lot of money if you don’t buy the sport bike. You can always reach out to us when you’re shopping for a motorcycle to find out the actual difference in rates with different bikes and bike styles.
13) Higher Collision Deductible
If your bike is involved in an accident it’s the collision coverage that pays to repair the damages or pay you for the value of the bike if it’s totaled. The deductible is the amount that you’re responsible for before the insurance carrier pays and the higher your deductible the lower the rate for your collision coverage.
14) Drop Collision Coverage Altogether
Depending on the value of your bike, it might not be worth it to even have collision coverage. Dropping any coverage will always increase your risk, but if your motorcycle isn’t worth too much to begin with it might not be worth having at all. You’ll need to compare the cost of the coverage with the potential loss you might incur if you’re involved in an accident or total your bike.
15) Automatic Payments
Many of the motorcycle insurance companies we work with offer discounts for setting up automatic payments from your bank account or credit card. It’ll also help you avoid a lapse in coverage which could wind up being more expensive than any insurance quote you get. Plus, who need more complications in their life. Set it and forget it.
16) Combine Policies in the Same Household
If there’s multiple motorcycles in your house on separate insurance policies it might be more cost effective to combine them into one policy. Call your agent and discuss it with them. They might know right away or may need to run some quotes to find out but it’s worth checking.
17) Ask About Occupational Discounts
Some motorcycle insurance companies will offer additional discounts for certain professions like police officers, active military, or other professions. It doesn’t hurt to ask your agent, unless you’re unemployed.
18) Drop The Rental Coverage
Check your current policy to see if you’re paying for rental motorcycle coverage. If you have it, do you need it? Unless your motorcycle is your only form of transportation you can probably go a little while without a bike. Most people don’t buy this coverage but you never know if your old agent may have slipped on a coverage you don’t need.
19) Install a Security Device
You can save a few dollars on comprehensive coverage with many of the motorcycle insurance companies we sell for. Reach out to your agent to find out what discounts you?ll be eligible for before installing a new security system.
20) Choose a Higher Comprehensive Deductible
Comprehensive coverage pays for damage to your motorcycle caused by anything but a moving collision like theft, vandalism, or weather.? Raising your deductible means you’ll have to pay more out of pocket if something happens and you have to file a claim, but you’ll pay less for the coverage and that’s what this article is all about.
21) Drop The Towing Coverage
Do you know someone with the equipment to pick up your bike if it breaks down? Maybe you don’t need towing coverage. Then again, maybe you should consider it because there’s not much worse than standing next to a bike that won?t start in a rainstorm.
22) Store The Bike in a Garage
If you park your bike in a garage make sure your insurance agent knows about it.? Many of our motorcycle carriers offer lower rates or a discount off your comprehensive coverage since there’s a lower chance of theft or weather damage.
23) Don’t Wait Until It’s Too Late
One of the most common reasons people don’t switch to more affordable motorcycle insurance is because they wait until their renewal date and then are too busy with something else to get quotes or make a switch. Reach out to us right now while you’re thinking about it and let’s find out how much money we can save. Don’t put it off!
24) Don’t Get in Accidents
Always be alert out there. We all know cagers aren’t looking for you out there and most of them are too busy on their phones to see you there anyway. When you’re out on the road imagine that every vehicle out there with you is out to get you. Ride defensively – it’s your best chance.
25) Drop the Medical Coverage
This is definitely one you’re going to want to discuss with your insurance agent, but if you have really good medical insurance? you might not need additional medical coverage on your motorcycle policy. But talk to your agent, on a motorcycle it’s usually better to have more medical coverage than you think you need.
It might save you a few bucks on motorcycle insurance. As if you needed another reason to stop working and tour the country full-time.
27) Lower Your Property Damage Liability Coverage
Although we don’t usually like to recommend anyone lower motorcycle liability coverage, the truth is that it is less likely for you to cause $100,000 of property damage on a motorcycle than a car. But keep in mind, you could be liable for an accident where other cars wind up hitting other cars and it won’t matter that your Honda Rebel couldn’t dent a piece of cardboard.
28) Lower Your Bodily Injury Liability Coverage
Just like the idea above, you are less likely to hurt someone in a car while riding your bike, but that doesn’t mean it can’t happen. We’ve seen motorcycles deemed liable for accidents with fatalities and really expensive injuries to people inside the cars that are involved. And imagine too if you were involved with an accident with another biker.
29) Get a Quote From Velox
At Velox Insurance, we specialize in finding customers great motorcycle insurance coverage at the most affordable price and we’ve made it easy for you. You can get multiple quotes online?to find the best rate or contact any of our 30+ locations throughout Georgia and Indiana to work with one of our?licensed motorcycle insurance experts.