“Why is my motorcycle insurance so expensive?” – a question you will likely hear from anyone who loves to ride. Most riders struggle with the high rates that come with motorcycle insurance. What they don’t know, however, is that there are many easy ways to save on insurance rates. Here are just some of the many options available:
Choose the right motorcycle
The right motorcycle is one that fits your age and riding experience. Insurance rates can be sky-high if this combination is not right. For example, a young person with a very fast motorcycle will most likely get higher rates. This should come as no surprise since the equation comes with a high percentage of severe accidents. In such cases, insurance companies will have to charge more to cover for the consequences of a possible serious accident. For example, statistical data shows that motorcycle accidents account for 10 times the severe life-threatening injuries and 6 times the medical costs when compared to cars.
Choosing the right motorcycle, along with taking a rider training course to refresh your skills, is a great way to reduce your insurance rates.
Bundle home, auto and motorcycle insurance
Most insurance companies see motorcycle insurance as high risk, which is why they encourage home and auto insurance to offset the risk. Insurance brokers who specialize in motorcycle insurance first (and home and auto second) will be able to give you negotiated rates if you choose to bundle the three. In addition, a broker who specializes in motorcycle insurance will give you a better overview of your rates, payment of your medical bills and income replacement.
Rates vs. claims: Avoid cheap online insurance
It sometimes seems easier to just go online and pick the broker that offers the lowest rates, and this is a trap to beware of. Let’s put it this way: there’s a good chance you could get out of a car accident unharmed, while a motorcycle accident will often result in more serious injuries (hence the higher rates). If a person who was injured in a motorcycle accident requires medical attention and time off work, they need proper coverage to rely on.
Insurance coverage that is available online often does not offer a comprehensive overview of the conditions regulating the claims, which leaves the client in the dark when it comes to knowing what exactly is covered by the plan. This is why saving on rates with cheap online insurance will likely cost you way more in times of need.
It is always best to deal with an experienced broker who will offer advice and a complete explanation of what you will get in case an accident or a different problem occurs.
Find Experienced Brokers
Handling motorcycle claims should always be left to the experts, ones who have their clients’ benefit in mind.
Riders Plus Insurance is Ontario’s motorcycle insurance leader, with over 20 years of experience within the industry. As part of our strategy to help clients save on rates, we offer the possibility to bundle home, auto and motorcycle insurance. Apart from that, we also offer insurance on ATVs, RVs, snowmobiles, cottages, and much more! Contact us today at 1-877-251-4504 to get a free, no-obligation quote. Experienced and new riders are always welcome!