If you're a motorcycle enthusiast, the purr of a well-tuned engine, the rush of the open road, and the freedom of a two-wheel drive bring a level of excitement that cannot be matched! However, with great horsepower comes great responsibility.
And motorcycle insurance is an essential part of that responsibility.
Insurance is vital to protect yourself, others, and your motorcycle. Naturally, this costs money. But does it need to cost as much as you’re spending? Perhaps you’re missing out on some insurance discounts you may be eligible for.
To maximize your savings on motorcycle insurance, consider the following strategies:
Insurance providers often consider insurance scores when determining premium costs. Demonstrating financial responsibility by maintaining a good insurance score could result in savings on your policy. While maintaining good credit does not afford a discount, it may impact your overall premium.
Motorcycles with higher displacement, sports models, or luxurious models with a higher chance of being stolen typically cost more to insure. By choosing a modest model, you can save on insurance premiums. While your choice of model does not afford a discount, it will impact your overall premium.
Motorcycle insurance companies often offer competitive rates to attract new customers. Therefore, ensuring appropriate coverages and eligible discounts can often result in better deals.
According to moneysavingsexpert.com, the prime time to review your current policy for appropriate coverages and discounts is 20 to 26 days before your renewal date1.
Take advantage of the opportunity to speak with an insurance agent for a more personal service. An agent can provide tailored advice based on your specific needs and situation.
They can guide you on the best discounts applicable to your specific situation.
You can reduce your premium costs by opting for a higher deductible or lower coverage. However, ensure that you are comfortable with the risk associated with these choices.
Before you make that big purchase, it's wise to check insurance rates for the model and type of motorcycle you're considering. Some bikes may have significantly lower (or higher) rates than others.
It is important to remember that each motorcycle insurance company has its own policies regarding discounts.
There are several ways to get insurance discounts based on your affiliations:
Harley Owners Group (H.O.G.) members may be eligible for a discount on their motorcycle insurance through Harley-Davidson® insurance services.
Insurers often see affiliations like these as signs of responsibility and community involvement, reducing risk.
Similar to being a H.O.G. Member, insurers may offer discounts to members of approved motorcycle rider groups or associations. (your agent can validate this list during the quote process).
Many insurance providers offer discounts to motorcyclists who complete an approved defensive driving or motorcycle safety course. After all, defensive driving courses improve your skills, making you a safer rider and less risky to the insurer.
For Harley-Davidson® Insurance Services, this covers courses completed within the last five years but does NOT include automobile driving courses unless required by the state.
Not only can affiliations help you reduce your expenses, but there are certain approaches to taking out a policy that can work further in your future.
You may qualify for an ownership discount if you have a policy without an Additional Insured listed (i.e., a Lessor or Lienholder).
Suppose you pay your policy annually instead of monthly. In that case, you can lock in a sizable discount provided there have been no lapses, late payments, non-sufficient funds, or short payments in the prior policy period and provided the policy is paid via direct bill or automatic payments.
If, at policy renewal, there has been no lapses in coverage, late payments, short payments or issues with returned payments during the prior period, this discount is often automatically applied.
One of the more typical discounts, the multi-vehicle premium discount is automatically applied when two or more vehicles are on a policy.
If a policy is quoted at least one day before the policy's effective date, HDIS will apply a discount.
Insurers will consider several personal traits that can help you secure lower motorcycle insurance premiums. Examples include:
This discount will apply when the operator has a valid motorcycle license or endorsement on their driver’s license.
Owning your home can qualify you for additional discounts on motorcycle insurance, provided the named insured resides at the address and is an operator on the policy. After all, home ownership signifies stability and responsibility, traits that insurers value.
Proof of ownership may be required, including:
More years on the road can translate into savings on your insurance. This discount is typically based on the number of years of on-road experience.
Renewing a policy while maintaining a clean driving record and avoiding at-fault claims or comprehensive claims in excess of $500 in the prior policy period may gain you a discount with HDIS.
Note* any Roadside Assistance usage during the prior period will not affect this discount.
Now, let’s move on to your motorcycle and how this can help you save money on insurance.
Insurance companies often offer discounts for insuring newly-purchased motorcycles. Why? New bikes are less likely to have mechanical issues, which can reduce claim rates.
Installing approved anti-theft devices on your motorcycle can result in a discount. These include audible anti-theft alarms, NCIB “Phantom Footprints, " or DataDot Asset Identification System on the motorcycle’s parts, LoJack, or other non-audible security systems.
Note* your insurer may require comprehensive coverage for the discount to apply.
If your bike is primarily stored in an enclosed and secure structure (e.g., an enclosed garage), you may qualify for the garaging discount.
Finally, insurance companies often reward customer loyalty with various discounts.
Switching to a new insurer can earn you a discount on your first year's premium. This is a strategy insurers use to attract new customers when the insured has had prior insurance within the last 60 days.
Proof of prior coverage may be required, including:
Exceptions may apply for government/military/private sector personnel returning from overseas duty.
For policies in effect for a specified period (for example, 12 or more continuous months), this discount may be automatically applied when a motorcycle is replaced or added, provided it is a newer model.
However, the age of the bike may impact this discount. For Harley-Davidson® Insurance Services, the following discounts apply:
By understanding and leveraging these discounts, you may be able to reduce your motorcycle insurance premiums without compromising on the coverage you need.
Remember, however, these discounts, the percentage saved, and even the ‘names’ of the discount will vary widely from carrier to carrier, so be prepared to compare plans and ask about discounts.
Drive safely, ride responsibly, and maximize your two-wheeled freedom!