Motorcycle Insurance Articles
How To Reduce Motorcycle Insurance Costs For Older Bikes
2010-08-24
Motorcycle insurance costs vary significantly between different types of motorcycles. It is possible to get lower rates for older bikes, especially if you can prove that you do not ride the bike very often. Insurance companies will give their customers discounts based on how the older bike is stored, how often it is driven, and how much it would cost to repair the bike if it were involved in an accident. Be sure to check all of your options before you sign up for a typical motorcycle insurance policy.
Many motorcycle insurance companies are happy to provide insurance discounts if you can prove that you store your older bike in a covered garage or shed. The more protected the bike is, the less likely it will be involved in any activity that could lead to damage. Bikes that are stored in covered sheds or garages are also protected from damage that can be caused by the elements. If the insurance company feels that you have placed the bike in an area that provides a lower risk of damage, it will probably respond by offering you a lower rate. The insurance company may require proof of storage before the discount can be enacted.
Insurance companies are well aware of the fact that motorcycles that are not driven very often are far less likely to be involved in accidents. Most people who own older bikes only ride the bikes on special occasions. Look for motorcycle insurance costs that can be reduced by low mileage guarantees. You may be able to find a motorcycle insurance policy that requires that the bike can only be driven a specific number of miles within a year in order to qualify for coverage. Think about how often you ride your older bike and how far you tend to drive. If you only drive once or twice a month and you keep the older bike in town, you will probably be offered a much lower rate than if you drive the bike daily.
Some older bikes may qualify for classic insurance rates instead of typical motorcycle insurance rates. If you are interested in classic rates, you can negotiate a cost for your motorcycle that seems fair to you and the insurance company. The insurance company can offer you lower rates because they have a fixed value for your vehicle instead of the standard average motorcycle price that they offer for all new bikes. You can also choose what kind of coverage you want for your bike instead of signing up for a prepared coverage package, which can help keep the costs down for your motorcycle insurance.