Motorcycle Insurance Deductible: How to Fix It?

For assured peace of mind that your motorcycle is covered in the event of an accident or theft, you must have motorcycle insurance that offers sufficient coverage and protects you from financial loss. However, when purchasing your insurance, you have to fix a deductible amount that you agree to pay before your insurance provider reimburses you for the expenses incurred.

A deductible is an essential component of your coverage, and before deciding the amount, you need to consider particular factors such as your potential risk factors and your budget. In this blog, we will discuss important deductible-related information that may help you to set the right deductible for your motorcycle insurance coverage.

Estimated Cost of Motorcycle Insurance

On average, motorcycle insurance may cost you $60 per month or $721 annually, but the rate may vary as it depends on the following factors:

  • Location of your residence
  • Age & Experience
  • Frequency of use
  • Storage facility
  • Traffic violations
  • Insurance claims filed
  • Model
  • Customized accessories
  • Coverage type

How to Reduce Motorcycle Insurance Costs?

While your insurance provider calculates your motorcycle insurance cost based on the factors mentioned above, you can reduce your insurance costs by doing the following:

  • Bundle your policies
  • Pay a higher deductible
  • Pay a lump sum
  • Improve your credit score
  • Join a defensive driving course
  • Practice safe driving
  • Review your coverage types and limits
  • Ask for discounts
  • Shop around for multiple quotes

Motorcycle Insurance Coverages with Deductibles

Like other auto insurance policies, minimum liability coverage is mandatory for motorcycle owners, but you don’t need to pay a deductible for your liability insurance. Several other coverages are available in motorcycle insurance that you may buy based on your unique needs. However, you have to pay a deductible for these coverages to activate your claim. The standard coverages include:

  • Collision Coverage
    It covers damages to your vehicle when you hit or are hit in a collision.
  • Comprehensive Coverage
    It covers for damages to your vehicle caused by covered perils such as theft and vandalism, fire, and certain natural elements.
  • Medical Payments Coverage
    It covers medical payments for injuries to you or your co-passenger.
  • Uninsured/Underinsured Motorist Coverage
    Covers for loss in an accident caused by a driver with either no or insufficient insurance.

Discounts Available on Motorcycle Insurance

You must ask your insurance provider if they offer any discounts you may qualify for. This can help reduce your insurance costs. The different types of discounts that you may benefit from are:

  • Multi-policy discount
  • Multi-vehicle discount
  • Motorcycle safety course discount
  • Matured driver discount
  • Theft-recovery system discount
  • Riding association discount

Can Deductibles Help in Lowering Motorcycle Insurance Cost?

Higher deductibles translate to lower premiums. However, your out-of-pocket expenditure will be higher while reimbursing your claim. Lower deductible amounts may lead to reduced compensation after an accident. So, you must weigh all factors before fixing the deductible for the various coverages in your motorcycle insurance to receive maximum benefits from your insurance.

Enjoy Your Motorcycle Rides with J. Archer Insurance!

For more details on the motorcycle insurance coverage that we offer, contact us today. At J. Archer Insurance Group, we focus on your safety on the road and provide maximum protection for your prized possession.