One of the best ways to experience Alberta’s incredible scenery is on top of a motorcycle to take in scenery from winding mountain highways as well as quiet country roads. The freedom of riding is hard to beat, so before firing up your bike it’s also important to make sure your motorcycle insurance coverage fits your lifestyle and your budget.
The good news is that lowering your motorcycle insurance premium doesn’t have to mean losing protection. Making smart choices and working with an experienced insurance broker can help you reduce your motorcycle insurance costs while keeping the essential coverage you need.
Here are 10 ways to help lower your motorcycle insurance premiums.
- Maintain a clean driving record
One of the biggest factors affecting your motorcycle insurance premium is your driving history. Riders who avoid speeding tickets, distracted driving offences, impaired driving convictions, and at-fault collisions are generally viewed as lower-risk by insurers. Lower-risk riders automatically receive access to better premiums.
Safe riding habits do not just keep you safer on the road. Over time, you will qualify for better insurance rates.
- Bundle your insurance policies
If you already have home, condo, tenant, or automobile insurance, consider bundling your motorcycle insurance with the same insurer or speaking to us about how one of our providers may be able to provide better rates. Most insurance companies offer multi-policy discounts that can result in very good savings.
Bundling also helps simplify your insurance by consolidating the payments for multiple policies into one.
- Choose the right coverage for your bike
Every motorcycle owner has different insurance needs. A brand-new touring bike likely requires broader protection than an older motorcycle that’s only ridden occasionally.
It’s important to review your policy regularly with your broker to ensure your coverage reflects your motorcycle’s value, how often you ride, and where you travel. We can help you adjust your optional coverages appropriately and can help prevent your paying for protection you no longer need.
- Consider a higher deductible
Increasing your deductible is one of the simplest ways to lower your premium. Since you’ll agree to pay more out of pocket if you make a claim, insurers often acknowledge that added financial responsibility by lower monthly or annual insurance costs.
Before increasing your deductible, however, make sure it’s an amount you could comfortably afford if your motorcycle were damaged or stolen.
- Store your motorcycle securely
Where you park your motorcycle when you are not using it matters to insurance companies.
By parking your bike inside a locked garage or secure building, you reduce the risk of theft, vandalism, and weather-related damage. This is something insurance companies recognize. Installing anti-theft devices or tracking systems may also help lower your insurance costs while also providing you additional peace of mind.
- Take advantage of seasonal ratings
Because Alberta’s riding season is relatively short, most motorcycle insurance policies are seasonally rated, which means your premiums are adjusted to reflect the months when you are typically on the road, however you still maintain year-round protection.
Instead of cancelling your insurance during the winter, speak with your broker about options that continue protecting your motorcycle while it’s not in use against risks such as fire, theft, or vandalism.
- Complete a motorcycle safety course
Whether you’re a new rider or returning after several years away, completing an accredited motorcycle training course can improve your riding skills and will qualify you for discounts with many insurers. Better training leads to fewer accidents, making you a lower insurance risk while giving you more confidence on Alberta’s highways.
- Avoid unnecessary modifications
Custom paint, performance upgrades, aftermarket exhaust systems, and expensive accessories can increase the value of your motorcycle — and potentially increase the cost of insuring it.
If you plan to modify your bike, discuss the changes with your insurance broker beforehand. We can explain how modifications may affect your coverage and premium while ensuring your upgrades are properly insured.
- Review your insurance before riding season
Many riders pull their motorcycles out of storage each spring, dusting it off without giving much thought to their insurance policy. However, your needs may have changed since the previous riding season.
Perhaps you’ve purchased a new motorcycle, added accessories, changed where you store the bike, or are planning a longer road trip. Reviewing your coverage before your first ride helps ensure you’re adequately protected while identifying opportunities to save. It’s also a great time to confirm you have enough liability coverage and optional protections that fit your riding plans.
- Work with an independent insurance broker
Shopping for motorcycle insurance isn’t just about finding the lowest price. It’s about finding the best value.
An independent insurance broker can compare policies from multiple insurers, explain your coverage options, identify available discounts, and help tailor a policy that fits your riding habits and budget.
Because insurance products and discounts vary between companies, having an expert such as us review your options each year can often uncover savings you might otherwise miss.
Ride protected without paying more than you need with Lane’s Insurance
Motorcycle insurance is an important investment that protects both you and your bike. While price is certainly a consideration, the goal should always be finding the right balance between affordability and the protection you need. Work with an experienced insurance broker such as us at Lane’s, ride safely, review your policy annually, take advantage of available discounts, and you may be able to reduce your premiums while maintaining confidence every time you head out on Alberta’s roads.
Lane’s Insurance offers second-to-none claims support and outstanding customer service. As a brokerage, Lane’s Insurance works for you, not the insurance providers, so you can always be sure you’re getting the best coverage at the lowest prices available. Contact us at our Calgary, Banff, Edmonton and greater Alberta offices.
