If you're looking for a way to save money on your motorcycle insurance premiums, you should consider switching to pay-by-mile motorcycle insurance. This insurance offers all the same coverage as traditional insurance, but it charges its premiums differently. You'll pay a low monthly rate to cover non-driving hazards like theft or fires, and then you'll pay premiums each month based on your motorcycle mileage.
This business model makes sense for many insurance carriers; you're at the greatest risk when you're on the road, so being on the road less means that you represent less risk to the insurance company. As a result, you'll be charged significantly lower monthly premiums when compared to standard insurance if you don't put many miles on your motorcycle. Below, you'll learn about why switching to pay-by-mile motorcycle insurance is almost always the best option for coverage.
You Only Ride on Weekends
If you're mainly using your car for your daily commute and only ride your motorcycle for fun on the weekends, you likely aren't putting very many miles on it. You can potentially save quite a bit of money by switching to a pay-by-mile motorcycle insurance policy.
Standard insurance carriers have to account for both people who commute on their motorcycles and people who only ride on the weekends when they're setting premiums, and people who commute on their motorcycles will be on the road much more frequently. You'll be charged higher premiums to account for those riders, even though you're not a part of that group. When you switch, you'll only pay for the miles that you put on your motorcycles during the weekends.
You Only Ride in Good Weather
Similarly, you can also save money by switching to a pay-by-mile motorcycle insurance policy if you're the type of person that stows their motorcycle in the garage over extremely hot summers or uncomfortably cold winters.
Most motorcycle insurance carriers will work with you and offer a lay-up policy when you're not riding for a few months. This keeps comprehensive coverage active but temporarily ends your on-the-road coverage. However, this requires you to call your insurance company and ask them for a lay-up, and you're usually limited in how often you can request one. If a slight cold front comes along during the summer, you may want to get out and ride your motorcycle on the weekend. If you only receive a limited number of lay-ups per year, you may not be able to.
Switching to a pay-by-mile motorcycle insurance policy is more convenient since it eliminates the hassle of dealing with lay-ups. Whenever the weather permits, you're able to ride your motorcycle knowing that you're not paying for excess coverage when it's stowed away.
You Ride in Stop-and-Go Traffic Frequently
Sitting in stop-and-go traffic is a major nuisance, especially when you're on a motorcycle. However, you can benefit from a congested city commute when you switch to a pay-by-mile motorcycle insurance policy. These policies just go by the number on your odometer. Even though you're spending a long time stuck in traffic, you're not putting many miles on the odometer due to the simple fact that you're not moving very much. This results in significantly lower rates when compared to a standard motorcycle insurance policy.
If you think that a pay-by-mile motorcycle insurance policy would be a good fit for you, call and get a quote. Compare the average number of miles you drive during the year versus the charge per mile in order to estimate how much you'll pay for your policy. If you fit into one of the categories above, you'll very likely save a large amount of money on your motorcycle insurance premiums.