by Administrator
27. July 2020 08:17
Motorcycle insurance provides coverage against numerous risks involved while the vehicle is either parked or plying on the road. In order to avail of the risk coverage, the insured has to pay an amount to the insurer. This amount is known as the ‘Insurance Premium’.
Premium is calculated based on a number of personal, geographical, types of coverage, and other variable factors. However, there are some tips that can help in reducing the motorcycle insurance premium:
- Driving Record: A driver’s record is one of the important factors considered by the insurance company for calculating the premium amount. It helps the insurer in calculating the risk involved based on the number of tickets, accidents, etc. So, maintaining a clean driving record can help in lowering premium costs as the insurance company considers a safe driver as less of a liability.
- Discounts: Motorcycle insurance providers offer a variety of discounts to their customers based on different factors such as age, gender, etc. It is always worthy to ask the insurance agent if one is eligible for a discount as this can considerably lower the insurance premium.
- Add-On Equipment: Security risk is one of the main considering factors behind premium cost calculations. Adding security-enhancing equipment to the motorcycle such as an anti-theft alarm reduces the risk factor attached to the vehicle. This makes the vehicle less of a liability for the insurance provider resulting in reduced premium cost.
- Claims History: It is advisable to file a claim only in case of a major accident or major damage. Avoid filing claims for minor damages as this will add on to the claims history and will be considered to be a risk factor by the insurance provider. Additionally, filing for unwanted claims nullifies an individual’s eligibility for the ‘No Claims’ discount.
- Deductible: It is the amount that an insured person has to pay in case of any damage before the insurance provider starts to cover the losses. Signing up for a higher deductible lowers the premium amount and vice versa. However, the deductible should be chosen wisely based on the financial situation.
- Timely Renewal: Renewing an insurance plan before the due date can also help in lowering the insurance premium. Some insurance providers may offer a grace period for renewal. If insurance plan lapses, an individual may miss out on a variety of renewal benefits.
Shawn Camp Insurance Agency, Inc. offers a complete range of motorcycle insurance coverage options at an affordable price to its clients in Killeen, TX. The clients can either choose from the available coverage options or get a personalized insurance plan as per their requirements. For more details on ways to reduce motorcycle insurance premium, visit 2705 E. Stan Schlueter Loop, Suite 101 Killeen, TX – 76542. You can also call at (254) 526 – 0535.
by Administrator
21. July 2020 09:32