MMP 12: Motorcycle Insurance – How I Cut My Premiums in Half [Podcast]

In this session of the Motorcycle Mentor Podcast, I explain how I cut my motorcycle insurance premiums in half. First, every rider needs to understand the major types of insurance: liability, comprehensive, and collision. Don’t worry if this sounds foreign, I’ll explain everything.

NOTE: I’m not a licensed insurance agent. I’m simply reporting on my personal experiences. You need to consult with a licensed insurance agent before making changes to your coverage.

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Listen to the podcast by clicking on the play button at the top of the page.

More specifically, in this session you’ll find out about:

  • What are the three main types of motorcycle insurance coverages?
  • What coverage — at a minimum — should every motorcycle rider have?
  • Which companies specialize in insuring motorcycles?

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4 Responses to MMP 12: Motorcycle Insurance – How I Cut My Premiums in Half [Podcast]

  1. George April 4, 2014 at 7:11 pm #

    Good point.

    Also worth pointing out is that dealerships have their own agents that pay commission for referrals, so they will try to steer you to get it from them. I was quoted a liability insurance by State Farm (as suggested by the salesman) for $247 per year. I did my shopping and found Progressive offered me a quote for $77 per year.

    I have noticed that people don’t pay attention to what deductible means. I know of people who have a $2000 deductible for their car insurance, but they don’t have that much money in savings. I see that insurance as inefficient or plain waste of money.

    Furthermore, I consider motorcycles to be toys (that would be different if I didn’t have a car). If I wasn’t ready to accept the monetary loss, it would mean I can’t afford to buy it and should look for a cheaper option.

    Sorry I went all “Dave Ramsey” on you.

    • MotorcycleMentor April 4, 2014 at 7:23 pm #

      Good points… and I’m very familiar with (and agree with) Mr. Ramsey.

  2. Eric April 14, 2014 at 6:08 pm #

    Good podcast, Dave, with some good, basic insurance info–anybody who buys insurance owes it to themselves to understand what they’re buying, and this is especially true with regard to motorcycle insurance.

    One other factor to consider–and this is often overlooked by insurance buyers–is the claim history of a particular company. It does no good if you can get a cheap premium, but the company has a crappy claims record. Much of the litigation in automobile accident and personal injury cases results from poor claims practices by the insurance companies themselves. All too often your insurance company is your best friend right up to the moment that they have to pay a claim.

    So caveat emptor–do your homework. There’s lots of websites that rate customer satisfaction and claims histories for various insurers. It’s well worth the time, before you plunk down your premium money, to see the track record for the company you’re interested in.

    • MotorcycleMentor April 14, 2014 at 8:07 pm #

      You are right. The cheapest insurance isn’t always the best. Every rider needs to do their own homework. I suppose that’s why I am so reluctant to name the company I use (referenced in the podcast).

      Getting the right coverage for your particular needs starts with education.


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