Just because you have one income, that doesn’t mean you can’t indulge your passion of riding your motorcycle. Still, your bike costs money, and so does your motorcycle insurance. So, you need to keep a close watch on your budget. What are some of the ways you can take care of your bike in a financially-responsible way?
Bike Maintenance and Cost Savings
Your bike will cost several thousand dollars, and that's before upkeep come into play. Before, during and after rides, you must keep the bike secure.
- Receive regular service. Change the oil, have motor inspections and tire changes at standard intervals. This will help lower the risk of sudden, catastrophic breakdowns.
- If the bike shows any signs of developing problems, take it to a mechanic. If they can fix small issues, that might fend off larger, costlier breakdowns.
- Inquire about repair warranties. Some dealers or manufacturers offer free service or repairs for certain terms.
- Make your loan payments on-time and in-full. Skipping payments means your loan might accumulate interest. So, the loan might lengthen, causing you more financial strain.
- Park and store the bike in a safe environment, such as in a garage. By doing so, you might reduce the risk of theft or damage from weather hazards.
Insurance Cost Savings
Your state will likely require you to carry motorcycle insurance. Coverage itself is valuable financial protection. It can help you pay for bike repairs or replacements following unexpected damage. However, it’s also a cost you have to factor into your income. You don’t want to pay excessive costs for protection.
- Ask your agent to compare the policy and pricing offers of different agencies. Independent agents can compare multiple companies to get you the best protection.
- See if you qualify for coverage discounts. You might be able to get reduced rates based on mileage, your status as a student or other factors.
- You can often raise your policy’s deductible or adjust your coverage limits to lower costs. Raising your deductible means you will pay a little more for repairs before your insurance covers costs. Changing your coverage limits will impact the total amount of money you can receive for a claim. However, you should never change your coverage without carefully thinking about your ability to pay following an accident.
Of course, one of the best ways to keep your insurance rates low is not to have accidents that merit claims. Nevertheless, no one can prevent every negative incident. Get bike insurance, but don’t hesitate to take all necessary steps to stay safe on the road as well.
Looking to save even more? Also read: Use an Independent Agent to Get Affordable Car Insurance Rates