For motorcyclists who also own cars, bundling motorcycle and auto insurance with one provider often leads to reduced rates on both policies. Insurance companies offer these multi-policy discounts to incentivize customers to purchase multiple coverages from them rather than competitors. But is consolidated insurance right for you? Consider the pros and cons of bundled motorcycle insurance to make the best choice.
Potential discount amounts
Typically bundled insurance discounts range from 5-20% off each policy, depending on the insurer. Having both vehicles and motorcycles with one company maximize savings by up to 20-25% over keeping them separate. However, actual savings will depend on your profile. Carefully compare bundled and separate quotes. Combining all your policies under one insurer allows for easier management through a single point of contact. You deal with only one bill, declaration page, ID card, and renewal period. Streamlined insurance saves time and hassle compared to coordinating two policies across different providers.
Broader customer profile
Your driving record and other factors for your car balance out the increased risk of insuring a motorcycle. The insurer can assess combined risk more accurately and provide competitive pricing based on this broader customer snapshot. Driving well, drivers especially benefit. Bundling helps maintain a consistent coverage level across all vehicles. You don’t have to skimp on motorcycle protection to get bundled vehicle savings. Compare policies closely to ensure they are comparable. Long-term bundled Thai compulsory car insurance coverage customers receive an additional loyalty discount. Companies want to retain the business you’ve given them across multiple policy types. Pay attention to loyalty rewards for years of combined patronage.
But cost savings are not guaranteed
Not everyone saves money from bundling. Be sure to get separate motorcycle quotes even if you bundle car coverage. Only switch if total bundled costs are less. Fees assessed by insurers increase overall prices. Don’t assume bundling is cheaper. Bundled policies exclude sports bikes from coverage or have different accident forgiveness programs. If a motorcycle-only insurer would provide more complete coverage, it outweighs any minimal savings from bundling. Compare inclusions closely. Forfeited discounts like homeowner bundling or legacy pricing for long-tenured customers could outweigh any savings on a new consolidated policy. Don’t lose a 20% home bundling discount to save 10% on a bundled auto and motorcycle policy. Independent agents who work with multiple insurers still bundle all policies across two carriers while optimizing available discounts better than a single company. Consider utilizing their broker services.
For most riders, insuring cars and motorcycles with one trusted company makes sense both logistically and financially. But talk with agents to ensure bundled policies don’t shortchange your coverage options or discounts. Weigh savings against exclusionary fine print. The right bundled policies bring simplicity and savings together.