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Saving on Insurance Premiums

Photography: ozzzie [1]

When we recently found out the insurance premium for my husband’s motorcycle was increasing by almost 400% [2] we took action.

He got quotes from four different insurance companies and also did some digging in forums he reads to see which companies typically had competitive motorcycle rates.


Old premium: $169
Renewal premium: $789
367% increase

Quote Company 1: $456
Quote Company 2: $441
Quote Company 3: $359
Quote Company 4: $280

Other Policies

In addition, because the cycle premium was so much lower I prepared a document that listed our coverages and limits for our other cars, homeowners and umbrella policies.

We confirmed that the other four policies are still the cheapest for the coverage we need at our current company so we will only be moving the motorcycle.


Estimated yearly savings: $509

In addition to the cheaper premium, the new policy provides better coverage than the old policy.

Action Plan

It’s important every once in awhile to shop around and make sure that you are still getting the level of customer service you expect and competitive rates.

Have you shopped your insurance policies lately?

Article featured in: The Festival of Frugality [3].