Is it Cheaper to Buy a Car and Motorcycle Insurance Bundle?
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If you drive more than one type of vehicle, such as a car and a motorcycle, it can be a hassle to take out separate insurance policies — especially if you get them both from different companies. But there may be another option: an insurance bundle.
Many insurers offer discounts for drivers who buy multiple insurance policies together. By opting for a car and motorcycle insurance bundle, you can simplify the process of getting a quote and benefit from any bundling discounts that your insurer provides.
Still, there are some differences between motorcycle and car insurance coverage, so it’s important to know what kind of coverage you need in order to get the best policy.
- A lot of insurance companies will insure your car and motorcycle while providing a discount for bundling your insurance policies
- Motorcycle insurance may be more costly than car insurance, but don’t forget to incorporate additional coverages you may need to be properly covered such as guest liability coverage and accessory coverage
- Consider taking a motorcycle safety course to gain a discount when insuring your bike and ask about other discount options when you’re shopping around
What Is a Car and Motorcycle Insurance Bundle?
A car and motorcycle insurance bundle is basically an insurance package that includes both types of coverage in one. Instead of maintaining two different policies and paying separate premiums, you’ll be able to handle all your insurance needs in one place.
There are three main benefits of getting a car and motorcycle insurance bundle.
1. Multi-Policy Discounts
Most car insurance companies offer generous discounts when you buy multiple policies. Multi-policy discounts aren’t just for car and motorcycle insurance; this may be one of the combinations your insurance company extends to policyholders.
A bundling discount is often 5-10% off the cost of your policy, which can add up over several years of paying your insurance premiums.
Some auto insurance companies advertise this discount in advance, but others will only calculate it when you request a bundle quote from them.
2. A Streamlined Process
The second reason to bundle auto and motorcycle insurance coverage is to streamline the underwriting process. Instead of requesting separate quotes for each policy, you can compare car and motorcycle insurance rates simultaneously.
Plus, once you have a car and motorcycle insurance bundle, you’ll be able to log into your account and view both policies in the same place.
You won’t have to deal with different insurance companies if you file a claim, and you won’t have to remember to pay separate premiums each month.
3. Specific Insurer Perks
In addition to a bundling discount and a simpler process, there may be other perks specific to your insurance provider.
For example, although separate car and motorcycle insurance policies each have their own deductible, you might be able to choose a single-deductible policy, which can save you money if you have to file multiple claims.
You can also benefit from other discounts from your insurance company, such as a safe driving discount if you have a good driving record.
Differences Between Car and Motorcycle Insurance
Although the same insurer may carry both types of insurance products, you need to be aware of two differences between car and motorcycle insurance.
Motorcycle Insurance May Be Cheaper — But Covers Less
First, motorcycle insurance usually costs less because motorcycles are less expensive to repair and are less likely to cause significant property damage to other vehicles. That means your coverage limits may be lower than your auto insurance coverage.
Still, minimum coverage requirements vary from state to state, so it’s important to know what these requirements are before exploring your coverage options.
Here are a few coverage options and add-ons you may want to consider:
- Accessory coverage
- Collision coverage
- Comprehensive coverage
- Guest coverage
- Uninsured motorist coverage
- Roadside assistance
A few states don’t require you to have motorcycle insurance at all, but we don’t think it’s ever a good idea to drive without insurance.
You May Be Able to Get a Lay-Up Policy
One of the downsides to a typical car insurance policy is that you’re required to maintain continuous coverage, even if you don’t drive it for an extended period of time.
With motorcycle insurance, maintaining year-round coverage can seem like a waste of money because chances are you won’t be driving it in the winter months anyway.
At the same time, canceling and renewing your policy isn’t a realistic way to lower your insurance costs since you’ll likely face fees and penalties.
Fortunately, some insurers have a solution. It’s called a lay-up policy, which means you’ll pay less during the months you don’t drive your motorcycle.
Basically, you can remove some types of coverage while your motorcycle is in storage but still maintain your insurance policy in the case of theft or damage.
Some insurers will build in the lay-up period especially in areas with snowy winters. In this case you’d pay for an annual policy offering coverage throughout the year, but the insurer will build in a discount assuming you won’t drive your bike year round.
Which Insurance Companies Offer Car and Motorcycle Insurance Bundles?
Not every insurer provides motorcycle insurance, so you may need to shop around to find the right multi-policy option. Here are three companies that have car and motorcycle insurance bundles.
1. Liberty Mutual
Liberty Mutual offers several motorcycle insurance discounts, including an Experienced Rider discount and a safety course discount. You can also get a discount if you bundle your motorcycle insurance with a home insurance or auto policy.
Plus, accident forgiveness comes standard, while the roadside assistance and Better Bike Replacement options are available as add-ons.
Nationwide also has motorcycle insurance that you can customize to your needs. For example, you can have up to 12 bikes on a single policy (with $50,000 coverage each), and you can insure vintage motorcycles, your trailer, and custom parts.
Nationwide’s policies cover you year-round, with discounts for paying in full, being part of a riding association, or installing anti-lock brakes.
Travelers provides motorcycle coverage through their partner Dairyland, with rates starting at $6 per month, depending on your driving record and experience. This option isn’t just for motorcycles: You can also insure other types of two-wheeled and off-road vehicles, including dirt bikes, ATVs, and snowmobiles.
If you already have a car insurance policy with Travelers, your multi-policy discount will be applied automatically.
What Other Types of Bundling Discounts Are There?
Car and motorcycle insurance bundles can be a great way to save money and simplify your insurance payments. But they aren’t the only insurance bundles available. Most insurers make at least one or more of the following available in addition to car insurance:
- Renters insurance
- Homeowners insurance
- ATV insurance
- Snowmobile insurance
- Life insurance
- Umbrella insurance
If you already have a car insurance policy, you can call your insurance company or insurance agent and find out if they carry additional types of coverage. If not, they may be able to refer you to a partner company so you can still qualify for a discount.
Otherwise, you can start from scratch by comparing quotes from several insurers and choosing the one with the best rates or discounts.
And remember, just because you can bundle your car and motorcycle insurance doesn’t mean you have to. Insurance bundles have pros and cons, and in some cases, it may be simpler or more affordable to maintain two separate policies.
Find the Right Car and Motorcycle Insurance Bundle for You
Motorcycle insurance is a must if you want coverage on the road. And if you drive a car too, then a car and motorcycle insurance bundle may be your best option. Not only will you qualify for a multi-policy discount, but you’ll also have the peace of mind of knowing that a single insurance provider will handle all your insurance needs.
At Compare.com, you can view quotes from multiple providers in one place, so you can find the best rates and choose the right coverage options for your needs.
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