With the cost of living rising, people are trying to save money wherever they can. Recent reports have shown that the majority of consumers are considering cutting back on "unnecessary" financial products such as life insurance and health insurance to save money. A lot of people are also reducing necessary cover such as that of car and bike insurance. If you are considering reducing your bike cover to the minimum third party cover, hold on for a second. However, there may be a few ways you can reduce the cost of your insurance without reducing your level of cover which are highlighted below.

Firstly, where your bike is stored can drastically affect the price of your insurance. Motorists whose bikes are stored in an indoor space such as a garage can save a large amount on their insurance compared to those who keep their vehicles outside. If you have a garage, don't use it for clutter, use it for vehicles as motorists who keep their bike in the garage rather than parked on the road can save up to 10% on their annual insurance quote.

Just as car drivers who have just earned their license can cut down hefty insurance costs by taking a pass plus test, a similar scheme is in place for new motorcyclists. Bodies like the Institute of Advanced Motorists run approved advanced riding courses which give new riders extra training, both increasing their confidence and decreasing insurance costs. Riders who choose to take one of these courses could again find their insurance costs cut by up to 10% under certain schemes. Although the courses are not free, the money you save on insurance will probably far outweigh the initial cost of taking the extra lessons.

As unfair as it may seem, female riders can save up to 30% on their insurance - just for being female. The look of indignation from male riders may be quelled by the fact that female motorists are less likely to be involved in an incident leading to an insurance claim, so naturally their insurance costs are cheaper. Discounts can be found for women motorcyclists so if you fit that category, make sure you shop around to find the best deal.

As strange as it may seem, infrequent riders can also save on insurance costs. Motorcyclists who clock less than 3,000 miles each year could be entitled to a discount of up to 12% from some companies. Bikes are great for those long summer rides in the countryside, but it may very well be worth keeping an eye on your mileage as this could save you a fair bit on your annual insurance premium.

A bit rarer, but still available, are schemes that offer discounts based on how long you have owned the bike for. For instance, some companies will reduce the price of your insurance once you have owned your bike for, say, a year. These discounts are not insignificant either; if you have owned your vehicle for 12 months or over, you could be looking to save up to 20% on your insurance the next year.

Lastly comes probably the most unpopular tip, especially for the new generation of bikers. Modifications are, as a rule, very bad for insurance premiums. Bigger, faster and stronger often means money, money, money, as generally, the faster you go, the more of a risk you are. If you want to make any modifications to your bike, check with your insurance company first as you could be saying goodbye to cheaper insurance if you go ahead.

So as you can see, there are plenty of ways to save a substantial amount on your insurance. Of course, the most important thing you can do is to shop around; price comparison websites are often a very useful tool in finding the right insurance for you at the lowest cost on the market.