How Young Motorcycle Riders Can Find Insurance
Many young people enjoy the thrill of riding a motorcycle. However, motorcycles are high-risk assets. Purchasing motorcycle insurance is a requirement in most states. Perhaps you are unsure of what the potential rates may look like. Here’s an overview of general rates regarding motorcycle insurance for 20-year-old.
Why Motorcycle Insurance Is Essential
Research shows that thousands of motorcycle accidents occur every year. Insurers generally believe that young motorcycle riders are inexperienced and perhaps more vulnerable to getting involved in an accident. There’s also a perception that young motorcycle riders are reckless and may cause a collision. Young motorcycle riders often pay higher premiums until they establish a track record of safe riding.
Variables That Influence Premiums
Motorcycle insurance for 20-year-old differs among gender. Research shows that male riders pay higher premiums than females because their accident rates are higher. Studies show that male riders are also more likely to purchase high-speed motorcycles, which increases the risk of an accident occurring.
Your motorcycle insurance rates will be higher if you are staying in an urban area with more traffic. The increased traffic also increases the likelihood of an accident occurring. People who stay in rural areas where there isn’t a lot of motorcycle traffic will pay lower premiums.
- Riding record
As previously noted, young riders lack experience, which makes finding lower premiums difficult. Things only get worse if you already have an accident on your record. In most cases, you can expect your motorcycle insurance premiums to decrease after three or four years if you haven’t accumulated any more violations.
- Type of model
Insurers will charge higher premiums if you are riding a luxury or high-powered motorcycle. It’s recommended that you choose a standard motorcycle, which helps keep your premiums down.
Motorcycle Insurance Coverage Types
Purchasing liability coverage is a basic requirement that many states mandate in order to operate your motorcycle. Liability insurance kicks in if you are responsible for injuring someone or causing property damage. Liability coverage handles the potential repair costs and medical treatment.
Collision coverage protects you if your motorcycle sustains damages in an accident. The policy covers all of the associated repair costs.
Comprehensive coverage is generally required by lenders if you are financing your motorcycle. Comprehensive coverage protects you if your motorcycle is vandalized or damaged by severe weather.
How to Save Money
There are a few ways that you can save money if you are concerned about motorcycle insurance for a 20-year-old. Consider increasing your deductible if you are only riding your motorcycle on an occasional basis. Increasing your deductible helps lower your motorcycle insurance premiums. You may also qualify for a discount by taking a driver’s safety course. Another way to find a motorcycle insurance rate that you are comfortable with is by shopping around to look at multiple quotes.
Consult with Remland Insurance Services to Cover Yourself on Road
As a young motorcycle rider, the most important thing you can do is practice safe riding habits. While your insurance premiums may be uncomfortable initially, they will improve after over time. If you have any questions, contact the team here at Remland Insurance Services, and we will assist you.