In most states, motorcycle insurance is required meaning that almost all drivers will need some type of coverage. This includes young drivers who are 20 years of age and older because they will need to cover financial and perhaps medical expenses that may range into the tens of thousands of dollars.
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How Much is Motorcycle Insurance for a 20 Year Old?
Every year, 4,000 to 5,000 accidents occur per 100,000 motorcycles on the road which is percentage high enough to warrant motorcycle insurance for 20 year old male. However, getting the right type of insurance will take a little research on your part as well as obeying state regulations and potential lender requirements.
For the typical young male driver, understanding how much is motorcycle insurance for a 20 year old starts with a figure typically reaching $1,000 and often much more per year in premiums for full coverage. There are several reasons for such a high premium, starting with the lack of driving experience combined with statistics showing that young motorcycle drivers are more vulnerable to having accidents.
However, there are different levels of coverage which means less protection, but lower premiums. For those who want to reduce motorcycle insurance cost for 20 year old drivers, the first step is looking at the different policies that are available and choosing the one that works best for your needs.
Comprehensive: This is total insurance coverage and usually required by lenders if a loan was used to secure ownership of the bike. Typical comprehensive coverage runs upwards of $1,000 per year and more depending on the gender, the driving record of the owner and other factors that may drive up the cost.
Liability: This a far more affordable motorcycle insurance for a 20 year old and when combined with uninsured and underinsured motorist represents the most state’s minimum requirements. Liability covers the other driver in case you caused the accident and under or uninsured motorist means that you are covered if the other driver does not have adequate insurance.
Collision: This type of insurance will cover you in case of a collision with another bike or vehicle. This type of insurance is rather limited, but it does cover the most common cause of motorcycle damage. If you are looking to save money, this is one option to lower motorcycle insurance premium for 20 year old drivers.
Theft: This is a very common type of insurance for motorcycles as they are relatively easy to steal compared to cars or trucks. This type of insurance will provide up to full reimbursement in case your motorcycle is stolen. Also, you can reduce the bike insurance cost for 20 year old by adding anti-theft features and storing it in the garage instead of outside.
In addition, there are other types of motorcycle insurance coverage policies including medical payments or MedPay that covers medical treatments and bodily injury liability. There may be other policies or riders that you can add to your insurance if you feel they are necessary for your coverage.
Factors that Determine the Premium:
There are a number of factors that determine the premium for 20 year old motorcycle insurance. Insurance companies take all of these factors into account when setting premium levels.
Gender: Men will pay higher premiums than women as statistics show that they are more likely to get into an accident. They are also more likely to purchase faster, sportier motorcycles which put them at even higher risk.
Driving Record: The young age works against drivers because of their lack of experience. Add to that a poor record with multiple accidents and you have higher premiums to pay. To have a clean driving record is good but remember that it will not be until you are 26 that the insurance premiums will lower significantly.
Location: Those who live in the city and in particular a high-accident area will pay considerably more than those who live in rural areas with a much lower accident count. This is because there are far fewer vehicles and thus far fewer chances to get into an accident.
Amount of Coverage: Comprehensive is often twice as expensive as simple liability. If you have purchased your bike outright with no loan, then you might consider liability only or the state minimum coverage as the right insurance for you.
Type of Motorcycle and Model: Basically, the more powerful the bike, the higher your premiums will be. This is especially true once you cross the 125cc threshold. By purchasing a lower-powered bike, you can keep your premiums down significantly.
Other factors include the company you purchase the insurance from and any riders added to the policy, such as MedPay or theft. You’ll want to consider all the factors that go into your insurance premiums before making the purchase.
Finding the Best Motorcycle Insurance for 20 Year Old:
The best motorcycle coverage at 20 will start by getting the right insurance for your needs and then finding ways to save on your premium costs. Here are a few tips to help you lower your premiums so that you maximize your savings.
Higher Deductable: The higher deductable, the less you will pay on your premiums. However, this means more out of pocket expense if you should have an accident.
Bundling: You can combine your motorcycle, auto and home owner’s insurance with a single company and enjoy considerable savings. Check to see if your insurance company offers a bundling discount for all of your policies.
Safety Course: Many insurance companies will offer a discount if you take a recognized driver safety course. The course usually lasts for a couple of hours and will provide added training in riding a motorcycle safely. This will also mean that your premiums are lowered.
Of course, you can shop online for the best motorcycle insurance quotes for 20 year old and find the company that offers the best rates. By starting with low premiums, you can work them down even further with discounts that will have you paying even less for the same amount of coverage.